UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2012
OR
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from
to
Commission file number: 1-13782
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
(Exact name of registrant as specified in its charter)
|
|
|
Delaware |
|
25-1615902 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
|
|
1001 Air Brake Avenue Wilmerding, PA |
|
15148 |
(Address of principal executive offices) |
|
(Zip Code) |
412-825-1000
(Registrants telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past
90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such
files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer x Accelerated
filer ¨ Non-accelerated filer ¨ Smaller reporting
company ¨
Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.
|
|
|
Class |
|
Outstanding at October 26, 2012 |
Common Stock, $.01 par value per share |
|
47,887,404 shares |
WESTINGHOUSE AIR BRAKE
TECHNOLOGIES CORPORATION
September 30, 2012
FORM 10-Q
TABLE OF CONTENTS
2
PART IFINANCIAL INFORMATION
Item 1. |
FINANCIAL STATEMENTS |
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
|
|
|
In thousands, except shares and par value |
|
Unaudited September 30, 2012 |
|
|
December 31, 2011 |
|
Assets |
|
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
282,055 |
|
|
$ |
285,615 |
|
Accounts receivable |
|
|
430,230 |
|
|
|
346,281 |
|
Inventories |
|
|
391,592 |
|
|
|
348,174 |
|
Deferred income taxes |
|
|
58,592 |
|
|
|
57,339 |
|
Other |
|
|
21,580 |
|
|
|
18,373 |
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
1,184,049 |
|
|
|
1,055,782 |
|
Property, plant and equipment |
|
|
534,687 |
|
|
|
513,113 |
|
Accumulated depreciation |
|
|
(305,540 |
) |
|
|
(291,091 |
) |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
229,147 |
|
|
|
222,022 |
|
Other Assets |
|
|
|
|
|
|
|
|
Goodwill |
|
|
656,933 |
|
|
|
587,531 |
|
Other intangibles, net |
|
|
284,889 |
|
|
|
257,355 |
|
Other noncurrent assets |
|
|
41,024 |
|
|
|
36,263 |
|
|
|
|
|
|
|
|
|
|
Total other assets |
|
|
982,846 |
|
|
|
881,149 |
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
2,396,042 |
|
|
$ |
2,158,953 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders Equity |
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
235,568 |
|
|
$ |
244,649 |
|
Customer deposits |
|
|
104,404 |
|
|
|
72,811 |
|
Accrued compensation |
|
|
49,443 |
|
|
|
48,564 |
|
Accrued warranty |
|
|
38,555 |
|
|
|
29,416 |
|
Current portion of long-term debt |
|
|
43 |
|
|
|
68 |
|
Other accrued liabilities |
|
|
112,679 |
|
|
|
145,877 |
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
540,692 |
|
|
|
541,385 |
|
Long-term debt |
|
|
432,854 |
|
|
|
395,805 |
|
Accrued postretirement and pension benefits |
|
|
59,855 |
|
|
|
63,837 |
|
Deferred income taxes |
|
|
91,281 |
|
|
|
74,217 |
|
Accrued warranty |
|
|
18,942 |
|
|
|
21,224 |
|
Other long-term liabilities |
|
|
21,401 |
|
|
|
14,841 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,165,025 |
|
|
|
1,111,309 |
|
Shareholders Equity |
|
|
|
|
|
|
|
|
Preferred stock, 1,000,000 shares authorized, no shares issued |
|
|
|
|
|
|
|
|
Common stock, $.01 par value; 100,000,000 shares authorized: 66,174,767 shares issued and 47,887,204 and 47,946,360 outstanding
at September 30, 2012 and December 31, 2011, respectively |
|
|
662 |
|
|
|
662 |
|
Additional paid-in capital |
|
|
375,975 |
|
|
|
360,914 |
|
Treasury stock, at cost, 18,287,563 and 18,228,407 shares, at September 30, 2012 and December 31, 2011,
respectively |
|
|
(331,708 |
) |
|
|
(309,196 |
) |
Retained earnings |
|
|
1,235,417 |
|
|
|
1,053,706 |
|
Accumulated other comprehensive loss |
|
|
(55,080 |
) |
|
|
(60,897 |
) |
|
|
|
|
|
|
|
|
|
Total Westinghouse Air Brake Technologies Corporation shareholders equity |
|
|
1,225,266 |
|
|
|
1,045,189 |
|
Non-controlling interest |
|
|
5,751 |
|
|
|
2,455 |
|
|
|
|
|
|
|
|
|
|
Total shareholders equity |
|
|
1,231,017 |
|
|
|
1,047,644 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders Equity |
|
$ |
2,396,042 |
|
|
$ |
2,158,953 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these statements.
3
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Three Months Ended September 30, |
|
|
Unaudited Nine Months Ended September 30, |
|
In thousands, except per share data |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net sales |
|
$ |
587,593 |
|
|
$ |
498,840 |
|
|
$ |
1,780,722 |
|
|
$ |
1,432,998 |
|
Cost of sales |
|
|
(416,314 |
) |
|
|
(351,689 |
) |
|
|
(1,266,635 |
) |
|
|
(1,009,908 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
171,279 |
|
|
|
147,151 |
|
|
|
514,087 |
|
|
|
423,090 |
|
Selling, general and administrative expense |
|
|
(59,743 |
) |
|
|
(57,676 |
) |
|
|
(180,935 |
) |
|
|
(186,435 |
) |
Engineering expense |
|
|
(10,753 |
) |
|
|
(9,894 |
) |
|
|
(31,047 |
) |
|
|
(27,914 |
) |
Amortization expense |
|
|
(3,941 |
) |
|
|
(4,128 |
) |
|
|
(10,288 |
) |
|
|
(10,549 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
(74,437 |
) |
|
|
(71,698 |
) |
|
|
(222,270 |
) |
|
|
(224,898 |
) |
Income from operations |
|
|
96,842 |
|
|
|
75,453 |
|
|
|
291,817 |
|
|
|
198,192 |
|
Other income and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(3,070 |
) |
|
|
(3,764 |
) |
|
|
(10,303 |
) |
|
|
(11,241 |
) |
Other (expense) income, net |
|
|
(1,393 |
) |
|
|
(1,529 |
) |
|
|
(1,284 |
) |
|
|
(1,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations before income taxes |
|
|
92,379 |
|
|
|
70,160 |
|
|
|
280,230 |
|
|
|
185,472 |
|
Income tax expense |
|
|
(29,385 |
) |
|
|
(23,560 |
) |
|
|
(93,263 |
) |
|
|
(61,586 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Wabtec shareholders |
|
$ |
62,994 |
|
|
$ |
46,600 |
|
|
$ |
186,967 |
|
|
$ |
123,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Common Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Wabtec shareholders |
|
$ |
1.32 |
|
|
$ |
0.97 |
|
|
$ |
3.90 |
|
|
$ |
2.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Wabtec shareholders |
|
$ |
1.30 |
|
|
$ |
0.96 |
|
|
$ |
3.85 |
|
|
$ |
2.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
47,643 |
|
|
|
47,874 |
|
|
|
47,732 |
|
|
|
47,827 |
|
Diluted |
|
|
48,271 |
|
|
|
48,366 |
|
|
|
48,360 |
|
|
|
48,327 |
|
The accompanying notes are an integral part of these statements.
4
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Three Months Ended September 30, |
|
|
Unaudited Nine Months Ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net income attributable to Wabtec shareholders |
|
$ |
62,994 |
|
|
$ |
46,600 |
|
|
$ |
186,967 |
|
|
$ |
123,886 |
|
Foreign currency translation gain (loss) |
|
|
11,916 |
|
|
|
(37,792 |
) |
|
|
6,298 |
|
|
|
(10,696 |
) |
Unrealized gain on foreign exchange contracts |
|
|
|
|
|
|
200 |
|
|
|
|
|
|
|
251 |
|
Unrealized (loss) gain on interest rate swap contracts |
|
|
(903 |
) |
|
|
376 |
|
|
|
(3,064 |
) |
|
|
604 |
|
Pension benefit plans and post-retirement benefit plans |
|
|
(128 |
) |
|
|
2,571 |
|
|
|
2,158 |
|
|
|
3,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income before income taxes |
|
|
73,879 |
|
|
|
11,955 |
|
|
|
192,359 |
|
|
|
117,318 |
|
Income tax benefit (expense) related to components of other comprehensive income |
|
|
333 |
|
|
|
(959 |
) |
|
|
425 |
|
|
|
(1,351 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income attributable to Wabtec shareholders |
|
$ |
74,212 |
|
|
$ |
10,996 |
|
|
$ |
192,784 |
|
|
$ |
115,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these statements.
5
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
Unaudited Nine Months Ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
Operating Activities |
|
|
|
|
|
|
|
|
Net income attributable to Wabtec shareholders |
|
$ |
186,967 |
|
|
$ |
123,886 |
|
Adjustments to reconcile net income to net cash provided by operations: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
31,488 |
|
|
|
33,678 |
|
Stock-based compensation expense |
|
|
15,007 |
|
|
|
13,222 |
|
Loss on disposal of property, plant and equipment |
|
|
674 |
|
|
|
689 |
|
Excess income tax benefits from exercise of stock options |
|
|
(2,518 |
) |
|
|
(3,689 |
) |
Changes in operating assets and liabilities, net of acquisitions |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(71,430 |
) |
|
|
(80,285 |
) |
Inventories |
|
|
(26,599 |
) |
|
|
(63,389 |
) |
Accounts payable |
|
|
(18,569 |
) |
|
|
3,696 |
|
Accrued income taxes |
|
|
(17,378 |
) |
|
|
4,257 |
|
Accrued liabilities and customer deposits |
|
|
37,700 |
|
|
|
80,848 |
|
Other assets and liabilities |
|
|
(21,817 |
) |
|
|
(12,893 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
|
|
113,525 |
|
|
|
100,020 |
|
Investing Activities |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
|
(24,694 |
) |
|
|
(22,226 |
) |
Proceeds from disposal of property, plant and equipment |
|
|
931 |
|
|
|
300 |
|
Acquisitions of business, net of cash acquired |
|
|
(102,144 |
) |
|
|
(51,777 |
) |
Acquisition purchase price adjustment |
|
|
(160 |
) |
|
|
40 |
|
|
|
|
|
|
|
|
|
|
Net cash used for investing activities |
|
|
(126,067 |
) |
|
|
(73,663 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
Proceeds from debt |
|
|
211,000 |
|
|
|
124,000 |
|
Payments of debt |
|
|
(173,992 |
) |
|
|
(139,920 |
) |
Proceeds from exercise of stock options and other benefit plans |
|
|
3,021 |
|
|
|
4,577 |
|
Stock repurchase |
|
|
(27,997 |
) |
|
|
(23,803 |
) |
Excess income tax benefits from exercise of stock options |
|
|
2,518 |
|
|
|
3,689 |
|
Cash dividends ($0.11 and $0.05 per share for the nine months ended September 30, 2012 and 2011,
respectively) |
|
|
(5,256 |
) |
|
|
(2,407 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by (used for) financing activities |
|
|
9,294 |
|
|
|
(33,864 |
) |
Effect of changes in currency exchange rates |
|
|
(312 |
) |
|
|
(8,298 |
) |
|
|
|
|
|
|
|
|
|
Decrease in cash |
|
|
(3,560 |
) |
|
|
(15,805 |
) |
Cash, beginning of year |
|
|
285,615 |
|
|
|
236,941 |
|
|
|
|
|
|
|
|
|
|
Cash, end of period |
|
$ |
282,055 |
|
|
$ |
221,136 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these statements.
6
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2012 (UNAUDITED)
1. BUSINESS
Wabtec is one of the worlds largest providers of value-added, technology-based products and services for the
global rail industry. Our products are found on virtually all U.S. locomotives, freight cars and passenger transit vehicles, as well as in more than 100 countries throughout the world. Our products enhance safety, improve productivity and reduce
maintenance costs for customers, and many of our core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. Wabtec is a global company with operations in 20 countries. In the first
nine months of 2012, about 50% of the Companys revenues came from customers outside the U.S.
2. ACCOUNTING POLICIES
Basis of Presentation The unaudited condensed consolidated interim financial statements have been
prepared in accordance with generally accepted accounting principles and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its majority owned subsidiaries. These condensed consolidated interim
financial statements do not include all of the information and footnotes required for complete financial statements. In Managements opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair
presentation of the results for the interim periods presented. Results for these interim periods are not necessarily indicative of results to be expected for the full year.
The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30 and December 31.
The notes included herein should be read in conjunction with the audited consolidated financial statements included in Wabtecs
Annual Report on Form 10-K for the year ended December 31, 2011. The December 31, 2011 information has been derived from the Companys Annual Report on Form 10-K for the year ended December 31, 2011.
Reclassifications Certain prior year amounts have been reclassified where necessary to conform to the current year
presentation.
Revenue Recognition Revenue is recognized in accordance with Accounting Standards Codification
(ASC) 605 Revenue Recognition. Revenue is recognized when products have been shipped to the respective customers, title has passed and the price for the product has been determined.
In general, the Company recognizes revenues on long-term contracts based on the percentage of completion method of accounting. The
units-of-delivery method or other input-based or output-based measures, as appropriate, are used to measure the progress toward completion of individual contracts. Contract revenues and cost estimates are reviewed and revised at a minimum quarterly
and adjustments are reflected in the accounting period as such amounts are determined. Provisions are made currently for estimated losses on uncompleted contracts. Unbilled accounts receivables were $92.5 million and $58.9, customer deposits were
$104.4 million and $72.8, and provisions for loss contracts were $9.9 million and $9.3 million at September 30, 2012 and December 31, 2011, respectively.
Certain pre-production costs relating to long-term production and supply contracts have been deferred and will be recognized over the life of the contracts. Deferred pre-production costs were $16.4
million and $15.4 million at September 30, 2012 and December 31, 2011, respectively.
Use of
Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the Company to make estimates and assumptions that affect the reported
7
amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the
estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Stock-Based Compensation The Company recognizes compensation expense for stock-based compensation based on the grant date fair value amortized ratably over the requisite service period
following the date of grant.
Financial Derivatives and Hedging Activities The Company has periodically entered
into foreign currency forward contracts to reduce the impact of changes in currency exchange rates. Forward contracts are agreements with a counter-party to exchange two distinct currencies at a set exchange rate for delivery on a set date at some
point in the future. There is no exchange of funds until the delivery date. At the delivery date the Company can either take delivery of the currency or settle on a net basis. At September 30, 2012, the Company had no forward contracts.
To reduce the impact of interest rate changes on a portion of its variable-rate debt, the Company entered into interest rate
swaps which effectively converted a portion of the debt from variable to fixed-rate borrowings during the term of the swap contracts. The Company is exposed to credit risk in the event of nonperformance by the counterparties. However, since only the
cash interest payments are exchanged, exposure is significantly less than the notional amount. The counterparties are large financial institutions with excellent credit ratings and history of performance. The Company currently believes the risk of
nonperformance is negligible. The Company concluded that these interest rate swap agreements qualify for cash flow hedge accounting which permits the recording of the fair value of the interest rate swap agreements and corresponding adjustment to
other comprehensive income (loss), net of tax, on the balance sheet.
Effective September 30, 2012, the Company had
interest rate swap agreements with a notional amount of $107.0 million and which effectively changed the Companys interest rate on bank debt at September 30, 2012 from a variable rate to a fixed rate of 1.82%. The interest rate swap
agreements mature on December 31, 2012. As of September 30, 2012, the Company has recorded a current liability of $0.4 million and a corresponding offset in accumulated other comprehensive loss of $0.3 million, net of tax, related to these
agreements. Also, the Company entered into a forward starting interest rate swap agreement with a notional value of $150.0 million. Effective July 31, 2013, with a termination date of November 7, 2016, this interest rate swap agreement
will convert a portion of the Companys then outstanding debt from a variable rate to a fixed-rate borrowing. During the term of the interest rate swap agreement the interest rate on the notional value will be fixed at 1.415% plus the Alternate
Rate margin. As of September 30, 2012, the Company has recorded a current liability of $4.1 million and a corresponding offset in accumulated other comprehensive loss of $2.5 million, net of tax, related to this agreement.
Foreign Currency Translation Assets and liabilities of foreign subsidiaries, except for the Companys Mexican
operations whose functional currency is the U.S. Dollar, are translated at the rate of exchange in effect on the balance sheet date while income and expenses are translated at the average rates of exchange prevailing during the year. Foreign
currency gains and losses resulting from transactions, and the translation of financial statements are recorded in the Companys consolidated financial statements based upon the provisions of ASC 830 Foreign Currency Matters.
The effects of currency exchange rate changes on intercompany transactions and balances of a long-term investment nature are accumulated and carried as a component of accumulated other comprehensive loss. The effects of currency exchange rate
changes on intercompany transactions that are denominated in a currency other than an entitys functional currency are charged or credited to earnings. Foreign exchange transaction losses recognized in other income (expense), net were $1.4
million and $1.8 million for the three months ended September 30, 2012 and 2011, respectively. Foreign exchange transaction losses recognized in other income (expense), net were $0.4 million and $2.1 million for the nine months ended
September 30, 2012 and 2011, respectively.
8
Non-controlling Interests In accordance with ASC 810, the Company has
classified non-controlling interests as equity on our condensed consolidated balance sheets as of September 30, 2012 and December 31, 2011. Net income attributable to non-controlling interests for the three and nine months ended
September 30, 2012 and 2011 was not material.
Other Comprehensive Income Comprehensive income is defined
as net income and all other non-owner changes in shareholders equity.
The components of accumulated other comprehensive
loss were:
|
|
|
|
|
|
|
|
|
In thousands |
|
September 30, 2012 |
|
|
December 31, 2011 |
|
Foreign currency translation gain (loss) |
|
$ |
3,851 |
|
|
$ |
(2,447 |
) |
Unrealized loss on interest rate swap contracts, net of tax |
|
|
(2,722 |
) |
|
|
(871 |
) |
Pension benefit plans and post retirement benefit plans, net of tax |
|
|
(56,209 |
) |
|
|
(57,579 |
) |
|
|
|
|
|
|
|
|
|
Total accumulated comprehensive loss |
|
$ |
(55,080 |
) |
|
$ |
(60,897 |
) |
|
|
|
|
|
|
|
|
|
3. ACQUISITIONS
The Company made the following acquisitions within the Transit Segment:
|
|
|
On October 1, 2012, subsequent to the close of our accounting quarter, the Company acquired LH Group (LH), a UK-based provider of
maintenance and overhaul services for the passenger transit market, for a net purchase price of approximately $47.8 million, net of cash. |
|
|
|
On July 13, 2012, the Company acquired Tec Tran Corp. and its affiliates (Tec Tran), the only U.S.-owned manufacturer of hydraulic
braking systems for transit cars, based in North Carolina, for a net purchase price of approximately $8.5 million, net of cash, resulting in preliminary additional goodwill of $6.8 million, which will be deductible for tax purposes.
|
|
|
|
On June 14, 2012, the Company acquired Mors Smitt Holding (Mors Smitt), a leading manufacturer of electronic components for rail and
industrial markets with operations in the Netherlands, the United Kingdom, the U.S., France, China and Hong-Kong, for a net purchase price of approximately $90.0 million, net of cash, resulting in preliminary additional goodwill of $50.0
million, none of which will be deductible for tax purposes. |
|
|
|
On November 18, 2011, the Company acquired Fulmer Company (Fulmer), a leading manufacturer of motor components for rail, power
generation and other industrial markets, for a net purchase price of $13.6 million, resulting in preliminary additional goodwill of $2.0 million, which will be deductible for tax purposes. |
|
|
|
On June 29, 2011, the Company acquired an aftermarket transit parts business (ATP) from GE Transportation, a parts supply
business for propulsion and control systems for the passenger transit car aftermarket in North America for a net purchase price of $21.1 million, resulting in no additional goodwill. |
|
|
|
On February 25, 2011, the Company acquired Brush Traction Group (Brush Traction), a UK-based provider of locomotive overhauls,
services and aftermarket components for a net purchase price of approximately $30.7 million, resulting in additional goodwill of $20.5 million, which will be deductible for tax purposes. |
The Company made the following acquisitions within the Freight Segment:
|
|
|
On July 31, 2012, the Company acquired Winco Equipamentos Ferroviarios Ltda. (Winco), an established marketing and sales company with
capabilities including value-added engineering and |
9
|
assembly, service, technical support and logistics, based in Brazil, for an initial net payment of approximately $3.7 million, net of cash, resulting in preliminary additional goodwill of $4.8
million, none of which will be deductible for tax purposes. In addition to the $3.7 million, the purchase agreement includes contingent consideration to be paid in future periods based on the achievement of certain financial results.
|
|
|
|
On November 3, 2011, the Company acquired Bearward Engineering (Bearward), a UK-based manufacturer of cooling systems and related
equipment for power generation and other industrial markets, for a net purchase price of approximately $43.8 million, net of cash, resulting in preliminary additional goodwill of $24.2 million, none of which will be deductible for tax purposes.
|
The acquisitions listed above, excluding LH, include escrow deposits of $15.3 million, which act as
security for indemnity and other claims in accordance with the purchase and related escrow agreements.
For the Bearward,
Fulmer, Mors Smitt, Tec Tran and Winco acquisitions, the following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition. For the Brush Traction and ATP acquisitions, the
following table summarizes the final fair value of the assets acquired and liabilities assumed at the date of acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brush Traction |
|
|
ATP |
|
|
Bearward |
|
|
Fulmer |
|
|
Mors Smitt |
|
|
Tec Tran |
|
|
Winco |
|
In thousands |
|
February 25, 2011 |
|
|
June 29, 2011 |
|
|
November 3, 2011 |
|
|
November 18, 2011 |
|
|
June 14, 2012 |
|
|
July 13, 2012 |
|
|
July 31, 2012 |
|
Current assets |
|
$ |
19,558 |
|
|
$ |
|
|
|
$ |
14,777 |
|
|
$ |
4,203 |
|
|
$ |
23,787 |
|
|
$ |
1,955 |
|
|
$ |
1,584 |
|
Property, plant & equipment |
|
|
8,862 |
|
|
|
|
|
|
|
4,498 |
|
|
|
1,636 |
|
|
|
6,960 |
|
|
|
116 |
|
|
|
47 |
|
Goodwill and other intangible assets |
|
|
30,816 |
|
|
|
21,100 |
|
|
|
43,990 |
|
|
|
8,409 |
|
|
|
85,354 |
|
|
|
6,811 |
|
|
|
7,401 |
|
Other assets |
|
|
|
|
|
|
|
|
|
|
53 |
|
|
|
|
|
|
|
944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets acquired |
|
|
59,236 |
|
|
|
21,100 |
|
|
|
63,318 |
|
|
|
14,248 |
|
|
|
117,045 |
|
|
|
8,882 |
|
|
|
9,032 |
|
Total liabilities assumed |
|
|
(28,559 |
) |
|
|
|
|
|
|
(19,532 |
) |
|
|
(657 |
) |
|
|
(27,057 |
) |
|
|
(382 |
) |
|
|
(5,376 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets acquired |
|
$ |
30,677 |
|
|
$ |
21,100 |
|
|
$ |
43,786 |
|
|
$ |
13,591 |
|
|
$ |
89,988 |
|
|
$ |
8,500 |
|
|
$ |
3,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Of the allocation of $94.8 million of acquired intangible assets for the companies listed in the above
table exclusive of goodwill, $63.1 million was assigned to customer relationships, $23.0 million was assigned to trade names, $2.1 million was assigned to a license agreement, $1.0 million was assigned to non-compete agreements and $5.6 million was
assigned to customer backlog. The trade names are considered to have an indefinite useful life while the customer relationships average useful life is 19 years, the license agreements useful life is 20 years, and the non-compete
agreements average useful life is two years.
The following unaudited pro forma financial information presents income
statement results as if the acquisitions listed above, excluding LH, had occurred on January 1, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Three Months Ended September 30, 2012 |
|
|
Three Months Ended September 30, 2011 |
|
|
Nine Months Ended September 30, 2012 |
|
|
Nine Months Ended September 30, 2011 |
|
Net sales |
|
$ |
588,939 |
|
|
$ |
546,413 |
|
|
$ |
1,820,046 |
|
|
$ |
1,574,359 |
|
Gross profit |
|
|
171,818 |
|
|
|
163,340 |
|
|
|
529,695 |
|
|
|
469,767 |
|
Net income attributable to Wabtec shareholders |
|
|
63,263 |
|
|
|
53,278 |
|
|
|
188,655 |
|
|
|
139,987 |
|
Diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported |
|
$ |
1.30 |
|
|
$ |
0.96 |
|
|
$ |
3.85 |
|
|
$ |
2.56 |
|
Pro forma |
|
$ |
1.31 |
|
|
$ |
1.10 |
|
|
$ |
3.90 |
|
|
$ |
2.90 |
|
10
4. INVENTORIES
The components of inventory, net of reserves, were:
|
|
|
|
|
|
|
|
|
In thousands |
|
September 30, 2012 |
|
|
December 31, 2011 |
|
Raw materials |
|
$ |
165,139 |
|
|
$ |
154,885 |
|
Work-in-process |
|
|
135,152 |
|
|
|
110,179 |
|
Finished goods |
|
|
91,301 |
|
|
|
83,110 |
|
|
|
|
|
|
|
|
|
|
Total inventories |
|
$ |
391,592 |
|
|
$ |
348,174 |
|
|
|
|
|
|
|
|
|
|
5. INTANGIBLES
Goodwill was $656.9 million and $587.5 million at September 30, 2012 and December 31, 2011, respectively. The
change in the carrying amount of goodwill by segment for the nine months ended September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Freight Segment |
|
|
Transit Segment |
|
|
Total |
|
Balance at December 31, 2011 |
|
$ |
388,221 |
|
|
$ |
199,310 |
|
|
$ |
587,531 |
|
Acquisition |
|
|
4,781 |
|
|
|
56,778 |
|
|
|
61,559 |
|
Adjustment to preliminary purchase allocation |
|
|
2,754 |
|
|
|
1,154 |
|
|
|
3,908 |
|
Foreign currency impact |
|
|
2,116 |
|
|
|
1,819 |
|
|
|
3,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2012 |
|
$ |
397,872 |
|
|
$ |
259,061 |
|
|
$ |
656,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2012 and December 31, 2011, the Companys trademarks had a net
carrying amount of $126.1 million and $114.6 million, respectively, and the Company believes these intangibles have an indefinite life. Intangible assets of the Company, other than goodwill and trademarks, consist of the following:
|
|
|
|
|
|
|
|
|
In thousands |
|
September 30, 2012 |
|
|
December 31, 2011 |
|
Patents and other, net of accumulated amortization of $34,650 and $32,316 |
|
$ |
11,799 |
|
|
$ |
14,849 |
|
Customer relationships, net of accumulated amortization of $28,509 and $21,295 |
|
|
146,973 |
|
|
|
127,960 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
158,772 |
|
|
$ |
142,809 |
|
|
|
|
|
|
|
|
|
|
The weighted average remaining useful life of patents, customer relationships and intellectual property
were five years, 16 years and 17 years, respectively. Amortization expense for intangible assets was $3.9 million and $10.3 million for the three and nine months ended September 30, 2012, respectively and $4.1 million and $10.5 million for
the three and nine months ended September 30, 2011, respectively.
Amortization expense for the five succeeding years is
as follows (in thousands):
|
|
|
|
|
Remainder of 2012 |
|
$ |
4,521 |
|
2013 |
|
|
13,467 |
|
2014 |
|
|
12,630 |
|
2015 |
|
|
11,872 |
|
2016 |
|
|
11,715 |
|
11
6. LONG-TERM DEBT
Long-term debt consisted of the following:
|
|
|
|
|
|
|
|
|
In thousands |
|
September 30, 2012 |
|
|
December 31, 2011 |
|
6.875% Senior Notes, due 2013 |
|
$ |
150,000 |
|
|
$ |
150,000 |
|
Revolving Credit Facility |
|
|
282,000 |
|
|
|
245,000 |
|
Capital Leases |
|
|
897 |
|
|
|
873 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
432,897 |
|
|
|
395,873 |
|
Lesscurrent portion |
|
|
43 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
Long-term portion |
|
$ |
432,854 |
|
|
$ |
395,805 |
|
|
|
|
|
|
|
|
|
|
2011 Refinancing Credit Agreement
On November 7, 2011, the Company refinanced its existing revolving credit and term loan facility with a consortium of commercial banks. This 2011 Refinancing Credit Agreement provides the
Company with a $600 million, five-year revolving credit facility. The Company incurred approximately $2.0 million of deferred financing cost related to the 2011 Refinancing Credit Agreement. The facility expires on November 7, 2016. The
2011 Refinancing Credit Agreement borrowings bear variable interest rates indexed to the indices described below. At September 30, 2012, the Company had available bank borrowing capacity of approximately $264.6 million, net of $53.4
million of letters of credit, subject to certain financial covenant restrictions.
Under the 2011 Refinancing Credit
Agreement, the Company may elect a Base Rate of interest or an interest rate based on the London Interbank Offered Rate (LIBOR) of interest (the Alternate Rate). The Base Rate adjusts on a daily basis and is the greater of
the Federal Funds Effective Rate plus 0.5% per annum, the PNC, N.A. prime rate or the Daily LIBOR Rate plus 100 basis points and an additional margin that ranges from 0 to 75 basis points. The Alternate Rate is based on quoted LIBOR rates
plus a margin that ranges from 75 to 175 basis points. Both the Base Rate and Alternate Rate margins are dependent on the Companys consolidated total indebtedness to cash flow ratios. The current Base Rate margin is 0 basis points and the
Alternate Rate margin is 100 basis points.
At September 30, 2012 the weighted average interest rate on the
Companys variable rate debt was 1.23%. To reduce the impact of interest rate changes on a portion of this variable-rate debt, the Company entered into interest rate swap agreements which effectively convert a portion of the debt from a
variable to a fixed-rate borrowing during the term of the swap contracts. On September 30, 2012, the notional value of the interest rate swaps outstanding was $107.0 million and effectively changed the Companys interest rate on bank debt
at September 30, 2012 from a variable rate to a fixed rate of 1.82%. The interest rate swap agreements mature on December 31, 2012. The Company is exposed to credit risk in the event of nonperformance by the counterparties. However, since
only the cash interest payments are exchanged, exposure is significantly less than the notional amount. The counterparties are large financial institutions with excellent credit ratings and history of performance. The Company currently believes the
risk of nonperformance is negligible.
Also, the Company entered into a forward starting interest rate swap agreement with a
notional value of $150.0 million. Effective July 31, 2013, with a termination date of November 7, 2016, the interest rate swap agreement will convert a portion of the Companys then outstanding debt from a variable rate to a
fixed-rate borrowing. During the term of the interest rate swap agreement the interest rate on the notional value will be fixed at 1.415% plus the Alternate Rate margin.
The 2011 Refinancing Credit Agreement limits the Companys ability to declare or pay cash dividends and prohibits the Company from declaring or making other distributions, subject to certain
exceptions. The 2011 Refinancing Credit Agreement contains various other covenants and restrictions including the following limitations: incurrence of additional indebtedness; mergers, consolidations, sales of assets and acquisitions;
12
additional liens; sale and leasebacks; permissible investments, loans and advances; certain debt payments; and imposes a minimum interest expense coverage ratio of 3.0 and a maximum debt to cash
flow ratio of 3.25. The Company does not expect that these measurements will limit the Company in executing our operating activities.
6.875% Senior Notes Due August 2013
In August 2003, the Company issued $150.0 million of Senior Notes due in 2013 (the Notes). The Notes were issued at par. Interest on the Notes accrues at a rate of 6.875% per annum and is
payable semi-annually on January 31 and July 31 of each year. The proceeds were used to repay debt outstanding under the Companys existing credit agreement, and for general corporate purposes. The principal balance is due in full at
maturity. The Company has both the intent and ability to refinance the Notes, maturing August 2013, on a long term basis utilizing capacity under the 2011 Refinancing Credit Agreement. The 2011 Refinancing Credit Agreement will provide available
bank borrowing capacity sufficient to refinance the Notes on a long-term basis. The Notes are included in the long-term portion of debt as of September 30, 2012.
The Notes are senior unsecured obligations of the Company and rank pari passu with all existing and future senior debt and senior to all existing and future subordinated indebtedness of the Company. The
indenture under which the Notes were issued contains covenants and restrictions which limit among other things, the following: the incurrence of indebtedness, payment of dividends and certain distributions, sale of assets, change in control, mergers
and consolidations and the incurrence of liens.
7. EMPLOYEE BENEFIT PLANS
Defined Benefit Pension Plans
The Company sponsors defined benefit pension plans that cover certain U.S., Canadian, German, and United Kingdom employees and which provide benefits of stated amounts for each year of service of the
employee.
The Company uses a December 31 measurement date for the plans. The following tables provide information
regarding the Companys defined benefit pension plans summarized by U.S. and international components.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
International |
|
|
|
Three months ended September 30, |
|
|
Three months ended September 30, |
|
In thousands, except percentages |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost |
|
$ |
94 |
|
|
$ |
84 |
|
|
$ |
493 |
|
|
$ |
805 |
|
Interest cost |
|
|
501 |
|
|
|
582 |
|
|
|
1,773 |
|
|
|
1,886 |
|
Expected return on plan assets |
|
|
(771 |
) |
|
|
(796 |
) |
|
|
(2,035 |
) |
|
|
(2,124 |
) |
Net amortization/deferrals |
|
|
659 |
|
|
|
710 |
|
|
|
681 |
|
|
|
533 |
|
Settlement loss recognized |
|
|
|
|
|
|
|
|
|
|
844 |
|
|
|
132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit cost |
|
$ |
483 |
|
|
$ |
580 |
|
|
$ |
1,756 |
|
|
$ |
1,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.30 |
% |
|
|
5.20 |
% |
|
|
4.96 |
% |
|
|
5.43 |
% |
Expected long-term rate of return |
|
|
7.50 |
% |
|
|
8.00 |
% |
|
|
6.12 |
% |
|
|
6.72 |
% |
Rate of compensation increase |
|
|
3.00 |
% |
|
|
3.00 |
% |
|
|
3.21 |
% |
|
|
3.17 |
% |
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
International |
|
|
|
Nine months ended September 30, |
|
|
Nine months ended September 30, |
|
In thousands, except percentages |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost |
|
$ |
285 |
|
|
$ |
232 |
|
|
$ |
1,479 |
|
|
$ |
2,427 |
|
Interest cost |
|
|
1,585 |
|
|
|
1,820 |
|
|
|
5,309 |
|
|
|
5,735 |
|
Expected return on plan assets |
|
|
(2,321 |
) |
|
|
(2,498 |
) |
|
|
(6,085 |
) |
|
|
(6,418 |
) |
Net amortization/deferrals |
|
|
2,272 |
|
|
|
1,923 |
|
|
|
2,032 |
|
|
|
1,551 |
|
Settlement loss recognized |
|
|
|
|
|
|
|
|
|
|
1,137 |
|
|
|
720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit cost |
|
$ |
1,821 |
|
|
$ |
1,477 |
|
|
$ |
3,872 |
|
|
$ |
4,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.30 |
% |
|
|
5.20 |
% |
|
|
4.96 |
% |
|
|
5.43 |
% |
Expected long-term rate of return |
|
|
7.50 |
% |
|
|
8.00 |
% |
|
|
6.12 |
% |
|
|
6.72 |
% |
Rate of compensation increase |
|
|
3.00 |
% |
|
|
3.00 |
% |
|
|
3.21 |
% |
|
|
3.17 |
% |
The Companys funding methods are based on governmental requirements and differ from those methods
used to recognize pension expense. The Company expects to contribute $1.6 million to the U.S. plans and $6.4 million to the international plans during 2012.
Post Retirement Benefit Plans
In addition to providing pension benefits,
the Company has provided certain unfunded postretirement health care and life insurance benefits for a portion of North American employees. The Company is not obligated to pay health care and life insurance benefits to individuals who had retired
prior to 1990.
The Company uses a December 31 measurement date for all post retirement plans. The following tables
provide information regarding the Companys post retirement benefit plans summarized by U.S. and international components.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
International |
|
|
|
Three months ended September 30, |
|
|
Three months ended September 30, |
|
In thousands, except percentages |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost |
|
$ |
(1 |
) |
|
$ |
4 |
|
|
$ |
11 |
|
|
$ |
14 |
|
Interest cost |
|
|
339 |
|
|
|
410 |
|
|
|
51 |
|
|
|
58 |
|
Net amortization/deferrals |
|
|
(212 |
) |
|
|
(186 |
) |
|
|
(83 |
) |
|
|
(97 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit cost |
|
$ |
126 |
|
|
$ |
228 |
|
|
$ |
(21 |
) |
|
$ |
(25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.30 |
% |
|
|
5.20 |
% |
|
|
5.15 |
% |
|
|
5.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
International |
|
|
|
Nine months ended September 30, |
|
|
Nine months ended September 30, |
|
In thousands, except percentages |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost |
|
$ |
18 |
|
|
$ |
24 |
|
|
$ |
33 |
|
|
$ |
42 |
|
Interest cost |
|
|
1,040 |
|
|
|
1,208 |
|
|
|
151 |
|
|
|
175 |
|
Net amortization/deferrals |
|
|
(613 |
) |
|
|
(675 |
) |
|
|
(247 |
) |
|
|
(292 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit cost |
|
$ |
445 |
|
|
$ |
557 |
|
|
$ |
(63 |
) |
|
$ |
(75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.30 |
% |
|
|
5.20 |
% |
|
|
5.15 |
% |
|
|
5.50 |
% |
14
8. STOCK-BASED COMPENSATION
As of September 30, 2012, the Company maintains employee stock-based compensation plans for stock options,
restricted stock, restricted units, and incentive stock awards as governed by the 2011 Stock Incentive Compensation Plan (the 2011 Plan) and the 2000 Stock Incentive Plan, as amended (the 2000 Plan). The 2011 Plan was
approved by stockholders of Wabtec on May 11, 2011. The Company also maintains a Non-Employee Directors Fee and Stock Option Plan (Directors Plan). No awards may be made under the 2000 Plan or the Directors Plan subsequent to
October 31, 2016. The 2011 Plan has a 10-year term through March 27, 2021 and provides a maximum of 1,900,000 shares for grants or awards.
Stock-based compensation expense was $5.4 million and $3.9 million for the three months ended September 30, 2012 and 2011, respectively. Stock-based compensation expense was $15.4 million and $13.2
million for the nine months ended September 30, 2012 and 2011, respectively. Included in the stock-based compensation expense for the nine months ended September 30, 2012 above is $1.9 million of expense related to stock options, $3.6
million related to restricted stock, $388,000 related to restricted units, $8.9 million related to incentive stock awards and $600,000 related to awards issued for Directors fees. At September 30, 2012, unamortized compensation expense
related to stock options, restricted stock, restricted units and incentive stock awards expected to vest totaled $25.5 million and will be recognized over a weighted average period of 1.2 years.
Stock Options Stock options are granted to eligible employees and directors at the fair market value, which is the average
of the high and low Wabtec stock price on the date of grant. Under the 2011 Plan and the 2000 Plan, options become exercisable over a four-year vesting period and expire 10 years from the date of grant. Under the Directors Plan, options become
exercisable over a three-year vesting period and expire 10 years from the date of grant.
The following table summarizes the
Companys stock option activity and related information for the 2011 Plan, the 2000 Plan and the Directors Plan for the nine months ended September 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options |
|
|
Weighted Average Exercise Price |
|
|
Weighted Average Remaining Contractual Life |
|
|
Aggregate intrinsic value (in thousands) |
|
Outstanding at December 31, 2011 |
|
|
862,392 |
|
|
$ |
34.74 |
|
|
|
6.5 |
|
|
$ |
30,362 |
|
Granted |
|
|
75,698 |
|
|
|
70.71 |
|
|
|
|
|
|
|
725 |
|
Exercised |
|
|
(125,788 |
) |
|
|
24.01 |
|
|
|
|
|
|
|
(7,079 |
) |
Canceled |
|
|
(26,717 |
) |
|
|
34.46 |
|
|
|
|
|
|
|
(1,224 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at September 30, 2012 |
|
|
785,585 |
|
|
$ |
39.94 |
|
|
|
6.4 |
|
|
$ |
31,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at September 30, 2012 |
|
|
498,381 |
|
|
$ |
32.95 |
|
|
|
6.2 |
|
|
$ |
23,592 |
|
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option
pricing model with the following weighted-average assumptions:
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
|
|
|
2012 |
|
|
2011 |
|
Dividend yield |
|
|
.23 |
% |
|
|
.08 |
% |
Risk-free interest rate |
|
|
1.35 |
% |
|
|
2.96 |
% |
Stock price volatility |
|
|
44.95 |
% |
|
|
45.6 |
% |
Expected life (years) |
|
|
5.0 |
|
|
|
5.0 |
|
The dividend yield is based on the Companys dividend rate and the current market price of the
underlying common stock at the date of grant. Expected life in years is determined from historical stock option exercise data. Expected volatility is based on the historical volatility of the Companys stock. The risk-free interest rate is
based on the U.S. Treasury bond rates for the expected life of the option.
15
Restricted Stock, Restricted Units and Incentive Stock Beginning in 2006 the
Company adopted a restricted stock program. As provided for under the 2011 and 2000 Plans, eligible employees are granted restricted stock or restricted units that generally vest over four years from the date of grant. Under the Directors Plan,
restricted stock awards vest one year from the date of grant.
In addition, the Company has annually issued incentive stock
awards to eligible employees that vest, upon attainment of certain three year performance goals. Based on the Companys performance for each three year period then ended, the incentive stock awards can vest and be awarded ranging from 0% to
200% of the initial incentive stock awards granted. The incentive stock awards included in the table below represent the number of shares that are expected to vest based on the Companys estimate for meeting those established performance
targets. As of September 30, 2012, the Company estimates that it will achieve 200%, 200% and 126% for the incentive stock awards expected to vest based on performance for the three year periods ending December 31, 2012, 2013, and 2014,
respectively, and has recorded incentive compensation expense accordingly. If our estimate of the number of these stock awards expected to vest changes in a future accounting period, cumulative compensation expense could increase or decrease and
will be recognized in the current period for the elapsed portion of the vesting period and would change future expense for the remaining vesting period.
Compensation expense for the restricted stock and incentive stock awards is based on the average of the high and low Wabtec stock price on the date of grant and recognized over the applicable vesting
period.
The following table summarizes the restricted stock and unit activity for the 2011 Plan, the 2000 Plan and the
Directors Plan, and incentive stock awards activity for the 2011 Plan and the 2000 Plan with related information for the nine months ended September 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock and Units |
|
|
Incentive Stock Awards |
|
|
Weighted Average Grant Date Fair Value |
|
Outstanding at December 31, 2011 |
|
|
274,609 |
|
|
|
646,362 |
|
|
$ |
44.04 |
|
Granted |
|
|
110,980 |
|
|
|
118,660 |
|
|
|
70.85 |
|
Vested |
|
|
(98,694 |
) |
|
|
(122,079 |
) |
|
|
35.73 |
|
Adjustment for incentive stock awards expected to vest |
|
|
|
|
|
|
45,784 |
|
|
|
60.61 |
|
Canceled |
|
|
(13,008 |
) |
|
|
(2,219 |
) |
|
|
42.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at September 30, 2012 |
|
|
273,887 |
|
|
|
686,508 |
|
|
$ |
53.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9. INCOME TAXES
The overall effective income tax rate was 31.8% and 33.3% for the three and nine months ended September 30, 2012,
respectively, and 33.6% and 33.2% for the three and nine months ended September 30, 2011, respectively. The decrease in the effective tax rate for the three months ended September 30, 2012 is primarily due to refund claims filed in the
current quarter.
As of September 30, 2012, the liability for income taxes associated with uncertain tax positions is
$9.7 million, of which $3.9 million, if recognized would favorably affect the Companys effective tax rate. As of December 31, 2011 the liability associated with uncertain tax positions was $8.2 million, of which $2.1 million, if
recognized, would favorably affect the Companys effective tax rate.
The Company includes interest and penalties related
to uncertain tax positions in income tax expense. As of September 30, 2012 the total accrued interest and penalties are $2.6 million and $1.4 million, respectively. As of December 31, 2011 the total accrued interest and penalties were $2.8
million and $1.5 million, respectively.
The Internal Revenue Service is currently auditing the 2009 and 2010 tax years. With
limited exception, the Company is no longer subject to examination by various U.S. and foreign taxing authorities for years before 2009.
16
At this time, the Company believes that it is reasonably possible that unrecognized tax
benefits of approximately $1.1 million may change within the next 12 months due to the expiration of statutory review periods and current examinations.
10. EARNINGS PER SHARE
The computation of basic and diluted earnings per share for net income attributable to Wabtec shareholders is as
follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
In thousands, except per share |
|
2012 |
|
|
2011 |
|
Numerator |
|
|
|
|
|
|
|
|
Numerator for basic and diluted earnings per common sharenet income attributable to Wabtec shareholders |
|
$ |
62,994 |
|
|
$ |
46,600 |
|
Less: dividends declaredcommon shares and non-vested restricted stock |
|
|
(2,376 |
) |
|
|
(1,442 |
) |
|
|
|
|
|
|
|
|
|
Undistributed earnings |
|
|
60,618 |
|
|
|
45,158 |
|
Percentage allocated to common shareholders(1) |
|
|
99.5 |
% |
|
|
99.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
60,315 |
|
|
|
44,932 |
|
Add: dividends declaredcommon shares |
|
|
2,364 |
|
|
|
1,435 |
|
|
|
|
|
|
|
|
|
|
Numerator for basic and diluted earnings per common share |
|
$ |
62,679 |
|
|
$ |
46,367 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
Denominator for basic earnings per common shareweighted-average shares |
|
|
47,643 |
|
|
|
47,874 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
Assumed conversion of dilutive stock-based compensation plans |
|
|
628 |
|
|
|
492 |
|
|
|
|
|
|
|
|
|
|
Denominator for diluted earnings per common shareadjusted weighted-average shares and assumed conversion |
|
|
48,271 |
|
|
|
48,366 |
|
|
|
|
|
|
|
|
|
|
Net income per common share attributable to Wabtec shareholders |
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.32 |
|
|
$ |
0.97 |
|
Diluted |
|
$ |
1.30 |
|
|
$ |
0.96 |
|
(1) Basic weighted-average common shares outstanding |
|
|
47,643 |
|
|
|
47,874 |
|
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest |
|
|
47,874 |
|
|
|
48,123 |
|
Percentage allocated to common shareholders |
|
|
99.5 |
% |
|
|
99.5 |
% |
17
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
In thousands, except per share |
|
2012 |
|
|
2011 |
|
Numerator |
|
|
|
|
|
|
|
|
Numerator for basic and diluted earnings per common sharenet income attributable to Wabtec shareholders |
|
$ |
186,967 |
|
|
$ |
123,886 |
|
Less: dividends declaredcommon shares and non-vested restricted stock |
|
|
(5,256 |
) |
|
|
(2,407 |
) |
|
|
|
|
|
|
|
|
|
Undistributed earnings |
|
|
181,711 |
|
|
|
121,479 |
|
Percentage allocated to common shareholders(1) |
|
|
99.5 |
% |
|
|
99.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
180,802 |
|
|
|
120,872 |
|
Add: dividends declaredcommon shares |
|
|
5,229 |
|
|
|
2,395 |
|
|
|
|
|
|
|
|
|
|
Numerator for basic and diluted earnings per common share |
|
$ |
186,031 |
|
|
$ |
123,267 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
Denominator for basic earnings per common shareweighted-average shares |
|
|
47,732 |
|
|
|
47,827 |
|
Effect of dilutive securities: |
|
|
|
|
|
|
|
|
Assumed conversion of dilutive stock-based compensation plans |
|
|
628 |
|
|
|
500 |
|
|
|
|
|
|
|
|
|
|
Denominator for diluted earnings per common shareadjusted weighted-average shares and assumed conversion |
|
|
48,360 |
|
|
|
48,327 |
|
|
|
|
|
|
|
|
|
|
Net income per common share attributable to Wabtec shareholders |
|
|
|
|
|
|
|
|
Basic |
|
$ |
3.90 |
|
|
$ |
2.58 |
|
Diluted |
|
$ |
3.85 |
|
|
$ |
2.56 |
|
(1) Basic weighted-average common shares outstanding |
|
|
47,732 |
|
|
|
47,827 |
|
Basic weighted-average common shares outstanding and non-vested restricted stock expected to vest |
|
|
47,977 |
|
|
|
48,064 |
|
Percentage allocated to common shareholders |
|
|
99.5 |
% |
|
|
99.5 |
% |
The Companys non-vested restricted stock contains rights to receive nonforfeitable dividends, and
thus, are participating securities requiring the two-class method of computing earnings per share. The calculation of earnings per share for common stock shown above excludes the income attributable to the non-vested restricted stock from the
numerator and excludes the dilutive impact of those shares from the denominator.
11. WARRANTIES
The following table reconciles the changes in the Companys product warranty reserve as follows:
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
Balance at December 31, 2011 and 2010, respectively |
|
$ |
50,640 |
|
|
$ |
35,513 |
|
Warranty expense |
|
|
18,334 |
|
|
|
12,602 |
|
Acquisitions |
|
|
494 |
|
|
|
12,008 |
|
Warranty claim payments |
|
|
(11,971 |
) |
|
|
(12,921 |
) |
|
|
|
|
|
|
|
|
|
Balance at September 30, 2012 and 2011, respectively |
|
$ |
57,497 |
|
|
$ |
47,202 |
|
|
|
|
|
|
|
|
|
|
12. FAIR VALUE MEASUREMENT
ASC 820 Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring
fair value and explains the related disclosure requirements. ASC 820 indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the
18
principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability and defines fair value based upon an exit price
model.
Valuation Hierarchy ASC 820 establishes a valuation hierarchy for disclosure of the inputs to valuation
used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar
assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are
unobservable inputs based on the Companys assumptions used to measure assets and liabilities at fair value. A financial asset or liabilitys classification within the hierarchy is determined based on the lowest level input that is
significant to the fair value measurement.
The following table provides the liabilities carried at fair value measured on a
recurring basis as of September 30, 2012, which are included in other current liabilities on the Condensed Consolidated Balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Carrying Value at September 30, 2012 |
|
|
Fair Value Measurements at September 30, 2012 Using |
|
In thousands |
|
|
Quoted Prices in Active Markets for Identical
Assets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
Interest rate swap agreements |
|
|
4,507 |
|
|
|
|
|
|
|
4,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
4,507 |
|
|
$ |
|
|
|
$ |
4,507 |
|
|
$ |
|
|
The following table provides the liabilities carried at fair value measured on a recurring basis as of
December 31, 2011, which is included in other current liabilities on the Condensed Consolidated Balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Carrying Value at December 31, 2011 |
|
|
Fair Value Measurements at December 31, 2011 Using |
|
In thousands |
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
Interest rate swap agreements |
|
|
1,442 |
|
|
|
|
|
|
|
1,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
1,442 |
|
|
$ |
|
|
|
$ |
1,442 |
|
|
$ |
|
|
To reduce the impact of interest rate changes on a portion of its variable-rate debt, the Company entered
into interest rate swaps which effectively converted a portion of the debt from variable to fixed-rate borrowings during the term of the swap contracts. For certain derivative contracts whose fair values are based upon trades in liquid markets, such
as interest rate swaps, valuation model inputs can generally be verified and valuation techniques do not involve significant management judgment. The fair values of such financial instruments are generally classified within Level 2 of the fair value
hierarchy.
13. COMMITMENTS AND CONTINGENCIES
Claims have been filed against the Company and certain of its affiliates in various jurisdictions across the United
States by persons alleging bodily injury as a result of exposure to asbestos-containing products. Further information and detail on these claims is described in the Companys Annual Report on Form 10-K for the year ended December 31, 2011,
in Note 18 therein, filed on February 24, 2012. During the first nine months for 2012, there were no material changes to the information described in the Form 10-K.
The Company is also subject to litigation from time to time arising out of its operations in the ordinary course of business, including claims based on product liability, contracts, intellectual property,
or other causes of action. Further information and detail on any potentially material litigation is as described in the Companys Annual Report on Form 10-K for the year ended December 31, 2011, in Note 18 therein, filed on
February 24, 2012. During the first nine months of 2012, there were no material changes to the information described in the Form 10-K.
19
The Company is also subject to other commitments and contingencies arising from
environmental conditions or regulations as described in its Annual Report on Form 10-K for the year ended December 31, 2011, in Note 18 therein, filed on February 24, 2012. During the first nine months of 2012, there were no material
changes to the information described in the Form 10-K.
14. SEGMENT INFORMATION
Wabtec has two reportable segmentsthe Freight Segment and the Transit Segment. The key factors used to identify
these reportable segments are the organization and alignment of the Companys internal operations, the nature of the products and services, and customer type. The business segments are:
Freight Segment primarily manufactures and services components for new and existing freight cars and locomotives, builds new
switcher locomotives, rebuilds freight locomotives, supplies railway electronics, positive train control equipment, signal design and engineering services, friction products, and provides related heat exchange and cooling systems. Customers include
large, publicly traded railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars, and utilities.
Transit Segment primarily manufactures and services components for new and existing passenger transit vehicles, typically subway cars and buses, builds new commuter locomotives, friction products,
and refurbishes subway cars. Customers include public transit authorities and municipalities, leasing companies, and manufacturers of subway cars and buses around the world.
The Company evaluates its business segments operating results based on income from operations. Corporate activities include general corporate expenses, elimination of intersegment transactions,
interest income and expense and other unallocated charges. Since certain administrative and other operating expenses and other items have not been allocated to business segments, the results in the following tables are not necessarily a measure
computed in accordance with generally accepted accounting principles and may not be comparable to other companies.
Segment
financial information for the three months ended September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Freight Segment |
|
|
Transit Segment |
|
|
Corporate Activities and Elimination |
|
|
Total |
|
Sales to external customers |
|
$ |
354,659 |
|
|
$ |
232,934 |
|
|
$ |
|
|
|
$ |
587,593 |
|
Intersegment sales/(elimination) |
|
|
5,662 |
|
|
|
3,231 |
|
|
|
(8,893 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
360,321 |
|
|
$ |
236,165 |
|
|
$ |
(8,893 |
) |
|
$ |
587,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
$ |
75,702 |
|
|
$ |
24,385 |
|
|
$ |
(3,245 |
) |
|
$ |
96,842 |
|
Interest expense and other, net |
|
|
|
|
|
|
|
|
|
|
(4,463 |
) |
|
|
(4,463 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations before income taxes |
|
$ |
75,702 |
|
|
$ |
24,385 |
|
|
$ |
(7,708 |
) |
|
$ |
92,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment financial information for the three months ended September 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Freight Segment |
|
|
Transit Segment |
|
|
Corporate Activities and Elimination |
|
|
Total |
|
Sales to external customers |
|
$ |
315,837 |
|
|
$ |
183,003 |
|
|
$ |
|
|
|
$ |
498,840 |
|
Intersegment sales/(elimination) |
|
|
4,626 |
|
|
|
2,955 |
|
|
|
(7,581 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
320,463 |
|
|
$ |
185,958 |
|
|
$ |
(7,581 |
) |
|
$ |
498,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
$ |
60,709 |
|
|
$ |
20,803 |
|
|
$ |
(6,059 |
) |
|
$ |
75,453 |
|
Interest expense and other, net |
|
|
|
|
|
|
|
|
|
|
(5,293 |
) |
|
|
(5,293 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations before income taxes |
|
$ |
60,709 |
|
|
$ |
20,803 |
|
|
$ |
(11,352 |
) |
|
$ |
70,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20
Segment financial information for the nine months ended September 30, 2012 is as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Freight Segment |
|
|
Transit Segment |
|
|
Corporate Activities and Elimination |
|
|
Total |
|
Sales to external customers |
|
$ |
1,159,653 |
|
|
$ |
621,069 |
|
|
$ |
|
|
|
$ |
1,780,722 |
|
Intersegment sales/(elimination) |
|
|
17,214 |
|
|
|
8,659 |
|
|
|
(25,873 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
1,176,867 |
|
|
$ |
629,728 |
|
|
$ |
(25,873 |
) |
|
$ |
1,780,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
$ |
234,734 |
|
|
$ |
68,934 |
|
|
$ |
(11,851 |
) |
|
$ |
291,817 |
|
Interest expense and other, net |
|
|
|
|
|
|
|
|
|
|
(11,587 |
) |
|
|
(11,587 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations before income taxes |
|
$ |
234,734 |
|
|
$ |
68,934 |
|
|
$ |
(23,438 |
) |
|
$ |
280,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment financial information for the nine months ended September 30, 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Freight Segment |
|
|
Transit Segment |
|
|
Corporate Activities and Elimination |
|
|
Total |
|
Sales to external customers |
|
$ |
860,729 |
|
|
$ |
572,269 |
|
|
$ |
|
|
|
$ |
1,432,998 |
|
Intersegment sales/(elimination) |
|
|
12,536 |
|
|
|
4,989 |
|
|
|
(17,525 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
873,265 |
|
|
$ |
577,258 |
|
|
$ |
(17,525 |
) |
|
$ |
1,432,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
$ |
160,682 |
|
|
$ |
70,976 |
|
|
$ |
(33,466 |
) |
|
$ |
198,192 |
|
Interest expense and other, net |
|
|
|
|
|
|
|
|
|
|
(12,720 |
) |
|
|
(12,720 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations before income taxes |
|
$ |
160,682 |
|
|
$ |
70,976 |
|
|
$ |
(46,186 |
) |
|
$ |
185,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by product are as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
Specialty Products & Electronics |
|
$ |
264,094 |
|
|
$ |
231,983 |
|
Remanufacturing, Overhaul & Build |
|
|
129,597 |
|
|
|
83,673 |
|
Brake Products |
|
|
127,027 |
|
|
|
121,372 |
|
Other Transit Products |
|
|
49,141 |
|
|
|
45,753 |
|
Other |
|
|
17,734 |
|
|
|
16,059 |
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
587,593 |
|
|
$ |
498,840 |
|
|
|
|
|
|
|
|
|
|
Sales by product are as follows:
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
Specialty Products & Electronics |
|
$ |
841,382 |
|
|
$ |
622,857 |
|
Brake Products |
|
|
386,640 |
|
|
|
372,815 |
|
Remanufacturing, Overhaul & Build |
|
|
348,252 |
|
|
|
245,330 |
|
Other Transit Products |
|
|
149,941 |
|
|
|
145,637 |
|
Other |
|
|
54,507 |
|
|
|
46,359 |
|
|
|
|
|
|
|
|
|
|
Total sales |
|
$ |
1,780,722 |
|
|
$ |
1,432,998 |
|
|
|
|
|
|
|
|
|
|
21
15. GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION
Effective August 2003, the Company issued $150 million of Senior Notes due in 2013 (the Notes). The
obligations under the Notes are fully and unconditionally guaranteed by all U.S. subsidiaries as guarantors. In accordance with positions established by the Securities and Exchange Commission, the following shows separate financial information with
respect to the parent, the guarantor subsidiaries and the non-guarantor subsidiaries. The principal elimination entries eliminate investment in subsidiaries and certain intercompany balances and transactions.
Balance Sheet as of September 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Cash and cash equivalents |
|
$ |
76,210 |
|
|
$ |
5,622 |
|
|
$ |
200,223 |
|
|
$ |
|
|
|
$ |
282,055 |
|
Accounts receivable |
|
|
75 |
|
|
|
243,220 |
|
|
|
186,935 |
|
|
|
|
|
|
|
430,230 |
|
Inventories |
|
|
|
|
|
|
270,873 |
|
|
|
120,719 |
|
|
|
|
|
|
|
391,592 |
|
Other current assets |
|
|
62,889 |
|
|
|
6,500 |
|
|
|
10,783 |
|
|
|
|
|
|
|
80,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
139,174 |
|
|
|
526,215 |
|
|
|
518,660 |
|
|
|
|
|
|
|
1,184,049 |
|
Property, plant and equipment |
|
|
4,243 |
|
|
|
125,031 |
|
|
|
99,873 |
|
|
|
|
|
|
|
229,147 |
|
Goodwill |
|
|
7,980 |
|
|
|
407,324 |
|
|
|
241,629 |
|
|
|
|
|
|
|
656,933 |
|
Investment in subsidiaries |
|
|
3,070,357 |
|
|
|
193,978 |
|
|
|
|
|
|
|
(3,264,335 |
) |
|
|
|
|
Other intangibles |
|
|
|
|
|
|
166,620 |
|
|
|
118,269 |
|
|
|
|
|
|
|
284,889 |
|
Other long term assets |
|
|
(10,340 |
) |
|
|
3,377 |
|
|
|
47,987 |
|
|
|
|
|
|
|
41,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
3,211,414 |
|
|
$ |
1,422,545 |
|
|
$ |
1,026,418 |
|
|
$ |
(3,264,335 |
) |
|
$ |
2,396,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
48,977 |
|
|
$ |
326,916 |
|
|
$ |
164,799 |
|
|
$ |
|
|
|
$ |
540,692 |
|
Inter-company |
|
|
1,427,896 |
|
|
|
(1,588,017 |
) |
|
|
160,121 |
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
432,000 |
|
|
|
175 |
|
|
|
679 |
|
|
|
|
|
|
|
432,854 |
|
Other long term liabilities |
|
|
71,524 |
|
|
|
31,658 |
|
|
|
88,297 |
|
|
|
|
|
|
|
191,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,980,397 |
|
|
|
(1,229,268 |
) |
|
|
413,896 |
|
|
|
|
|
|
|
1,165,025 |
|
Stockholders equity |
|
|
1,231,017 |
|
|
|
2,651,813 |
|
|
|
612,522 |
|
|
|
(3,264,335 |
) |
|
|
1,231,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders Equity |
|
$ |
3,211,414 |
|
|
$ |
1,422,545 |
|
|
$ |
1,026,418 |
|
|
$ |
(3,264,335 |
) |
|
$ |
2,396,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22
Balance Sheet as of December 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Cash and cash equivalents |
|
$ |
75,621 |
|
|
$ |
14,024 |
|
|
$ |
195,970 |
|
|
$ |
|
|
|
$ |
285,615 |
|
Accounts receivable |
|
|
186 |
|
|
|
196,909 |
|
|
|
149,186 |
|
|
|
|
|
|
|
346,281 |
|
Inventories |
|
|
|
|
|
|
250,280 |
|
|
|
97,894 |
|
|
|
|
|
|
|
348,174 |
|
Other current assets |
|
|
59,990 |
|
|
|
5,989 |
|
|
|
9,733 |
|
|
|
|
|
|
|
75,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
135,797 |
|
|
|
467,202 |
|
|
|
452,783 |
|
|
|
|
|
|
|
1,055,782 |
|
Property, plant and equipment, net |
|
|
3,655 |
|
|
|
123,182 |
|
|
|
95,185 |
|
|
|
|
|
|
|
222,022 |
|
Goodwill |
|
|
7,980 |
|
|
|
399,419 |
|
|
|
180,132 |
|
|
|
|
|
|
|
587,531 |
|
Investment in subsidiaries |
|
|
2,675,378 |
|
|
|
183,357 |
|
|
|
|
|
|
|
(2,858,735 |
) |
|
|
|
|
Other intangibles, net |
|
|
|
|
|
|
174,351 |
|
|
|
83,004 |
|
|
|
|
|
|
|
257,355 |
|
Other long term assets |
|
|
(9,946 |
) |
|
|
5,640 |
|
|
|
40,569 |
|
|
|
|
|
|
|
36,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
2,812,864 |
|
|
$ |
1,353,151 |
|
|
$ |
851,673 |
|
|
$ |
(2,858,735 |
) |
|
$ |
2,158,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
$ |
72,396 |
|
|
$ |
282,671 |
|
|
$ |
186,318 |
|
|
|
|
|
|
$ |
541,385 |
|
Intercompany |
|
|
1,222,650 |
|
|
|
(1,303,441 |
) |
|
|
80,791 |
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
395,000 |
|
|
|
198 |
|
|
|
607 |
|
|
|
|
|
|
|
395,805 |
|
Other long term liabilities |
|
|
75,174 |
|
|
|
33,790 |
|
|
|
65,155 |
|
|
|
|
|
|
|
174,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
1,765,220 |
|
|
|
(986,782 |
) |
|
|
332,871 |
|
|
|
|
|
|
|
1,111,309 |
|
Stockholders equity |
|
|
1,047,644 |
|
|
|
2,339,933 |
|
|
|
518,802 |
|
|
|
(2,858,735 |
) |
|
|
1,047,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders Equity |
|
$ |
2,812,864 |
|
|
$ |
1,353,151 |
|
|
$ |
851,673 |
|
|
$ |
(2,858,735 |
) |
|
$ |
2,158,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement for the Three Months Ended September 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination(1) |
|
|
Consolidated |
|
Net sales |
|
$ |
|
|
|
$ |
405,624 |
|
|
$ |
219,621 |
|
|
$ |
(37,652 |
) |
|
$ |
587,593 |
|
Cost of sales |
|
|
(428 |
) |
|
|
(264,211 |
) |
|
|
(169,652 |
) |
|
|
17,977 |
|
|
|
(416,314 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss) profit |
|
|
(428 |
) |
|
|
141,413 |
|
|
|
49,969 |
|
|
|
(19,675 |
) |
|
|
171,279 |
|
Operating expenses |
|
|
(14,584 |
) |
|
|
(37,786 |
) |
|
|
(22,067 |
) |
|
|
|
|
|
|
(74,437 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) profit |
|
|
(15,012 |
) |
|
|
103,627 |
|
|
|
27,902 |
|
|
|
(19,675 |
) |
|
|
96,842 |
|
Interest (expense) income, net |
|
|
(5,459 |
) |
|
|
3,305 |
|
|
|
(916 |
) |
|
|
|
|
|
|
(3,070 |
) |
Other income (expense), net |
|
|
100 |
|
|
|
(860 |
) |
|
|
(633 |
) |
|
|
|
|
|
|
(1,393 |
) |
Equity earnings |
|
|
102,624 |
|
|
|
24,971 |
|
|
|
|
|
|
|
(127,595 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations before income tax |
|
|
82,253 |
|
|
|
131,043 |
|
|
|
26,353 |
|
|
|
(147,270 |
) |
|
|
92,379 |
|
Income tax expense |
|
|
(19,259 |
) |
|
|
(3,428 |
) |
|
|
(6,698 |
) |
|
|
|
|
|
|
(29,385 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Wabtec shareholders |
|
$ |
62,994 |
|
|
$ |
127,615 |
|
|
$ |
19,655 |
|
|
$ |
(147,270 |
) |
|
$ |
62,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Wabtec shareholders |
|
$ |
62,296 |
|
|
$ |
127,615 |
|
|
$ |
31,571 |
|
|
$ |
(147,270 |
) |
|
$ |
74,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries. |
23
Income Statement for the Three Months Ended September 30, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination(1) |
|
|
Consolidated |
|
Net sales |
|
$ |
|
|
|
$ |
352,493 |
|
|
$ |
182,465 |
|
|
$ |
(36,118 |
) |
|
$ |
498,840 |
|
Cost of sales |
|
|
(903 |
) |
|
|
(216,913 |
) |
|
|
(147,007 |
) |
|
|
13,134 |
|
|
|
(351,689 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss) profit |
|
|
(903 |
) |
|
|
135,580 |
|
|
|
35,458 |
|
|
|
(22,984 |
) |
|
|
147,151 |
|
Operating expenses |
|
|
(16,021 |
) |
|
|
(37,922 |
) |
|
|
(17,755 |
) |
|
|
|
|
|
|
(71,698 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) profit |
|
|
(16,924 |
) |
|
|
97,658 |
|
|
|
17,703 |
|
|
|
(22,984 |
) |
|
|
75,453 |
|
Interest (expense) income, net |
|
|
(5,538 |
) |
|
|
1,178 |
|
|
|
596 |
|
|
|
|
|
|
|
(3,764 |
) |
Other income (expense), net |
|
|
173 |
|
|
|
211 |
|
|
|
(1,913 |
) |
|
|
|
|
|
|
(1,529 |
) |
Equity earnings |
|
|
82,561 |
|
|
|
21,337 |
|
|
|
|
|
|
|
(103,898 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations before income tax |
|
|
60,272 |
|
|
|
120,384 |
|
|
|
16,386 |
|
|
|
(126,882 |
) |
|
|
70,160 |
|
Income tax expense |
|
|
(13,672 |
) |
|
|
(2,868 |
) |
|
|
(7,020 |
) |
|
|
|
|
|
|
(23,560 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Wabtec shareholders |
|
$ |
46,600 |
|
|
$ |
117,516 |
|
|
$ |
9,366 |
|
|
$ |
(126,882 |
) |
|
$ |
46,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Wabtec shareholders |
|
$ |
48,788 |
|
|
$ |
117,516 |
|
|
$ |
(28,426 |
) |
|
$ |
(126,882 |
) |
|
$ |
10,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries. |
Income Statement for the Nine Months Ended September 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination(1) |
|
|
Consolidated |
|
Net sales |
|
$ |
|
|
|
$ |
1,251,666 |
|
|
$ |
653,230 |
|
|
$ |
(124,174 |
) |
|
$ |
1,780,722 |
|
Cost of sales |
|
|
(776 |
) |
|
|
(810,101 |
) |
|
|
(507,413 |
) |
|
|
51,655 |
|
|
|
(1,266,635 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss) profit |
|
|
(776 |
) |
|
|
441,565 |
|
|
|
145,817 |
|
|
|
(72,519 |
) |
|
|
514,087 |
|
Operating expenses |
|
|
(47,356 |
) |
|
|
(115,649 |
) |
|
|
(59,265 |
) |
|
|
|
|
|
|
(222,270 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) profit |
|
|
(48,132 |
) |
|
|
325,916 |
|
|
|
86,552 |
|
|
|
(72,519 |
) |
|
|
291,817 |
|
Interest (expense) income, net |
|
|
(16,291 |
) |
|
|
5,489 |
|
|
|
499 |
|
|
|
|
|
|
|
(10,303 |
) |
Other income (expense), net |
|
|
8,221 |
|
|
|
(6,954 |
) |
|
|
(2,551 |
) |
|
|
|
|
|
|
(1,284 |
) |
Equity earnings |
|
|
304,263 |
|
|
|
61,931 |
|
|
|
|
|
|
|
(366,194 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations before income tax |
|
|
248,061 |
|
|
|
386,382 |
|
|
|
84,500 |
|
|
|
(438,713 |
) |
|
|
280,230 |
|
Income tax expense |
|
|
(61,094 |
) |
|
|
(10,239 |
) |
|
|
(21,930 |
) |
|
|
|
|
|
|
(93,263 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Wabtec shareholders |
|
$ |
186,967 |
|
|
$ |
376,143 |
|
|
$ |
62,570 |
|
|
$ |
(438,713 |
) |
|
$ |
186,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Wabtec shareholders |
|
$ |
186,486 |
|
|
$ |
376,143 |
|
|
$ |
68,868 |
|
|
$ |
(438,713 |
) |
|
$ |
192,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries. |
24
Income Statement for the Nine Months Ended September 30, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination(1) |
|
|
Consolidated |
|
Net sales |
|
$ |
|
|
|
$ |
1,006,000 |
|
|
$ |
527,089 |
|
|
$ |
(100,091 |
) |
|
$ |
1,432,998 |
|
Cost of sales |
|
|
(1,282 |
) |
|
|
(645,743 |
) |
|
|
(405,980 |
) |
|
|
43,097 |
|
|
|
(1,009,908 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss) profit |
|
|
(1,282 |
) |
|
|
360,257 |
|
|
|
121,109 |
|
|
|
(56,994 |
) |
|
|
423,090 |
|
Operating expenses |
|
|
(64,002 |
) |
|
|
(106,670 |
) |
|
|
(54,226 |
) |
|
|
|
|
|
|
(224,898 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) profit |
|
|
(65,284 |
) |
|
|
253,587 |
|
|
|
66,883 |
|
|
|
(56,994 |
) |
|
|
198,192 |
|
Interest (expense) income, net |
|
|
(16,501 |
) |
|
|
3,463 |
|
|
|
1,797 |
|
|
|
|
|
|
|
(11,241 |
) |
Other income (expense), net |
|
|
7,567 |
|
|
|
(816 |
) |
|
|
(8,230 |
) |
|
|
|
|
|
|
(1,479 |
) |
Equity earnings |
|
|
231,392 |
|
|
|
49,370 |
|
|
|
|
|
|
|
(280,762 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations before income tax |
|
|
157,174 |
|
|
|
305,604 |
|
|
|
60,450 |
|
|
|
(337,756 |
) |
|
|
185,472 |
|
Income tax expense |
|
|
(33,288 |
) |
|
|
(9,897 |
) |
|
|
(18,401 |
) |
|
|
|
|
|
|
(61,586 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Wabtec shareholders |
|
$ |
123,866 |
|
|
$ |
295,707 |
|
|
$ |
42,049 |
|
|
$ |
(337,756 |
) |
|
$ |
123,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) attributable to Wabtec shareholders |
|
$ |
126,663 |
|
|
$ |
295,707 |
|
|
$ |
31,353 |
|
|
$ |
(337,756 |
) |
|
$ |
115,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes elimination of gross profit realized with certain intercompany transactions between Guarantor and Non-Guarantor subsidiaries. |
Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Net cash (used for) provided by operating activities |
|
$ |
(4,856 |
) |
|
$ |
390,163 |
|
|
$ |
166,931 |
|
|
$ |
(438,713 |
) |
|
$ |
113,525 |
|
Net cash used for investing activities |
|
|
(3,841 |
) |
|
|
(22,366 |
) |
|
|
(99,860 |
) |
|
|
|
|
|
|
(126,067 |
) |
Net cash provided by (used for) financing activities |
|
|
9,286 |
|
|
|
(376,199 |
) |
|
|
(62,506 |
) |
|
|
438,713 |
|
|
|
9,294 |
|
Effect of changes in currency exchange rates |
|
|
|
|
|
|
|
|
|
|
(312 |
) |
|
|
|
|
|
|
(312 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash |
|
|
589 |
|
|
|
(8,402 |
) |
|
|
4,253 |
|
|
|
|
|
|
|
(3,560 |
) |
Cash, beginning of year |
|
|
75,621 |
|
|
|
14,024 |
|
|
|
195,970 |
|
|
|
|
|
|
|
285,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, end of period |
|
$ |
76,210 |
|
|
$ |
5,622 |
|
|
$ |
200,223 |
|
|
$ |
|
|
|
$ |
282,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25
Condensed Statement of Cash Flows for the Nine Months Ended September 30, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Net cash provided by (used for) operating activities |
|
$ |
9,543 |
|
|
$ |
321,525 |
|
|
$ |
106,708 |
|
|
$ |
(337,756 |
) |
|
$ |
100,020 |
|
Net cash used for investing activities |
|
|
(4,082 |
) |
|
|
(30,033 |
) |
|
|
(39,548 |
) |
|
|
|
|
|
|
(73,663 |
) |
Net cash (used for) provided by financing activities |
|
|
(33,944 |
) |
|
|
(295,753 |
) |
|
|
(41,923 |
) |
|
|
337,756 |
|
|
|
(33,864 |
) |
Effect of changes in currency exchange rates |
|
|
|
|
|
|
|
|
|
|
(8,298 |
) |
|
|
|
|
|
|
(8,298 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease) increase in cash |
|
|
(28,483 |
) |
|
|
(4,261 |
) |
|
|
16,939 |
|
|
|
|
|
|
|
(15,805 |
) |
Cash, beginning of year |
|
|
42,714 |
|
|
|
13,226 |
|
|
|
181,001 |
|
|
|
|
|
|
|
236,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, end of period |
|
$ |
14,231 |
|
|
$ |
8,965 |
|
|
$ |
197,940 |
|
|
$ |
|
|
|
$ |
221,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16. OTHER INCOME (EXPENSE), NET
The components of other income (expense) are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Foreign currency loss |
|
$ |
(1,468 |
) |
|
$ |
(1,795 |
) |
|
$ |
(427 |
) |
|
$ |
(2,061 |
) |
Other miscellaneous income (expense) |
|
|
75 |
|
|
|
266 |
|
|
|
(857 |
) |
|
|
582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other (expense) income, net |
|
$ |
(1,393 |
) |
|
$ |
(1,529 |
) |
|
$ |
(1,284 |
) |
|
$ |
(1,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26
Item 2. |
MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
The following discussion should be read in conjunction with the information in the unaudited condensed consolidated financial
statements and notes thereto included herein and Westinghouse Air Brake Technologies Corporations Financial Statements and Managements Discussion and Analysis of Financial Condition and Results of Operations included in its Annual Report
on Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission on February 24, 2012.
OVERVIEW
Wabtec is one
of the worlds largest providers of value-added, technology-based products and services for the global rail industry. Our products are found on virtually all U.S. locomotives, freight cars and passenger transit vehicles, as well as in more than
100 countries throughout the world. Our products enhance safety, improve productivity and reduce maintenance costs for customers, and many of our core products and services are essential in the safe and efficient operation of freight rail and
passenger transit vehicles. Wabtec is a global company with operations in 20 countries. In the first nine months of 2012, about 50% of the Companys revenues came from customers outside the U.S.
Management Review and Future Outlook
Wabtecs long-term financial goals are to generate cash flow in excess of net income, maintaining a strong credit profile while minimizing our overall cost of capital; increase margins through strict
attention to cost controls and implementation of the Wabtec Performance System; and increase revenues through a focused growth strategy, including global and market expansion, new products and technologies, aftermarket products and services, and
acquisitions. In addition, Management evaluates the Companys current operational performance through measures such as quality and on-time delivery.
The Company monitors a variety of factors and statistics to gauge market activity. The North America freight rail industry is largely driven by general economic conditions, which can cause fluctuations in
rail traffic. Based on those fluctuations, railroads can increase or decrease purchases of new locomotives and freight cars. In 2011 U.S. freight rail traffic increased due to the improving overall economy, which had a favorable effect on the
Companys Freight Segment, with increased demand for new locomotives and freight cars, and for aftermarket products and services. Through mid-October, 2012 compared to the previous year, according to the Association of American Railroads,
carloadings decreased 2.7% and revenue ton-miles decreased 1.7%, while intermodal loadings increased 3.7%. Excluding coal, carloadings increased 3.1%. In 2012, the number of new locomotives delivered is expected to be about 1,200 compared to about
1,100 in 2011. The number of new freight cars delivered is expected to be about 60,000 compared to about 47,000 in 2011.
The
North American transit rail industry is driven by government spending and ridership. According to the American Public Transportation Association, ridership increased 2.3% in 2011 and 2% in the second quarter of 2012. In June 2012, the U.S. federal
government passed a two-year transportation funding bill, called MAP-21. As part of this bill, funding for transit programs is expected to be about $10.5 billion in each of the next two fiscal years, about the same as it was in the previous three
years. Most government entities at all levels continue to face budget issues, which could have a negative effect on demand for the Companys products and services.
In 2008, the U.S. government enacted rail safety legislation that requires certain freight and passenger railroads to equip certain locomotives with positive train control (PTC)
technology by the end of 2015. This technology includes an on-board locomotive computer and related software, which are being developed by Wabtec. As the industry leader, Wabtec expects to benefit from increased sales of train
control-related products and engineering services as the technology is deployed throughout the industry. Wabtec expects PTC revenue to exceed $200 million in 2012 compared to about $125 million in 2011.
27
Wabtec continues to expand its presence in freight rail and passenger transit markets
outside the U.S., particularly in Europe, Asia-Pacific and South America. In Europe, the majority of the rail system serves the passenger transit market, which is larger than the transit market in the U.S. Our presence in the U.K., Germany, Italy
and the Netherlands has positioned the Company to take advantage of this market. Asia-Pacific is a growth market and our various joint ventures and direct exports to China have positioned the Company to take advantage of this growth. Economic growth
in Australia and Brazil led to growth for the Company in those markets as commodity suppliers use our products to meet the demands of their regional customers.
This year and beyond, general economic and market conditions in the United States and internationally could have an impact on our sales and operations. To the extent that these factors cause instability
of capital markets, shortages of raw materials or component parts, longer sales cycles, deferral or delay of customer orders or an inability to market our products effectively, our business and results of operations could be materially adversely
affected. In addition, we face risks associated with our four-point growth strategy including the level of investment that customers are willing to make in new technologies developed by the industry and the Company, and risks inherent in global
expansion. When necessary, we will modify our financial and operating strategies to reflect changes in market conditions and risks.
RESULTS OF OPERATIONS
The following table shows our Consolidated Statements of Operations for the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
In millions |
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net sales |
|
$ |
587.6 |
|
|
$ |
498.9 |
|
|
$ |
1,780.7 |
|
|
$ |
1,433.0 |
|
Cost of sales |
|
|
(416.3 |
) |
|
|
(351.7 |
) |
|
|
(1,266.6 |
) |
|
|
(1,009.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
171.3 |
|
|
|
147.2 |
|
|
|
514.1 |
|
|
|
423.1 |
|
Selling, general and administrative expenses |
|
|
(59.8 |
) |
|
|
(57.7 |
) |
|
|
(180.9 |
) |
|
|
(186.4 |
) |
Engineering expenses |
|
|
(10.8 |
) |
|
|
(9.9 |
) |
|
|
(31.1 |
) |
|
|
(27.9 |
) |
Amortization expense |
|
|
(3.9 |
) |
|
|
(4.1 |
) |
|
|
(10.3 |
) |
|
|
(10.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
(74.5 |
) |
|
|
(71.7 |
) |
|
|
(222.3 |
) |
|
|
(224.9 |
) |
Income from operations |
|
|
96.8 |
|
|
|
75.5 |
|
|
|
291.8 |
|
|
|
198.2 |
|
Interest expense, net |
|
|
(3.0 |
) |
|
|
(3.8 |
) |
|
|
(10.3 |
) |
|
|
(11.2 |
) |
Other income (expense), net |
|
|
(1.4 |
) |
|
|
(1.5 |
) |
|
|
(1.3 |
) |
|
|
(1.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations before income taxes |
|
|
92.4 |
|
|
|
70.2 |
|
|
|
280.2 |
|
|
|
185.5 |
|
Income tax expense |
|
|
(29.4 |
) |
|
|
(23.6 |
) |
|
|
(93.2 |
) |
|
|
(61.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to Wabtec shareholders |
|
$ |
63.0 |
|
|
$ |
46.6 |
|
|
$ |
187.0 |
|
|
$ |
123.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THIRD QUARTER 2012 COMPARED TO THIRD QUARTER 2011
The following table summarizes the results of operations for the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
|
Percent Change |
|
Freight Segment |
|
$ |
354,659 |
|
|
$ |
315,837 |
|
|
|
12.3 |
% |
Transit Segment |
|
|
232,934 |
|
|
|
183,003 |
|
|
|
27.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
587,593 |
|
|
|
498,840 |
|
|
|
17.8 |
% |
Income from operations |
|
|
96,842 |
|
|
|
75,453 |
|
|
|
28.3 |
% |
Net income attributable to Wabtec shareholders |
|
$ |
62,994 |
|
|
$ |
46,600 |
|
|
|
35.2 |
% |
28
The following table shows the major components of the change in sales in the third quarter
of 2012 from the third quarter of 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Freight Segment |
|
|
Transit Segment |
|
|
Total |
|
Third Quarter 2011 Net Sales |
|
$ |
315,837 |
|
|
$ |
183,003 |
|
|
$ |
498,840 |
|
Acquisitions |
|
|
19,199 |
|
|
|
19,212 |
|
|
|
38,411 |
|
Change in Sales by Product Line: |
|
|
|
|
|
|
|
|
|
|
|
|
Remanufacturing, Overhaul & Build |
|
|
4,873 |
|
|
|
24,711 |
|
|
|
29,584 |
|
Specialty Products & Electronics |
|
|
9,837 |
|
|
|
5,030 |
|
|
|
14,867 |
|
Brake Products |
|
|
5,735 |
|
|
|
4,410 |
|
|
|
10,145 |
|
Other Transit Products |
|
|
|
|
|
|
3,973 |
|
|
|
3,973 |
|
Other |
|
|
1,001 |
|
|
|
(34 |
) |
|
|
967 |
|
Foreign Exchange |
|
|
(1,823 |
) |
|
|
(7,371 |
) |
|
|
(9,194 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter 2012 Net Sales |
|
$ |
354,659 |
|
|
$ |
232,934 |
|
|
$ |
587,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales increased by $88.7 million to $587.6 million from $498.9 million for the three months ended
September 30, 2012 and 2011, respectively. The increase is due to sales from acquisitions of $38.4 million; $29.6 million for Remanufacturing, Overhaul and Build sales from increased demand for freight original equipment locomotives and
aftermarket services for locomotives; $14.9 million for Specialty Products and Electronics sales from increased demand for freight original equipment rail products, positive train control electronics and aftermarket products; and $10.1 million for
Brake Products sales due to higher demand for original equipment brakes. Company net sales decreased $9.2 million and income from operations decreased $1.1 million due to unfavorable effects of foreign exchange. Net income for the three months
ended September 30, 2012 was $63.0 million or $1.30 per diluted share. Net income for the three months ended September 30, 2011 was $46.6 million or $0.96 per diluted share.
Freight Segment sales increased by $38.8 million, or 12.3%, due to $19.2 million from acquisitions; $9.8 million for Specialty
Products and Electronics, primarily resulting from increased demand for original equipment rail products, positive train control electronics and aftermarket rail products; $5.7 million for Brake Products; and $4.9 million from demand for freight
original equipment locomotives and aftermarket services for locomotives. For the Freight Segment, net sales decreased by $1.8 million due to unfavorable effects of foreign exchange.
Transit Segment sales increased by $49.9 million, or 27.3%, due to higher sales of $24.7 million from increased demand for transit car
rebuild and overhauls; $19.2 million from acquisitions; $5.0 million of electronic sales from increased demand for transit positive train control electronics; $4.4 million for Brake Products; and $4.0 million from certain transit car build contracts
and demand for transit bus doors. For the Transit Segment, net sales decreased by $7.4 million due to unfavorable effects of foreign exchange.
Cost of Sales and Gross Profit. Cost of Sales increased by $64.6 million to $416.3 million in the third quarter of 2012 compared to $351.7 million in the same period of 2011. In the third
quarter of 2012, cost of sales, as a percentage of sales was 70.9% compared to 70.5% in the same period of 2011.
Raw material
costs decreased as a percentage of sales to approximately 43% in the third quarter of 2012 from 45% in the same period of 2011. Labor costs increased as a percentage of sales to approximately 12% in the third quarter of 2012 from 11% in the same
period of 2011. Overhead costs increased as a percentage of sales to approximately 16% in the third quarter of 2012 from 15% in the same period of 2011. Freight Segment raw material costs decreased as a percentage of sales to approximately 43% in
the third quarter of 2012 from 46% in the same period of 2011. Freight Segment labor costs increased as a percentage of sales to approximately 11% in the third quarter of 2012 from 9% in the same period of 2011, and overhead costs increased as a
percentage of sales to approximately 15% in the third quarter of 2012 from 14% in the same period of 2011. Transit Segment raw material costs increased as a percentage of sales to approximately 43% in the third quarter of 2012 from 42%
29
in the same period of 2011. Transit Segment labor costs decreased as a percentage of sales to approximately 13% in the third quarter of 2012 from 14% in the same period of 2011, and overhead
costs increased as a percentage of sales to approximately 19% in the third quarter of 2012 from 17% in the same period of 2011. Freight Segment material costs decreased as a percentage of sales due to favorable raw material pricing and product mix.
Freight Segment labor costs increased as a percentage of sales due to higher service related sales, which carry high labor costs on a percentage basis.
In general, raw material costs decreased as a percentage of sales reflecting a higher mix of revenue generated from service related sales, which has a lower raw material component as cost of sales.
Overhead costs vary as a percentage of sales depending on product mix and changes in sales volume.
In addition, included in
cost of sales is warranty expense. The provision for warranty expense is generally established for specific losses, along with historical estimates of customer claims as a percentage of sales, which can cause variability in warranty expense between
quarters. Warranty expense was $2.2 million higher in the third quarter of 2012 compared to the same period of 2011 due to increased sales and increases for certain transit contracts. As a percentage of sales, warranty expense was 0.9% for the third
quarter of 2012 compared to 0.6% for the same period in the previous year.
Gross profit increased to $171.3 million in the
third quarter of 2012 compared to $147.2 million in the same period of 2011, for the reasons discussed above. Accordingly, for the third quarter of 2012, gross profit, as a percentage of sales, was 29.1% compared to 29.5%, for the third quarter of
2011.
Operating expenses The following table shows our operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
|
Percent Change |
|
Selling, general and administrative expenses |
|
$ |
59,743 |
|
|
$ |
57,676 |
|
|
|
3.6 |
% |
Engineering expenses |
|
|
10,753 |
|
|
|
9,894 |
|
|
|
8.7 |
% |
Amortization expense |
|
|
3,941 |
|
|
|
4,128 |
|
|
|
(4.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
$ |
74,437 |
|
|
$ |
71,698 |
|
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses increased $2.1 million in the third quarter of 2012
compared to the same period of 2011 primarily due to $5.6 million of expenses from acquisitions and $1.6 million of incentive and non-cash compensation, partially offset by a decrease of $1.6 million for other legal costs and a $3.5 million decrease
in selling, general and administrative expenses resulting from cost saving initiatives. Engineering expense increased by $0.9 million in the third quarter of 2012 compared to the same period of 2011 as the company focused engineering resources on
product development. Costs related to engineering for specific customer contracts are included in cost of sales. Total operating expenses were 12.7% and 14.4% of sales for the third quarter of 2012 and 2011, respectively.
The following table shows our segment operating expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
|
Percent Change |
|
Freight Segment |
|
$ |
37,621 |
|
|
$ |
36,589 |
|
|
|
2.8 |
% |
Transit Segment |
|
|
33,571 |
|
|
|
29,050 |
|
|
|
15.6 |
% |
Corporate |
|
|
3,245 |
|
|
|
6,059 |
|
|
|
(46.4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
$ |
74,437 |
|
|
$ |
71,698 |
|
|
|
3.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
30
Segment operating expenses consist of specific segment costs such as, sales and marketing,
information technology, insurance, and audit and tax fees, allocated corporate costs, and other segment specific discrete charges. Corporate costs are allocated to the freight and transit segments based on segment revenues. Certain corporate
departmental expenses are not allocated.
Freight segment operating expenses increased $1.0 million in the third quarter of
2012 compared to the same period of 2011 because of $2.0 million of incremental expense from acquisitions, partially offset by a decrease in selling, general and administrative expenses realized from cost saving initiatives. Freight segment
operating expenses were 10.4% and 11.4% of sales for the third quarter of 2012 and 2011, respectively.
Transit segment
operating expenses increased $4.5 million in the third quarter of 2012 compared to the same period of 2011 because of $3.6 million of incremental expense from acquisitions and an increase of $0.9 million in the expenses allocated to the
operating segments. Transit segment operating expenses were 14.5% and 15.6% of sales for the third quarter of 2012 and 2011, respectively.
Corporate non-allocated operating expenses decreased $2.8 million in the third quarter of 2012 compared to the same period of 2011 primarily due to other legal cost discussed above and decreases in other
non-allocated departmental expenses.
Income from operations Income from operations totaled $96.8
million or 16.5% of sales in the third quarter of 2012 compared to $75.5 million or 15.1% of sales in the same period of 2011. Income from operations increased due to higher sales volume, partially offset by higher operating expenses discussed
above.
Interest expense, net Overall interest expense, net, was comparable to the prior period.
Other income (expense), net The Company recorded foreign exchange losses of $1.5 million and $1.8 million, in the
third quarter of 2012 and 2011, respectively, due to the effect of currency exchange rate changes on intercompany transactions that are non U.S. dollar denominated and charged or credited to earnings.
Income taxes The effective income tax rate was 31.8% and 33.6% for the third quarter of 2012 and 2011, respectively. The
decrease in the effective rate is primarily due to refund claims filed in the current quarter.
Net income Net
income for the third quarter of 2012 increased $16.4 million, compared with the same period of 2011. The increase in net income is due to higher sales volume and lower effective tax rate, partially offset by higher operating expenses discussed
above.
FIRST NINE MONTHS OF 2012 COMPARED TO FIRST NINE MONTHS OF 2011
The following table summarizes the results of operations for the period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
|
Percent Change |
|
Freight Segment |
|
$ |
1,159,653 |
|
|
$ |
860,729 |
|
|
|
34.7 |
% |
Transit Segment |
|
|
621,069 |
|
|
|
572,269 |
|
|
|
8.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
1,780,722 |
|
|
|
1,432,998 |
|
|
|
24.3 |
% |
Income from operations |
|
|
291,817 |
|
|
|
198,192 |
|
|
|
47.2 |
% |
Net income attributable to Wabtec shareholders |
|
$ |
186,967 |
|
|
$ |
123,886 |
|
|
|
50.9 |
% |
31
The following table shows the major components of the change in sales in the first nine
months of 2012 from the first nine months of 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
In thousands |
|
Freight Segment |
|
|
Transit Segment |
|
|
Total |
|
First Nine Months of 2011 Net Sales |
|
$ |
860,729 |
|
|
$ |
572,269 |
|
|
$ |
1,432,998 |
|
Acquisitions |
|
|
59,775 |
|
|
|
36,836 |
|
|
|
96,611 |
|
Change in Sales by Product Line: |
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Products & Electronics |
|
|
149,911 |
|
|
|
12,602 |
|
|
|
162,513 |
|
Remanufacturing, Overhaul & Build |
|
|
52,256 |
|
|
|
18,748 |
|
|
|
71,004 |
|
Brake Products |
|
|
34,321 |
|
|
|
(10,238 |
) |
|
|
24,083 |
|
Other Transit Products |
|
|
|
|
|
|
5,875 |
|
|
|
5,875 |
|
Other |
|
|
7,758 |
|
|
|
835 |
|
|
|
8,593 |
|
Foreign Exchange |
|
|
(5,097 |
) |
|
|
(15,858 |
) |
|
|
(20,955 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
First Nine Months of 2012 Net Sales |
|
$ |
1,159,653 |
|
|
$ |
621,069 |
|
|
$ |
1,780,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales increased by $347.7 million to $1,780.7 million from $1,433.0 million for the nine months ended
September 30, 2012 and 2011, respectively. The increase is due to higher sales of $162.5 million for Specialty Products and Electronics from increased demand for freight original equipment rail products, positive train control electronics and
aftermarket products; $96.6 million from acquisitions; $71.0 million for Remanufacturing, Overhaul Build sales from increased demand for freight original equipment locomotives and aftermarket services for locomotives; $24.1 million for Brake
Products sales due to higher demand for original equipment brakes; and $8.6 million for other products primarily from increased international demand. Company net sales decreased $21.0 million and income from operations decreased $2.0 million due to
unfavorable effects of foreign exchange. Net income for the nine months ended September 30, 2012 was $187.0 million or $3.85 per diluted share. Net income for the nine months ended September 30, 2011 was $123.9 million or $2.56 per diluted
share. Net income increased due to higher sales volume and decreased operating expenses discussed below.
Freight Segment
sales increased by $298.9 million, or 34.7%, due to higher sales of $149.9 million for Specialty Products and Electronics, primarily resulting from increased demand for original equipment rail products, positive train control electronics and
aftermarket rail products; $59.8 million from acquisitions; $52.3 million from demand for freight original equipment locomotives and aftermarket services for locomotives; and $34.3 million for Brake Products. For the Freight Segment, net sales
decreased by $5.1 million due to unfavorable effects of foreign exchange.
Transit Segment sales increased by $48.8 million,
or 8.5%, due to $36.8 million from acquisitions; higher sales of $18.7 million from demand for overhaul and aftermarket services; and $12.6 million of higher electronic sales from increased demand for transit positive train control electronics.
Partially offsetting these increases was a decrease of $10.2 million from decreased demand for transit brake products and the completion of certain transit locomotive build contracts. For the Transit Segment, net sales decreased by $15.9 million due
to unfavorable effects of foreign exchange.
Cost of Sales and Gross Profit Cost of Sales increased by $256.7
million to $1,266.6 million in the first nine months of 2012 compared to $1,009.9 million in the same period of 2011. In the first nine months of 2012, cost of sales, as a percentage of sales was 71.1% compared to 70.5% in the same period of 2011.
Raw material costs as a percentage of sales were approximately 43% in the first nine months of 2012 and 2011. Labor costs as
a percentage of sales were approximately 11% in the first nine months of 2012 and 2011. Overhead costs as a percentage of sales were approximately 17% in the first nine months of 2012 and 2011. Freight Segment raw material costs as a percentage of
sales were approximately 44% in the first nine months of 2012 and 2011. Freight Segment labor costs increased as a percentage of sales to approximately 11% in the first nine months of 2012 from 10% in the same period of 2011, and overhead costs as a
percentage of sales were approximately 15% in the first nine months of 2012 and 2011. Transit Segment raw material costs decreased as a percentage of sales to
32
approximately 42% in the first nine months of 2012 from 43% in the same period of 2011. Transit Segment labor costs increased as a percentage of sales to approximately 13% in the first nine
months of 2012 from 12% in the same period of 2011, and overhead costs increased as a percentage of sales to approximately 19% in the first nine months of 2012 from 18% in the same period of 2011. Transit Segment labor costs increased as a
percentage of sales due to higher service related sales, which carry higher labor costs on a cost of sales percentage basis. Overhead costs vary as a percentage of sales depending on product mix and changes in sales volume.
In addition, included in cost of sales is warranty expense. The provision for warranty expense is generally established for specific
losses, along with historical estimates of customer claims as a percentage of sales, which can cause variability in warranty expense between quarters. Warranty expense was $5.7 million higher in the first nine months of 2012 compared to the same
period of 2011 due to increased sales and increases for certain transit contracts. As a percentage of sales, warranty expense was 1.0% for the first nine months of 2012 compared to 0.8% for the same period in the previous year.
Gross profit increased to $514.1 million in the first nine months of 2012 compared to $423.1 million in the same period of 2011, for the
reasons discussed above. Accordingly, for the first nine months of 2012, gross profit, as a percentage of sales, was 28.9% compared to 29.5%, for the first nine months of 2011.
Operating expenses The following table shows our operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
|
Percent Change |
|
Selling, general and administrative expenses |
|
$ |
180,935 |
|
|
$ |
186,435 |
|
|
|
(3.0 |
)% |
Engineering expenses |
|
|
31,047 |
|
|
|
27,914 |
|
|
|
11.2 |
% |
Amortization expense |
|
|
10,288 |
|
|
|
10,549 |
|
|
|
(2.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
$ |
222,270 |
|
|
$ |
224,898 |
|
|
|
(1.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general, and administrative expenses decreased $5.5 million in the first nine months of 2012
compared to the same period of 2011. The decrease is due primarily due to an $18.1 million charge for a court ruling, partially offset by a benefit of $2.4 million for a settlement related to a prior acquisition which were both recorded in the
second quarter of 2011. Increases include $10.8 million of expenses from acquisitions, and $4.3 million of incentive and non-cash compensation. Engineering expense increased by $3.1 million in the first nine months of 2012 compared to the same
period of 2011 as the company focused engineering resources on product development. Costs related to engineering for specific customer contracts are included in cost of sales. Amortization expense decreased slightly in the first nine months of 2012
compared to the same period in 2011 due to amortization of intangibles in 2011 associated with acquisitions. Total operating expenses were 12.5% and 15.7% of sales for the first nine months of 2012 and 2011, respectively.
The following table shows our segment operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
|
Percent Change |
|
Freight Segment |
|
$ |
118,661 |
|
|
$ |
107,220 |
|
|
|
10.7 |
% |
Transit Segment |
|
|
91,758 |
|
|
|
84,212 |
|
|
|
9.0 |
% |
Corporate |
|
|
11,851 |
|
|
|
33,466 |
|
|
|
(64.6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
$ |
222,270 |
|
|
$ |
224,898 |
|
|
|
(1.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating expenses consist of specific segment costs such as, sales and marketing, information
technology, insurance, and audit and tax fees, allocated corporate costs, and other segment specific discrete charges. Corporate costs are allocated to the freight and transit segments based on segment revenues. Certain corporate departmental
expenses are not allocated.
33
Freight segment operating expenses increased $11.4 million in the first nine months of 2012
compared to the same period of 2011 because of $5.6 million of expenses from acquisitions, an increase of $3.4 million in expenses allocated to the operating segments and an increase in selling, general and administrative expense supporting higher
sales volume. Freight segment operating expenses were 10.1% and 12.3% of sales for the first nine months of 2012 and 2011, respectively.
Transit segment operating expenses increased $7.5 million in the first nine months of 2012 compared to the same period of 2011 because of $5.2 million of expenses from acquisitions and a benefit of $2.4
million for a settlement related to a prior acquisition which was recorded in the second quarter of 2011, an increase of $0.3 million in the expenses allocated to the operating segments, partially offset by a decrease in other selling, general
and administrative expenses from cost saving initiatives. Transit segment operating expenses were 14.7% and 14.6% of sales for the first nine months of 2012 and 2011, respectively.
Corporate non-allocated operating expenses decreased $21.6 million in the first nine months of 2012 compared to the same period of 2011
because of the charge for a court ruling discussed above and decreases in other non-allocated departmental expenses.
Income from operations Income from operations totaled $291.8 million or 16.4% of sales in the first nine months of 2012
compared to $198.2 million or 13.8% of sales in the same period of 2011. Income from operations increased due to higher sales volume and decreased operating expenses discussed above.
Interest expense, net Overall interest expense, net, was comparable to the prior period.
Other income (expense), net The Company recorded foreign exchange losses of $0.4 million and $2.1 million in the first
nine months of 2012 and 2011, respectively, due to the effect of currency exchange rate changes on intercompany transactions that are non U.S. dollar denominated and charged or credited to earnings.
Income taxes The effective income tax rate was 33.3% and 33.2% for the first nine months of 2012 and 2011, respectively.
Net income Net income for the first nine months of 2012 increased $63.1 million, compared with the same period
of 2011. The increase in net income is due to higher sales volume and decreased operating expenses discussed above.
Liquidity and Capital
Resources
Liquidity is provided primarily by operating cash flow and borrowings under the Companys unsecured credit
facility with a consortium of commercial banks. The following is a summary of selected cash flow information and other relevant data:
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, |
|
In thousands |
|
2012 |
|
|
2011 |
|
Cash provided by (used for): |
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
113,525 |
|
|
$ |
100,020 |
|
Investing activities |
|
|
(126,067 |
) |
|
|
(73,663 |
) |
Financing activities |
|
|
9,294 |
|
|
|
(33,864 |
) |
Decrease in cash |
|
$ |
(3,560 |
) |
|
$ |
(15,805 |
) |
Operating activities In the first nine months of 2012 and 2011, cash provided by operations
was $113.5 million and $100.0 million, respectively. In comparison to the first nine months of 2011, cash provided by operations in 2012 resulted from higher net income and higher non-cash items, offset by a net increase in working capital. In
2012, accounts receivable increased by $71.4 million, due to higher sales, and inventory increased by $26.6 million from the prior year due to certain Transit Segment contracts and to support the higher
34
sales volume. Accounts payable decreased by $18.6 million due to timing of payments and accrued income taxes decreased by $17.4 million due to payments. All other operating assets and
liabilities, net, provided cash of $15.9 million due primarily to an increase of $30.3 million in customer deposits for certain contracts and the payment timing of certain accrued liabilities. In 2011, accounts receivable increased by $80.3
million and inventory increased by $63.4 million from the prior year. Accounts payable decreased by $3.7 million. All other operating assets and liabilities, net, provided cash of $72.2 million due primarily to the accrual of $18.1 million for a
court ruling, a $44.3 million increase in customer deposits for certain contracts and the payment timing of certain accrued liabilities.
Investing activities In the first nine months of 2012 and 2011, cash used in investing activities was $126.1 million and $73.7 million, respectively. Net cash paid for acquisitions was
$102.3 million and $51.8 million for the first nine months of 2012 and 2011, respectively. Refer to Note 3 of the Notes to Condensed Consolidated Financial Statements for additional information on acquisitions. Capital expenditures
were $24.7 million and $22.2 million in the first nine months of 2012 and 2011, respectively.
Financing activities
In the first nine months of 2012, cash provided by financing activities was $9.2 million, which included $211.0 million in proceeds from debt and $174.0 million of repayments of debt on the revolving credit facility, $5.3 million of
dividend payments and $28.0 million for the repurchase of 376,300 shares of stock. In the first nine months of 2011, cash used in financing activities was $33.9 million, which included $124.0 million in proceeds from debt and $110.0 million of
repayments of debt on the revolving credit facility, $29.9 million of debt repayments on the term loan and other debt, $2.4 million of dividend payments and $23.8 million for the repurchase of 403,600 shares of stock.
The following table shows outstanding indebtedness at September 30, 2012 and December 31, 2011.
|
|
|
|
|
|
|
|
|
In thousands |
|
September 30, 2012 |
|
|
December 31, 2011 |
|
6.875% Senior Notes, due 2013 |
|
$ |
150,000 |
|
|
$ |
150,000 |
|
Revolving Credit Facility |
|
|
282,000 |
|
|
|
245,000 |
|
Capital Leases |
|
|
897 |
|
|
|
873 |
|
|
|
|
|
|
|
|
|
|
Total |
|
|
432,897 |
|
|
|
395,873 |
|
Lesscurrent portion |
|
|
43 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
Long-term portion |
|
$ |
432,854 |
|
|
$ |
395,805 |
|
|
|
|
|
|
|
|
|
|
Cash balance at September 30, 2012 and December 31, 2011 was $282.1 million and $285.6 million,
respectively.
2011 Refinancing Credit Agreement
On November 7, 2011, the Company refinanced its existing revolving credit and term loan facility with a consortium of commercial banks. This 2011 Refinancing Credit Agreement provides the
company with a $600 million, five-year revolving credit facility. The Company incurred approximately $2.0 million of deferred financing cost related to the 2011 Refinancing Credit Agreement. The facility expires on November 7, 2016.
Refer to Note 6 of the Notes to Condensed Consolidated Financial Statements for additional information regarding
the 2011 Refinancing Credit Agreement.
6.875% Senior Notes Due August 2013
In August 2003, the Company issued $150.0 million of Senior Notes due in 2013 (the Notes). The Notes were issued at par.
Interest on the Notes accrues at a rate of 6.875% per annum and is payable semi-annually on January 31 and July 31 of each year. The proceeds were used to repay debt outstanding under the Companys existing credit agreement and
for general corporate purposes. The principal balance is due in full at maturity. The Company has both the intent and ability to refinance the Notes, maturing August 2013, on a long term basis
35
utilizing capacity under the 2011 Refinancing Credit Agreement. The 2011 Refinancing Credit Agreement will provide available bank borrowing capacity sufficient to refinance the Notes on a
long-term basis. The Notes are included in the long-term portion of debt as of September 30, 2012. The Company is in compliance with the restrictions and covenants in the indenture under which the Notes were issued and expects that these
restrictions and covenants will not be any type of limiting factor in executing our operating activities. Refer to Note 6 of the Notes to Condensed Consolidated Financial Statements for additional information regarding the Notes.
Management believes that based on current levels of operations and forecasted earnings, cash flow and liquidity will be
sufficient to fund working capital and capital equipment needs as well as meeting debt service requirements. If sources of funds were to fail to satisfy the Companys cash requirements, the Company may need to refinance our existing debt or
obtain additional financing. There is no assurance that such new financing alternatives would be available, and, in any case, such new financing, if available, may be more costly and burdensome than the debt agreements currently in place.
Company Stock Repurchase Plan
On May 11, 2011, the Board of Directors increased its stock repurchase authorization to $150 million of the Companys outstanding shares. Through September 30, 2012, repurchases are $54.0
million, leaving $96.0 million under the authorization. This share repurchase authorization supersedes the previous authorization of $150 million of which $39.4 million was remaining.
The Company intends to purchase shares on the open market or in negotiated or block trades. No time limit was set for the completion of
the programs which conforms to the requirements under the 2011 Refinancing Credit Agreement, as well as the Notes currently outstanding.
During the first nine months of 2012, the Company repurchased 376,300 shares of its stock at an average price of $74.40 per share. During 2011, the Company repurchased 438,600 shares of its stock at an
average price of $59.33 per share. All purchases were on the open market.
Contractual Obligations and Off-Balance Sheet Arrangements
As of September 30, 2012, the Company has recognized a total liability of $9.7 million for unrecognized tax benefits
related to uncertain tax positions. At this time, the Company is unable to make a reasonably reliable estimate of the timing of cash settlement for any of the unrecognized tax benefits due to the uncertainty of the timing and outcome of its audits
and other factors.
Since December 31, 2011, there have been no other significant changes in the total amount of the
Companys contractual obligations or the timing of cash flows in accordance with those obligations, as reported in the Companys Annual Report on Form 10-K for the year ended December 31, 2011.
Forward Looking Statements
We believe that all statements other than statements of historical facts included in this report, including certain statements under Business and Managements Discussion and
Analysis of Financial Condition and Results of Operations, may constitute forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our
assumptions made in connection with the forward-looking statements are reasonable, we cannot assure that our assumptions and expectations are correct.
These forward-looking statements are subject to various risks, uncertainties and assumptions about us, including, among other things:
Economic and industry conditions
|
|
|
prolonged unfavorable economic and industry conditions in the markets served by us, including North America, South America, Europe, Australia, Asia and
South Africa; |
36
|
|
|
decline in demand for freight cars, locomotives, passenger transit cars, buses and related products and services; |
|
|
|
reliance on major original equipment manufacturer customers; |
|
|
|
original equipment manufacturers program delays; |
|
|
|
demand for services in the freight and passenger rail industry; |
|
|
|
demand for our products and services; |
|
|
|
orders either being delayed, cancelled, not returning to historical levels, or reduced or any combination of the foregoing;
|
|
|
|
consolidations in the rail industry; |
|
|
|
continued outsourcing by our customers; industry demand for faster and more efficient braking equipment; |
|
|
|
fluctuations in interest rates and foreign currency exchange rates; or |
|
|
|
availability of credit; |
Operating factors
|
|
|
technical difficulties; |
|
|
|
changes in operating conditions and costs; |
|
|
|
increases in raw material costs; |
|
|
|
successful introduction of new products; |
|
|
|
performance under material long-term contracts; |
|
|
|
completion and integration of acquisitions; or |
|
|
|
the development and use of new technology; |
Competitive factors
|
|
|
the actions of competitors; |
Political/governmental factors
|
|
|
political stability in relevant areas of the world; |
|
|
|
future regulation/deregulation of our customers and/or the rail industry; |
|
|
|
levels of governmental funding on transit projects, including for some of our customers; |
|
|
|
political developments and laws and regulations, including those related to Positive Train Control; |
|
|
|
federal and state income tax legislation; or |
|
|
|
the outcome of our existing or any future legal proceedings, including litigation involving our principal customers and any litigation with respect to
environmental, asbestos-related matters and pension liabilities; and |
Transaction or commercial factors
|
|
|
the outcome of negotiations with partners, governments, suppliers, customers or others. |
37
Statements in this 10-Q apply only as of the date on which such statements are made, and we undertake no
obligation to update any statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Reference is also made to the risk factors set forth in the Companys
Annual Report on Form 10-K for the year ended December 31, 2011.
Critical Accounting Policies
A summary of critical accounting policies is included in the Companys Annual Report on Form 10-K for the year ended
December 31, 2011. In particular, judgment is used in areas such as accounts receivable and the allowance for doubtful accounts, inventories, goodwill and indefinite-lived intangibles, warranty reserves, pensions and postretirement benefits,
income taxes and revenue recognition. There have been no significant changes in accounting policies since December 31, 2011.
Item 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Interest Rate Risk
In the ordinary course of business, Wabtec is exposed
to risks that increases in interest rates may adversely affect funding costs associated with its variable-rate debt. The Companys variable rate debt represents 40% and 35% of total long-term debt at September 30, 2012 and
December 31, 2011, respectively. On an annual basis a 1% change in the interest rate for variable rate debt at September 30, 2012 would increase or decrease interest expense by about $1.8 million. To reduce the impact of interest
rate changes on a portion of this variable-rate debt, the Company entered into interest rate swap agreements which effectively converted a portion of the debt from variable to fixed-rate borrowings during the term of the swap contracts. Refer to
Financial Derivatives and Hedging Activities in Note 2 of Notes to Condensed Consolidated Financial Statements for additional information regarding interest rate risk.
Foreign Currency Exchange Risk
The Company is subject to certain risks
associated with changes in foreign currency exchange rates to the extent our operations are conducted in currencies other than the U.S. dollar. For the first nine months of 2012, approximately 50% of Wabtecs net sales were to customers in the
United States, 10% in the United Kingdom, 9% in Australia, 8% in Canada, 6% in Mexico, 2% in Germany and 15% in other international locations. To reduce the impact of changes in currency exchange rates, the Company has periodically entered into
foreign currency forward contracts. Refer to Financial Derivatives and Hedging Activities in Note 2 of Notes to Condensed Consolidated Financial Statements for more information regarding foreign currency exchange risk.
Item 4. |
CONTROLS AND PROCEDURES |
Wabtecs principal executive officer and its principal financial officer have evaluated the effectiveness of Wabtecs
disclosure controls and procedures, (as defined in Exchange Act Rule 13a-15(e)) as of September 30, 2012. Based upon their evaluation, the principal executive officer and principal financial officer concluded that Wabtecs
disclosure controls and procedures are effective to provide reasonable assurance that information required to be disclosed by Wabtec in the reports filed or submitted by it under the Exchange Act is recorded, processed, summarized and reported
within the time periods specified in the SECs rules and forms, and to provide reasonable assurance that information required to be disclosed by Wabtec in such reports is accumulated and communicated to Wabtecs Management, including its
principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
There was no change in Wabtecs internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended September 30,
2012, that has materially affected, or is reasonably likely to materially affect, Wabtecs internal control over financial reporting.
38
PART IIOTHER INFORMATION
Item 1. |
LEGAL PROCEEDINGS |
There
have been no material changes regarding the Companys commitments and contingencies as described in Note 18 of the Companys Annual Report on Form 10-K for the year ended December 31, 2011.
There have
been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2011.
Item 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
On May 11, 2011, the Board of Directors increased its stock repurchase authorization to $150 million of the Companys outstanding shares. Through September 30, 2012 repurchases are $54.0
million, leaving $96.0 million under the authorization. This share repurchase authorization supersedes the previous authorization of $150 million, of which $39.4 million was remaining.
The Company intends to purchase shares on the open market or in negotiated or block trades. No time limit was set for the completion of
the programs which conforms to the requirements under the 2011 Refinancing Credit Agreement, as well as the Notes currently outstanding.
During the first nine months of 2012, the Company repurchased 376,300 shares of its stock at an average price of $74.40 per share. All purchases were on the open market.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period |
|
Total Number of Shares Purchased |
|
|
Average Price Paid per Share |
|
|
Number of Shares Purchased for Announced Program |
|
|
Approximate Dollar Value of Shares that May Yet Be Purchased |
|
July 1, 2012 to July 28, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
102,050,526 |
|
July 29, 2012 to August 25, 2012 |
|
|
10,000 |
|
|
|
78.22 |
|
|
|
10,000 |
|
|
|
101,268,318 |
|
August 26, 2012 to September 29, 2012 |
|
|
67,500 |
|
|
|
78.34 |
|
|
|
67,500 |
|
|
|
95,980,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
77,500 |
|
|
$ |
78.32 |
|
|
|
77,500 |
|
|
$ |
95,980,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 4. |
MINE SAFETY DISCLOSURES |
Not Applicable
39
The following exhibits are being filed with this report:
|
|
|
|
|
31.1 |
|
Rule 13a-14(a) Certification of Chief Executive Officer. |
|
|
31.2 |
|
Rule 13a-14(a) Certification of Chief Financial Officer. |
|
|
32.1 |
|
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer. |
|
|
101.INS* |
|
XBRL Instance Document. |
|
|
101.SCH* |
|
XBRL Taxonomy Extension Schema Document. |
|
|
101.CAL* |
|
XBRL Taxonomy Extension Calculation Linkbase Document. |
|
|
101.DEF* |
|
XBRL Taxonomy Extension Definition Linkbase Document. |
|
|
101.LAB* |
|
XBRL Taxonomy Extension Label Linkbase Document. |
|
|
101.PRE* |
|
XBRL Taxonomy Extension Presentation Linkbase Document. |
* |
Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement or
prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities and Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
40
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report
to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION |
|
|
By: |
|
/S/ ALVARO GARCIA-TUNON |
|
|
Alvaro Garcia-Tunon, |
|
|
Executive Vice President, |
|
|
Chief Financial Officer |
(Duly Authorized Officer and Principal Financial Officer) |
|
DATE: November 2, 2012 |
41
EXHIBIT INDEX
|
|
|
|
|
31.1 |
|
Rule 13a-14(a) Certification of Chief Executive Officer. |
|
|
31.2 |
|
Rule 13a-14(a) Certification of Chief Financial Officer. |
|
|
32.1 |
|
Section 1350 Certification of Chief Executive Officer and Chief Financial Officer. |
|
|
101.INS* |
|
XBRL Instance Document. |
|
|
101.SCH* |
|
XBRL Taxonomy Extension Schema Document. |
|
|
101.CAL* |
|
XBRL Taxonomy Extension Calculation Linkbase Document. |
|
|
101.DEF* |
|
XBRL Taxonomy Extension Definition Linkbase Document. |
|
|
101.LAB* |
|
XBRL Taxonomy Extension Label Linkbase Document. |
|
|
101.PRE* |
|
XBRL Taxonomy Extension Presentation Linkbase Document. |
* |
Users of this data are advised pursuant to Rule 406T of Regulation S-T that this interactive data file is deemed not filed or part of a registration statement or
prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities and Exchange Act of 1934, and otherwise is not subject to liability under these sections.
|
42
Exhibit 31.1
CERTIFICATION
I, Albert J. Neupaver, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Westinghouse Air Brake Technologies Corporation.
2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4. The registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to
be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in
this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and
(d) Disclosed in this quarterly report any change in the registrants internal control over financial reporting that
occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officers and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrants auditors and the audit committee of registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: November 2, 2012
|
|
|
By: |
|
/s/ ALBERT J.
NEUPAVER |
Name: |
|
Albert J. Neupaver |
Title: |
|
President, Chief Executive Officer and Director |
Exhibit 31.2
CERTIFICATION
I, Alvaro Garcia-Tunon, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Westinghouse Air Brake Technologies Corporation.
2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;
4. The registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to
be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in
this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this quarterly report based on such evaluation; and
(d) Disclosed in this quarterly report any change in the registrants internal control over financial reporting that
occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officers and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrants auditors and the audit committee of registrants board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: November 2, 2012
|
|
|
By: |
|
/s/ ALVARO
GARCIA-TUNON |
Name: |
|
Alvaro Garcia-Tunon |
Title: |
|
Executive Vice President, Chief Financial Officer |
Exhibit 32.1
CERTIFICATION
Pursuant to 18 U.S.C. § 1350, the undersigned officers
of Westinghouse Air Brake Technologies Corporation (the Company), hereby certify, to the best of their knowledge, that the Companys Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 (the
Report) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.
|
|
|
By: |
|
/S/ ALBERT J.
NEUPAVER |
|
|
Albert J. Neupaver |
|
|
President, Chief Executive Officer and Director |
Date: November 2, 2012 |
|
|
By: |
|
/S/ ALVARO
GARCIA-TUNON |
|
|
Alvaro Garcia-Tunon, Executive Vice President, Chief Financial
Officer |
|
Date: November 2, 2012 |
v2.4.0.6
Accounting Policies - Additional Information (Detail) (USD $)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Unbilled accounts receivables |
$ 92,500,000 |
|
$ 92,500,000 |
|
$ 58,900,000 |
Customer deposits |
104,400,000 |
|
104,400,000 |
|
72,800,000 |
Provisions for loss contracts |
9,900,000 |
|
9,900,000 |
|
9,300,000 |
Deferred pre-production costs |
16,400,000 |
|
16,400,000 |
|
15,400,000 |
Interest rate swap agreements, notional amount |
107,000,000 |
|
107,000,000 |
|
|
Fixed interest rate on bank debt |
1.82% |
|
1.82% |
|
|
Interest rate swap agreement termination date |
|
|
Dec. 31,
2012 |
|
|
Interest rate swap, accumulated other comprehensive loss |
300,000 |
|
300,000 |
|
|
Interest rate on notional value |
|
|
1.415% |
|
|
Foreign exchange transaction gains (losses) recognized in other income (expense) |
(1,468,000) |
(1,795,000) |
(427,000) |
(2,061,000) |
|
Forward starting interest rate swap agreement [Member]
|
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Interest rate swap agreements, notional amount |
150,000,000 |
|
150,000,000 |
|
|
Interest rate swap agreement termination date |
|
|
Nov.
07,
2016 |
|
|
Current liability |
4,100,000 |
|
4,100,000 |
|
|
Interest rate swap, accumulated other comprehensive loss |
2,500,000 |
|
2,500,000 |
|
|
Interest rate swap agreement [Member]
|
|
|
|
|
|
Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
|
|
|
Current liability |
$ 400,000 |
|
$ 400,000 |
|
|
X |
- Definition
Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80784-113994
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
The current portion of money or property received from customers which is either to be returned upon satisfactory contract completion or applied to customer receivables in accordance with the terms of the contract or the understandings.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_CustomerDepositsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Sum of the carrying amounts of deferred costs that are expected to be recognized as a charge against earnings in periods after one year or beyond the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 17
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
+ Details
Name: |
us-gaap_DeferredCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Fixed interest rate related to the interest rate derivative.
+ References+ Details
Name: |
us-gaap_DerivativeFixedInterestRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FIN39-1
-Paragraph 10A, 10B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 7
-Chapter 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Liabilities
-URI http://asc.fasb.org/extlink&oid=6509677
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 4, 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13495-108611
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41228-113958
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6945355&loc=d3e41271-113958
+ Details
Name: |
us-gaap_DerivativeLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_FairValueOptionQuantitativeDisclosuresLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The net realized foreign currency transaction gain (loss) (pretax) included in determining net income from transactions that were settled as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30690-110894
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450222&loc=d3e30840-110895
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30700-110894
+ Details
Name: |
us-gaap_ForeignCurrencyTransactionGainLossRealized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
Aggregate notional amount of all interest rate derivatives designated as hedging instruments in fair value hedges. Notional amount refers to the monetary amount specified in the interest rate derivative contract.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Notional Amount
-URI http://asc.fasb.org/extlink&oid=6519104
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959
+ Details
Name: |
us-gaap_NotionalAmountOfInterestRateFairValueHedgeDerivatives |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Cumulative provision for contract losses not offset against related costs accumulated on the balance sheet.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 605
-SubTopic 35
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6802688&loc=d3e57777-111642
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 81-1
-Paragraph 89
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ProvisionForLossOnContracts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
The amount due for services rendered or products shipped, but not yet billed, recognized in conformity with revenue recognition criteria. This element is distinct from unbilled contracts receivables because this is based on noncontract transactions.
+ References+ Details
Name: |
us-gaap_UnbilledReceivablesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Interest rate on notional amount of interest rate swap agreement.
+ References+ Details
Name: |
wab_InterestRateOnNotionalAmountOfInterestRateSwapAgreement |
Namespace Prefix: |
wab_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Interest Rate Swap Agreement Termination Date
+ References+ Details
Name: |
wab_InterestRateSwapAgreementTerminationDate |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
X |
- Definition
The amount of contributions made by plan participants. This item represents a periodic increase to the plan obligation and an increase to plan assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanContributionsByPlanParticipants |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
X |
- Definition
Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph a(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Components of Other Income Expense (Detail) (USD $) In Thousands, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Component of Other Income, Nonoperating [Line Items] |
|
|
|
|
Foreign currency loss |
$ (1,468) |
$ (1,795) |
$ (427) |
$ (2,061) |
Other miscellaneous (expense) income |
75 |
266 |
(857) |
582 |
Total other income (expense), net |
$ (1,393) |
$ (1,529) |
$ (1,284) |
$ (1,479) |
X |
- Details
Name: |
us-gaap_ComponentOfOtherIncomeNonoperatingLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The net realized foreign currency transaction gain (loss) (pretax) included in determining net income from transactions that were settled as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30690-110894
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450222&loc=d3e30840-110895
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30700-110894
+ Details
Name: |
us-gaap_ForeignCurrencyTransactionGainLossRealized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-BRD
-Paragraph 80
-Subparagraph Exhibit 4-4
-IssueDate 2006-05-01
-Chapter 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_OtherNonoperatingIncome |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 9
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
+ Details
Name: |
us-gaap_OtherNonoperatingIncomeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v2.4.0.6
Stock Based Compensation - Additional Information (Detail) (USD $)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
$ 5,400,000 |
$ 3,900,000 |
$ 15,400,000 |
$ 13,200,000 |
Unamortized compensation expense expected to be vested |
25,500,000 |
|
25,500,000 |
|
Recognized weighted average period, years |
|
|
1 year 2 months 12 days |
|
Performance goal period to vest incentive stock awards |
|
|
3 |
|
Minimum [Member]
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Percentage of Incentive Stock Awards Expected to be Vested and Awarded of Stocks Granted |
|
|
0.00% |
|
Maximum [Member]
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Percentage of Incentive Stock Awards Expected to be Vested and Awarded of Stocks Granted |
|
|
200.00% |
|
December Thirty First Two Thousand and Twelve
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Percentage of Incentive Stock Awards Expected to be Vested and Awarded of Stocks Granted |
|
|
200.00% |
|
December Thirtyfirst Two Thousand Thirteen
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Percentage of Incentive Stock Awards Expected to be Vested and Awarded of Stocks Granted |
|
|
200.00% |
|
December Thirtyfirst Two Thousand Fourteen
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Percentage of Incentive Stock Awards Expected to be Vested and Awarded of Stocks Granted |
|
|
126.00% |
|
Stock Option
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
|
|
1,900,000 |
|
Restricted Stock
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
|
|
3,600,000 |
|
Restricted Stock Units (RSUs)
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
|
|
388,000 |
|
Incentive Stock Awards
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
|
|
8,900,000 |
|
Directors' Fees
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Stock-based compensation expense |
|
|
$ 600,000 |
|
2011 Plan
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
2011 Plan term period |
|
|
10 |
|
Shares authorized for grants |
1,900,000 |
|
1,900,000 |
|
2011 Plan | Stock Option
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Vesting period, maximum years |
|
|
4 |
|
Options expire from date of grant, years |
10 |
|
10 |
|
2011 Plan | Restricted Stock
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Vesting period, maximum years |
|
|
4 |
|
Directors Plan | Stock Option
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Vesting period, maximum years |
|
|
3 |
|
Options expire from date of grant, years |
10 |
|
10 |
|
Directors Plan | Restricted Stock
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Vesting period, maximum years |
|
|
1 |
|
X |
- Definition
Costs and payments related to employee benefits and equity-based compensation, such as pension expense and contributions, other postretirement benefits expense and payments, stock or unit options expense, and amortization of restricted stock or unit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
+ Details
Name: |
us-gaap_EmployeeBenefitsAndShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise prices of fully vested and expected to vest options outstanding.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph d(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Weighted average remaining contractual term for fully vested and expected to vest options outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vesting Percentage
+ References+ Details
Name: |
wab_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestingPercentage |
Namespace Prefix: |
wab_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Expiration
+ References+ Details
Name: |
wab_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpiration |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:positiveIntegerItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Vesting Period Maximum
+ References+ Details
Name: |
wab_ShareBasedCompensationArrangementByShareBasedPaymentAwardVestingPeriodMaximum |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:decimalItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Share based compensation plan expected term in year.
+ References+ Details
Name: |
wab_ShareBasedCompensationPlanExpectedTermInYear |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:positiveIntegerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Changes in Carrying Amount of Goodwill (Detail) (USD $) In Thousands, unless otherwise specified
|
9 Months Ended |
Sep. 30, 2012
|
Goodwill [Line Items] |
|
Balance at December 31, 2011 |
$ 587,531 |
Acquisition |
61,559 |
Adjustment to preliminary purchase allocation |
3,908 |
Foreign currency impact |
3,935 |
Balance at September 30, 2012 |
656,933 |
Freight Segment [Member]
|
|
Goodwill [Line Items] |
|
Balance at December 31, 2011 |
388,221 |
Acquisition |
4,781 |
Adjustment to preliminary purchase allocation |
2,754 |
Foreign currency impact |
2,116 |
Balance at September 30, 2012 |
397,872 |
Transit Segment [Member]
|
|
Goodwill [Line Items] |
|
Balance at December 31, 2011 |
199,310 |
Acquisition |
56,778 |
Adjustment to preliminary purchase allocation |
1,154 |
Foreign currency impact |
1,819 |
Balance at September 30, 2012 |
$ 259,061 |
X |
- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_Goodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
The aggregate amount of goodwill acquired in the period and allocated to the reportable segment. The value is stated at fair value based on the purchase price allocation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 2
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_GoodwillAcquiredDuringPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Purchase price allocation adjustment for allocation not yet complete at the prior year end.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_GoodwillAllocationAdjustment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_GoodwillLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The increase (decrease) in the recorded value of goodwill for foreign currency translation adjustments and purchase accounting adjustments needed to revise the carrying amount of goodwill to fair value.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267
+ Details
Name: |
us-gaap_GoodwillTranslationAndPurchaseAccountingAdjustments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v2.4.0.6
WARRANTIES (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
WARRANTIES |
The following
table reconciles the changes in the Company’s product
warranty reserve as follows:
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September
30, |
|
In
thousands
|
|
2012 |
|
|
2011 |
|
Balance at
December 31, 2011 and 2010, respectively
|
|
$ |
50,640 |
|
|
$ |
35,513 |
|
Warranty expense
|
|
|
18,334 |
|
|
|
12,602 |
|
Acquisitions
|
|
|
494 |
|
|
|
12,008 |
|
Warranty claim
payments
|
|
|
(11,971 |
) |
|
|
(12,921 |
) |
|
|
|
|
|
|
|
|
|
Balance at
September 30, 2012 and 2011, respectively
|
|
$ |
57,497 |
|
|
$ |
47,202 |
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
Schedule Of Product Warranty Table Text Block
+ References+ Details
Name: |
wab_ScheduleOfProductWarrantyTableTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
X |
- Details
Name: |
us-gaap_EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph e(2)(c)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 14.D.2)
-URI http://asc.fasb.org/extlink&oid=6793087&loc=d3e301413-122809
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14
-Section D
-Subsection 2
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph e(2)(b)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The risk-free interest rate assumption that is used in valuing an option on its own shares.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph e(2)(d)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Schedule of Accumulated other Comprehensive Loss |
The components
of accumulated other comprehensive loss were:
|
|
|
|
|
|
|
|
|
In
thousands
|
|
September 30,
2012 |
|
|
December 31,
2011 |
|
Foreign currency
translation gain (loss)
|
|
$ |
3,851 |
|
|
$ |
(2,447 |
) |
Unrealized loss on interest
rate swap contracts, net of tax
|
|
|
(2,722 |
) |
|
|
(871 |
) |
Pension benefit plans and
post retirement benefit plans, net of tax
|
|
|
(56,209 |
) |
|
|
(57,579 |
) |
|
|
|
|
|
|
|
|
|
Total accumulated
comprehensive loss
|
|
$ |
(55,080 |
) |
|
$ |
(60,897 |
) |
|
|
|
|
|
|
|
|
|
|
X |
- Definition
Tabular disclosure of the components of accumulated other comprehensive income (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580
+ Details
Name: |
us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Long Term Debt (Detail) (USD $) In Thousands, unless otherwise specified
|
Sep. 30, 2012
|
Dec. 31, 2011
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
$ 432,897 |
$ 395,873 |
Less-current portion |
43 |
68 |
Long-term portion |
432,854 |
395,805 |
6.875% Senior Notes, Due 2013 [Member]
|
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
150,000 |
150,000 |
Revolving Credit Facility [Member]
|
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
282,000 |
245,000 |
Capital Lease Obligations [Member]
|
|
|
Debt Instrument [Line Items] |
|
|
Long-term debt |
$ 897 |
$ 873 |
X |
- Details
Name: |
us-gaap_DebtInstrumentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.16)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 16
-Article 9
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 16
-Article 7
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 20, 22
-Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.16)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
+ Details
Name: |
us-gaap_LongTermDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 20
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19
-Article 5
+ Details
Name: |
us-gaap_LongTermDebtCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
+ Details
Name: |
us-gaap_LongTermDebtNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v2.4.0.6
Summary of Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) In Thousands, unless otherwise specified
|
Feb. 25, 2011
Brush Traction [Member]
|
Jun. 29, 2011
ATP [Member]
|
Nov. 03, 2011
Bearward [Member]
|
Nov. 18, 2011
Fulmer [Member]
|
Jun. 14, 2012
Mors Smitt [Member]
|
Jul. 13, 2012
Tec Tran [Member]
|
Jul. 31, 2012
Winco [Member]
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
Current assets |
$ 19,558 |
|
$ 14,777 |
$ 4,203 |
$ 23,787 |
$ 1,955 |
$ 1,584 |
Property, plant & equipment |
8,862 |
|
4,498 |
1,636 |
6,960 |
116 |
47 |
Goodwill and other intangible assets |
30,816 |
21,100 |
43,990 |
8,409 |
85,354 |
6,811 |
7,401 |
Other assets |
|
|
53 |
|
944 |
|
|
Total assets acquired |
59,236 |
21,100 |
63,318 |
14,248 |
117,045 |
8,882 |
9,032 |
Total liabilities assumed |
(28,559) |
|
(19,532) |
(657) |
(27,057) |
(382) |
(5,376) |
Net assets acquired |
$ 30,677 |
$ 21,100 |
$ 43,786 |
$ 13,591 |
$ 89,988 |
$ 8,500 |
$ 3,656 |
X |
- Definition
The amount of acquisition cost of a business combination allocated to assets acquired.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 37
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_BusinessAcquisitionPurchasePriceAllocationAssetsAcquired |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
The total purchase price of the acquired entity. This includes cash paid to equity interest holders of the acquired entity, fair value of debt and equity securities issued to equity holders of the acquired entity, and transaction costs paid to third parties to consummate the acquisition.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 35
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_BusinessAcquisitionPurchasePriceAllocationAssetsAcquiredLiabilitiesAssumedNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
The amount of acquisition cost of a business combination allocated to current assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_BusinessAcquisitionPurchasePriceAllocationCurrentAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
The amount of acquisition cost of a business combination allocated to liabilities assumed.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 98-1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 37
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_BusinessAcquisitionPurchasePriceAllocationLiabilitiesAssumed |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Amount of acquisition cost of a business combination allocated to other noncurrent assets not separately disclosed.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 98-1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 37
-Subparagraph f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_BusinessAcquisitionPurchasePriceAllocationOtherNoncurrentAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
The amount of acquisition cost of a business combination allocated to property, plant and equipment to be used in ongoing operations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 37
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_BusinessAcquisitionPurchasePriceAllocationPropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Business Acquisition Purchase Price Allocation Goodwill And Intangible Assets
+ References+ Details
Name: |
wab_BusinessAcquisitionPurchasePriceAllocationGoodwillAndIntangibleAssets |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v2.4.0.6
OTHER INCOME (EXPENSE), NET (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Components of Other Income (Expense) |
The components
of other income (expense) are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30, |
|
|
Nine Months
Ended
September 30, |
|
In
thousands
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Foreign currency
loss
|
|
$ |
(1,468 |
) |
|
$ |
(1,795 |
) |
|
$ |
(427 |
) |
|
$ |
(2,061 |
) |
Other miscellaneous income
(expense)
|
|
|
75 |
|
|
|
266 |
|
|
|
(857 |
) |
|
|
582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income
(expense) income, net
|
|
$ |
(1,393 |
) |
|
$ |
(1,529 |
) |
|
$ |
(1,284 |
) |
|
$ |
(1,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
Schedule of Other Income and Other Expense [Table Text Block]
+ References+ Details
Name: |
wab_ScheduleOfOtherIncomeAndOtherExpenseTableTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Long Term Debt - Additional Information (Detail) (USD $) In Millions, unless otherwise specified
|
9 Months Ended |
Sep. 30, 2012
|
Debt Instrument [Line Items] |
|
Maximum borrowing capacity, net |
$ 264.6 |
Current borrowing capacity, letters of credit |
53.4 |
Long-term debt, percentage bearing variable interest rate |
1.23% |
Interest rate swap agreement, notional value |
107.0 |
Fixed interest rate on bank debt |
1.82% |
Interest rate on notional value |
1.415% |
Minimum interest expense coverage ratio |
3.0 |
Maximum debt to cash flow ratio |
3.25 |
Forward starting interest rate swap agreement [Member]
|
|
Debt Instrument [Line Items] |
|
Interest rate swap agreement, notional value |
150.0 |
Interest Rate Swap [Member]
|
|
Debt Instrument [Line Items] |
|
Debt instrument, effective issuance date |
Jul. 31,
2013 |
Maturity date of debt instrument |
2012-12-31 |
Debt instrument, termination date |
2016-11-07 |
6.875% Senior Notes, Due 2013 [Member]
|
|
Debt Instrument [Line Items] |
|
Maturity date of debt instrument |
2013 |
Senior Notes issued |
150.0 |
Debt Instrument, Interest Rate, Stated Percentage |
6.875% |
2011 Refinancing Credit Agreement [Member]
|
|
Debt Instrument [Line Items] |
|
Debt instrument, effective issuance date |
Nov.
07,
2011 |
Deferred financing cost |
2.0 |
Maturity date of debt instrument |
2016-11-07 |
Debt instrument, interest rate, effective percentage |
0.50% |
Debt instrument basis points spread on variable rate |
100 |
2011 Refinancing Credit Agreement [Member] | Base Rate [Member]
|
|
Debt Instrument [Line Items] |
|
Debt instrument basis points spread on variable rate |
0 |
2011 Refinancing Credit Agreement [Member] | Base Rate [Member] | Minimum [Member]
|
|
Debt Instrument [Line Items] |
|
Debt instrument basis points spread on variable rate |
0 |
2011 Refinancing Credit Agreement [Member] | Base Rate [Member] | Maximum [Member]
|
|
Debt Instrument [Line Items] |
|
Debt instrument basis points spread on variable rate |
75 |
2011 Refinancing Credit Agreement [Member] | Alternative Rate [Member]
|
|
Debt Instrument [Line Items] |
|
Debt instrument basis points spread on variable rate |
100 |
2011 Refinancing Credit Agreement [Member] | Alternative Rate [Member] | Minimum [Member]
|
|
Debt Instrument [Line Items] |
|
Debt instrument basis points spread on variable rate |
75 |
2011 Refinancing Credit Agreement [Member] | Alternative Rate [Member] | Maximum [Member]
|
|
Debt Instrument [Line Items] |
|
Debt instrument basis points spread on variable rate |
175 |
2011 Refinancing Credit Agreement [Member] | Revolving Credit Facility [Member]
|
|
Debt Instrument [Line Items] |
|
Revolving credit facility, amount |
$ 600 |
Debt instrument maturity date period, years |
5 |
X |
- Definition
Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateEffectivePercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Interest rate stated in the contractual debt agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Date the debt instrument was issued, in CCYY-MM-DD format.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtInstrumentIssuanceDate1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_DebtInstrumentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
For an unclassified balance sheet, the amount as of the balance sheet date of capitalized costs associated with the issuance of debt instruments (for example, legal, accounting, underwriting, printing, and registration costs) that will be charged against earnings over the life of the debt instruments to which such costs pertain. Such amount is before the consideration of accumulated amortization.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 21
-Paragraph 16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28555-108399
+ Details
Name: |
us-gaap_DeferredFinanceCostsGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Fixed interest rate related to the interest rate derivative.
+ References+ Details
Name: |
us-gaap_DerivativeFixedInterestRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Amount of current borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed (for example, borrowings may be limited by the amount of current assets), but without considering any amounts currently outstanding under the facility.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 22
-Article 5
+ Details
Name: |
us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 22
-Article 5
+ Details
Name: |
us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
The interest rate applicable to the portion of the carrying amount of long-term borrowings outstanding as of the balance sheet date, including current maturities, which accrues interest at a rate subject to change from time to time.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_LongTermDebtPercentageBearingVariableInterestRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Aggregate notional amount of all interest rate derivatives designated as hedging instruments in fair value hedges. Notional amount refers to the monetary amount specified in the interest rate derivative contract.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Notional Amount
-URI http://asc.fasb.org/extlink&oid=6519104
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959
+ Details
Name: |
us-gaap_NotionalAmountOfInterestRateFairValueHedgeDerivatives |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of uncollateralized debt obligations (with maturities initially due after one year or beyond the operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Article 5
-Subsection 19, 20, 22
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.16)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.16)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 16
-Article 9
+ Details
Name: |
us-gaap_UnsecuredDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Debt Instrument Basis Points Spread On Variable Rate
+ References+ Details
Name: |
wab_DebtInstrumentBasisPointsSpreadOnVariableRate |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Debt Instrument Maturity Date Period
+ References+ Details
Name: |
wab_DebtInstrumentMaturityDatePeriod |
Namespace Prefix: |
wab_ |
Data Type: |
us-types:dateStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Debt instrument termination date.
+ References+ Details
Name: |
wab_DebtInstrumentTerminationDate |
Namespace Prefix: |
wab_ |
Data Type: |
us-types:dateStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Interest rate on notional amount of interest rate swap agreement.
+ References+ Details
Name: |
wab_InterestRateOnNotionalAmountOfInterestRateSwapAgreement |
Namespace Prefix: |
wab_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Maturity date of debt instrument
+ References+ Details
Name: |
wab_MaturityDateOfDebtInstrument |
Namespace Prefix: |
wab_ |
Data Type: |
us-types:dateStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Maximum Debt To Cash Flow Ratio
+ References+ Details
Name: |
wab_MaximumDebtToCashFlowRatio |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:decimalItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Minimum Interest Expense Coverage Ratio
+ References+ Details
Name: |
wab_MinimumInterestExpenseCoverageRatio |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:decimalItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Guarantor Subsidiaries Balance Sheet (Detail) (USD $) In Thousands, unless otherwise specified
|
Sep. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Dec. 31, 2010
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Cash and cash equivalents |
$ 282,055 |
$ 285,615 |
$ 221,136 |
$ 236,941 |
Accounts receivable |
430,230 |
346,281 |
|
|
Inventories |
391,592 |
348,174 |
|
|
Other current assets |
80,172 |
75,712 |
|
|
Total current assets |
1,184,049 |
1,055,782 |
|
|
Property, plant and equipment |
229,147 |
222,022 |
|
|
Goodwill |
656,933 |
587,531 |
|
|
Other intangibles |
284,889 |
257,355 |
|
|
Other long term assets |
41,024 |
36,263 |
|
|
Total Assets |
2,396,042 |
2,158,953 |
|
|
Current liabilities |
540,692 |
541,385 |
|
|
Long-term debt |
432,854 |
395,805 |
|
|
Other long term liabilities |
191,479 |
174,119 |
|
|
Total liabilities |
1,165,025 |
1,111,309 |
|
|
Stockholders' equity |
1,231,017 |
1,047,644 |
|
|
Total Liabilities and Shareholders' Equity |
2,396,042 |
2,158,953 |
|
|
Parent Company [Member]
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Cash and cash equivalents |
76,210 |
75,621 |
14,231 |
42,714 |
Accounts receivable |
75 |
186 |
|
|
Other current assets |
62,889 |
59,990 |
|
|
Total current assets |
139,174 |
135,797 |
|
|
Property, plant and equipment |
4,243 |
3,655 |
|
|
Goodwill |
7,980 |
7,980 |
|
|
Investment in subsidiaries |
3,070,357 |
2,675,378 |
|
|
Other long term assets |
(10,340) |
(9,946) |
|
|
Total Assets |
3,211,414 |
2,812,864 |
|
|
Current liabilities |
48,977 |
72,396 |
|
|
Inter-company |
1,427,896 |
1,222,650 |
|
|
Long-term debt |
432,000 |
395,000 |
|
|
Other long term liabilities |
71,524 |
75,174 |
|
|
Total liabilities |
1,980,397 |
1,765,220 |
|
|
Stockholders' equity |
1,231,017 |
1,047,644 |
|
|
Total Liabilities and Shareholders' Equity |
3,211,414 |
2,812,864 |
|
|
Guarantor Subsidiaries [Member]
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Cash and cash equivalents |
5,622 |
14,024 |
8,965 |
13,226 |
Accounts receivable |
243,220 |
196,909 |
|
|
Inventories |
270,873 |
250,280 |
|
|
Other current assets |
6,500 |
5,989 |
|
|
Total current assets |
526,215 |
467,202 |
|
|
Property, plant and equipment |
125,031 |
123,182 |
|
|
Goodwill |
407,324 |
399,419 |
|
|
Investment in subsidiaries |
193,978 |
183,357 |
|
|
Other intangibles |
166,620 |
174,351 |
|
|
Other long term assets |
3,377 |
5,640 |
|
|
Total Assets |
1,422,545 |
1,353,151 |
|
|
Current liabilities |
326,916 |
282,671 |
|
|
Inter-company |
(1,588,017) |
(1,303,441) |
|
|
Long-term debt |
175 |
198 |
|
|
Other long term liabilities |
31,658 |
33,790 |
|
|
Total liabilities |
(1,229,268) |
(986,782) |
|
|
Stockholders' equity |
2,651,813 |
2,339,933 |
|
|
Total Liabilities and Shareholders' Equity |
1,422,545 |
1,353,151 |
|
|
Non-Guarantor Subsidiaries [Member]
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Cash and cash equivalents |
200,223 |
195,970 |
197,940 |
181,001 |
Accounts receivable |
186,935 |
149,186 |
|
|
Inventories |
120,719 |
97,894 |
|
|
Other current assets |
10,783 |
9,733 |
|
|
Total current assets |
518,660 |
452,783 |
|
|
Property, plant and equipment |
99,873 |
95,185 |
|
|
Goodwill |
241,629 |
180,132 |
|
|
Other intangibles |
118,269 |
83,004 |
|
|
Other long term assets |
47,987 |
40,569 |
|
|
Total Assets |
1,026,418 |
851,673 |
|
|
Current liabilities |
164,799 |
186,318 |
|
|
Inter-company |
160,121 |
80,791 |
|
|
Long-term debt |
679 |
607 |
|
|
Other long term liabilities |
88,297 |
65,155 |
|
|
Total liabilities |
413,896 |
332,871 |
|
|
Stockholders' equity |
612,522 |
518,802 |
|
|
Total Liabilities and Shareholders' Equity |
1,026,418 |
851,673 |
|
|
Elimination [Member]
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Investment in subsidiaries |
(3,264,335) |
(2,858,735) |
|
|
Total Assets |
(3,264,335) |
(2,858,735) |
|
|
Stockholders' equity |
(3,264,335) |
(2,858,735) |
|
|
Total Liabilities and Shareholders' Equity |
$ (3,264,335) |
$ (2,858,735) |
|
|
X |
- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3-4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3
-Subparagraph a(1)
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 4
-Article 5
+ Details
Name: |
us-gaap_AccountsReceivableNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 12
-Article 7
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Concepts (CON)
-Number 6
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 18
-Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.18)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 9
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.9)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6801-107765
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765
+ Details
Name: |
us-gaap_AssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 8, 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7
-Footnote 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.1)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_CondensedFinancialStatementsCaptionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_Goodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388964&loc=d3e16212-109274
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph ((a)(1),(b))
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 42, 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_IntangibleAssetsNetExcludingGoodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(a))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 35
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6386567&loc=d3e3927-108312
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765
+ Details
Name: |
us-gaap_InventoryNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Aggregate carrying amount, as of the balance sheet date, of investments and other noncurrent assets not separately disclosed in the balance sheet due to materiality considerations. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).
+ References+ Details
Name: |
us-gaap_InvestmentsAndOtherNoncurrentAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.32)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 25
-Article 7
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 32
-Article 5
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.21)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 21
-Article 5
+ Details
Name: |
us-gaap_LiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
+ Details
Name: |
us-gaap_LongTermDebtNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Long-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-Paragraph 38
-Subparagraph b(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_NoncurrentAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Carrying value as of the balance sheet date of debt not otherwise defined (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
+ Details
Name: |
us-gaap_OtherLongTermDebtNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 8
-Article 7
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 12
-Paragraph 5
-Subparagraph b, c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.13)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 13
-Subparagraph a
-Article 5
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568740-111683
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A3
-Appendix A
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4590271-111686
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568447-111683
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v2.4.0.6
X |
- Definition
Basic Weighted Average Common Shares Outstanding And Non Vested Restricted Stock Expected To Vest
+ References+ Details
Name: |
wab_BasicWeightedAverageCommonSharesOutstandingAndNonVestedRestrictedStockExpectedToVest |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
wab_EarningsPerShareBasicAndDilutedByCommonClassLineItems |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
X |
- Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph a(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v2.4.0.6
ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2012
|
ACCOUNTING POLICIES |
2. ACCOUNTING
POLICIES
Basis of
Presentation The unaudited condensed consolidated interim
financial statements have been prepared in accordance with
generally accepted accounting principles and the rules and
regulations of the Securities and Exchange Commission and include
the accounts of Wabtec and its majority owned subsidiaries. These
condensed consolidated interim financial statements do not include
all of the information and footnotes required for complete
financial statements. In Management’s opinion, these
financial statements reflect all adjustments of a normal, recurring
nature necessary for a fair presentation of the results for the
interim periods presented. Results for these interim periods are
not necessarily indicative of results to be expected for the full
year.
The Company
operates on a four-four-five week accounting quarter, and the
quarters end on or about
March 31, June 30, September 30 and
December 31.
The notes
included herein should be read in conjunction with the audited
consolidated financial statements included in Wabtec’s Annual
Report on Form 10-K for the year ended December 31, 2011. The
December 31, 2011 information has been derived from the
Company’s Annual Report on Form 10-K for the year ended
December 31, 2011.
Reclassifications
Certain prior year amounts have been reclassified
where necessary to conform to the current year
presentation.
Revenue
Recognition Revenue is recognized in accordance with
Accounting Standards Codification (“ASC”) 605
“Revenue Recognition”. Revenue is recognized when
products have been shipped to the respective customers, title has
passed and the price for the product has been
determined.
In general, the
Company recognizes revenues on long-term contracts based on the
percentage of completion method of accounting. The
units-of-delivery method or other input-based or output-based
measures, as appropriate, are used to measure the progress toward
completion of individual contracts. Contract revenues and cost
estimates are reviewed and revised at a minimum quarterly and
adjustments are reflected in the accounting period as such amounts
are determined. Provisions are made currently for estimated losses
on uncompleted contracts. Unbilled accounts receivables were
$92.5 million and $58.9, customer deposits were $104.4
million and $72.8, and provisions for loss contracts were
$9.9 million and $9.3 million at September 30, 2012 and
December 31, 2011, respectively.
Certain
pre-production costs relating to long-term production and supply
contracts have been deferred and will be recognized over the life
of the contracts. Deferred pre-production costs were $16.4 million
and $15.4 million at September 30, 2012 and December 31,
2011, respectively.
Use of
Estimates The preparation of financial statements in
conformity with generally accepted accounting principles in the
United States requires the Company to make estimates and
assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and reported
amounts of revenues and expenses during the reporting period.
Actual amounts could differ from the estimates. On an ongoing
basis, management reviews its estimates based on currently
available information. Changes in facts and circumstances may
result in revised estimates.
Stock-Based Compensation The Company recognizes
compensation expense for stock-based compensation based on the
grant date fair value amortized ratably over the requisite service
period following the date of grant.
Financial
Derivatives and Hedging Activities The Company has
periodically entered into foreign currency forward contracts to
reduce the impact of changes in currency exchange rates. Forward
contracts are agreements with a counter-party to exchange two
distinct currencies at a set exchange rate for delivery on a set
date at some point in the future. There is no exchange of funds
until the delivery date. At the delivery date the Company can
either take delivery of the currency or settle on a net basis. At
September 30, 2012, the Company had no forward
contracts.
To reduce the
impact of interest rate changes on a portion of its variable-rate
debt, the Company entered into interest rate swaps which
effectively converted a portion of the debt from variable to
fixed-rate borrowings during the term of the swap contracts. The
Company is exposed to credit risk in the event of nonperformance by
the counterparties. However, since only the cash interest payments
are exchanged, exposure is significantly less than the notional
amount. The counterparties are large financial institutions with
excellent credit ratings and history of performance. The Company
currently believes the risk of nonperformance is negligible. The
Company concluded that these interest rate swap agreements qualify
for cash flow hedge accounting which permits the recording of the
fair value of the interest rate swap agreements and corresponding
adjustment to other comprehensive income (loss), net of tax, on the
balance sheet.
Effective
September 30, 2012, the Company had interest rate swap
agreements with a notional amount of $107.0 million and which
effectively changed the Company’s interest rate on bank debt
at September 30, 2012 from a variable rate to a fixed rate of
1.82%. The interest rate swap agreements mature on
December 31, 2012. As of September 30, 2012, the Company
has recorded a current liability of $0.4 million and a
corresponding offset in accumulated other comprehensive loss of
$0.3 million, net of tax, related to these agreements. Also, the
Company entered into a forward starting interest rate swap
agreement with a notional value of $150.0 million. Effective
July 31, 2013, with a termination date of November 7,
2016, this interest rate swap agreement will convert a portion of
the Company’s then outstanding debt from a variable rate to a
fixed-rate borrowing. During the term of the interest rate swap
agreement the interest rate on the notional value will be fixed at
1.415% plus the Alternate Rate margin. As of
September 30, 2012, the Company has recorded a current
liability of $4.1 million and a corresponding offset in accumulated
other comprehensive loss of $2.5 million, net of tax, related to
this agreement.
Foreign
Currency Translation Assets and liabilities of foreign
subsidiaries, except for the Company’s Mexican operations
whose functional currency is the U.S. Dollar, are translated
at the rate of exchange in effect on the balance sheet date while
income and expenses are translated at the average rates of exchange
prevailing during the year. Foreign currency gains and losses
resulting from transactions, and the translation of financial
statements are recorded in the Company’s consolidated
financial statements based upon the provisions of ASC 830
“Foreign Currency Matters.” The effects of currency
exchange rate changes on intercompany transactions and balances of
a long-term investment nature are accumulated and carried as a
component of accumulated other comprehensive loss. The effects of
currency exchange rate changes on intercompany transactions that
are denominated in a currency other than an entity’s
functional currency are charged or credited to earnings. Foreign
exchange transaction losses recognized in other income (expense),
net were $1.4 million and $1.8 million for the three months ended
September 30, 2012 and 2011, respectively. Foreign exchange
transaction losses recognized in other income (expense), net were
$0.4 million and $2.1 million for the nine months ended
September 30, 2012 and 2011, respectively.
Non-controlling Interests In accordance with ASC
810, the Company has classified non-controlling interests as equity
on our condensed consolidated balance sheets as of
September 30, 2012 and December 31, 2011. Net income
attributable to non-controlling interests for the three and nine
months ended September 30, 2012 and 2011 was not
material.
Other
Comprehensive Income Comprehensive income is defined as net
income and all other non-owner changes in shareholders’
equity.
The components
of accumulated other comprehensive loss were:
|
|
|
|
|
|
|
|
|
In
thousands
|
|
September 30,
2012 |
|
|
December 31,
2011 |
|
Foreign currency
translation gain (loss)
|
|
$ |
3,851 |
|
|
$ |
(2,447 |
) |
Unrealized loss on interest
rate swap contracts, net of tax
|
|
|
(2,722 |
) |
|
|
(871 |
) |
Pension benefit plans and
post retirement benefit plans, net of tax
|
|
|
(56,209 |
) |
|
|
(57,579 |
) |
|
|
|
|
|
|
|
|
|
Total accumulated
comprehensive loss
|
|
$ |
(55,080 |
) |
|
$ |
(60,897 |
) |
|
|
|
|
|
|
|
|
|
|
X |
- Definition
The entire disclosure for all significant accounting policies of the reporting entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18861-107790
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18743-107790
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18854-107790
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 22
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_SignificantAccountingPoliciesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Changes in Product Warranty Reserve (Detail) (USD $) In Thousands, unless otherwise specified
|
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Warranties [Line Items] |
|
|
Balance |
$ 50,640 |
$ 35,513 |
Warranty expense |
18,334 |
12,602 |
Acquisitions |
494 |
12,008 |
Warranty claim payments |
(11,971) |
(12,921) |
Balance |
$ 57,497 |
$ 47,202 |
X |
- Definition
Amount as of the balance sheet date of the aggregate extended product warranty liability. Does not include the ending balance for the standard product warranty liability.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 45
-Paragraph 14
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph (c)(1),(c)(5)
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249
+ Details
Name: |
us-gaap_ExtendedProductWarrantyAccrual |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Total liability for standard and extended product warranties acquired in a business acquisition.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249
+ Details
Name: |
us-gaap_ProductWarrantyAccrualAdditionsFromBusinessAcquisition |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
Represents the aggregate decrease in the liability related to payments to satisfy claims for standard and extended product warranties.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph ((c)(2))
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249
+ Details
Name: |
us-gaap_ProductWarrantyAccrualPayments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Represents the aggregate increase in the liability for accruals related to standard and extended product warranties issued during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-Subparagraph ((c)(3))
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249
+ Details
Name: |
us-gaap_ProductWarrantyAccrualWarrantiesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
wab_WarrantiesLineItems |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Pro Forma Financial Information (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Business Acquisition [Line Items] |
|
|
|
|
Net sales |
$ 588,939 |
$ 546,413 |
$ 1,820,046 |
$ 1,574,359 |
Gross profit |
171,818 |
163,340 |
529,695 |
469,767 |
Net income attributable to Wabtec shareholders |
$ 63,263 |
$ 53,278 |
$ 188,655 |
$ 139,987 |
Diluted earnings per share, As reported |
$ 1.30 |
$ 0.96 |
$ 3.85 |
$ 2.56 |
Diluted earnings per share, Pro forma |
$ 1.31 |
$ 1.10 |
$ 3.90 |
$ 2.90 |
X |
- Details
Name: |
us-gaap_BusinessAcquisitionLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 18
-Article 7
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 11, 12, 36
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 20
-Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9
+ Details
Name: |
us-gaap_EarningsPerShareDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
LONG-TERM DEBT (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Long-Term Debt |
Long-term debt
consisted of the following:
|
|
|
|
|
|
|
|
|
In
thousands
|
|
September 30,
2012 |
|
|
December 31,
2011 |
|
6.875% Senior Notes, due
2013
|
|
$ |
150,000 |
|
|
$ |
150,000 |
|
Revolving Credit
Facility
|
|
|
282,000 |
|
|
|
245,000 |
|
Capital Leases
|
|
|
897 |
|
|
|
873 |
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
432,897 |
|
|
|
395,873 |
|
Less—current
portion
|
|
|
43 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
Long-term portion
|
|
$ |
432,854 |
|
|
$ |
395,805 |
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644
+ Details
Name: |
us-gaap_ScheduleOfDebtInstrumentsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
INTANGIBLES (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Change in the Carrying Amount of Goodwill |
December 31, 2011, respectively. The change in the
carrying amount of goodwill by segment for the nine months ended
September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Freight
Segment |
|
|
Transit
Segment |
|
|
Total |
|
Balance at
December 31, 2011
|
|
$ |
388,221 |
|
|
$ |
199,310 |
|
|
$ |
587,531 |
|
Acquisition
|
|
|
4,781 |
|
|
|
56,778 |
|
|
|
61,559 |
|
Adjustment to preliminary
purchase allocation
|
|
|
2,754 |
|
|
|
1,154 |
|
|
|
3,908 |
|
Foreign currency
impact
|
|
|
2,116 |
|
|
|
1,819 |
|
|
|
3,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
September 30, 2012
|
|
$ |
397,872 |
|
|
$ |
259,061 |
|
|
$ |
656,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible Assets other than Goodwill and Trademarks |
Intangible
assets of the Company, other than goodwill and trademarks, consist
of the following:
|
|
|
|
|
|
|
|
|
In
thousands
|
|
September 30,
2012 |
|
|
December 31,
2011 |
|
Patents and other, net of
accumulated amortization of $34,650 and $32,316
|
|
$ |
11,799 |
|
|
$ |
14,849 |
|
Customer relationships, net
of accumulated amortization of $28,509 and $21,295
|
|
|
146,973 |
|
|
|
127,960 |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
158,772 |
|
|
$ |
142,809 |
|
|
|
|
|
|
|
|
|
|
|
Amortization Expense |
Amortization
expense for the five succeeding years is as follows (in
thousands):
|
|
|
|
|
Remainder of
2012
|
|
$ |
4,521
|
|
2013
|
|
|
13,467
|
|
2014
|
|
|
12,630 |
|
2015
|
|
|
11,872 |
|
2016
|
|
|
11,715 |
|
|
X |
- Definition
Tabular disclosure of the estimated aggregate amortization expense for intangible assets subject to amortization for each of the five succeeding fiscal years.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
+ Details
Name: |
us-gaap_ScheduleOfExpectedAmortizationExpenseTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 47
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13854-109267
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ScheduleOfGoodwillTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Schedule of Finite and Infinite Intangible Assets [Table Text Block]
+ References+ Details
Name: |
wab_ScheduleOfFiniteAndInfiniteIntangibleAssetsTableTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Stock Option Activity (Detail) (USD $) In Thousands, except Share data, unless otherwise specified
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2012
Y
|
Sep. 30, 2012
Y
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] |
|
|
Weighted Average Remaining Contractual Life, Outstanding |
6 years 4 months 24 days |
6 years 6 months |
Weighted Average Remaining Contractual Life, Exercisable |
|
|
Aggregate intrinsic value, Outstanding, beginning of period |
$ 30,362 |
|
Aggregate intrinsic value, Granted |
725 |
|
Aggregate intrinsic value, Exercised |
(7,079) |
|
Aggregate intrinsic value, Canceled |
(1,224) |
(1,224) |
Aggregate intrinsic value, Outstanding, end of period |
31,701 |
31,701 |
Aggregate intrinsic value, Exercisable |
$ 23,592 |
$ 23,592 |
Weighted Average Exercise Price, Outstanding, beginning of period |
$ 34.74 |
|
Weighted Average Exercise Price, Granted |
$ 70.71 |
|
Weighted Average Exercise Price, Exercised |
$ 24.01 |
|
Weighted Average Exercise Price, Canceled |
$ 34.46 |
|
Weighted Average Exercise Price, Outstanding, end of period |
$ 39.94 |
$ 39.94 |
Weighted Average Exercise Price, Exercisable |
$ 32.95 |
$ 32.95 |
Options, Outstanding, beginning of period |
862,392 |
|
Options, Granted |
75,698 |
|
Options, Exercised |
(125,788) |
|
Options, Canceled |
(26,717) |
|
Options, Outstanding, end of period |
785,585 |
785,585 |
Options, Exercisable |
498,381 |
498,381 |
X |
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(2)(c)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The net total number of shares (or other type of equity) under an equity-based award plan, other than a stock option plan, that were granted, vested and forfeited during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPeriodIncreaseDecrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(1)(c), d(2)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(1)(c)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
The total accumulated difference between fair values of underlying shares on dates of exercise and exercise price on options which were exercised (or share units converted) into shares during the reporting period under the plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph c(2)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of options outstanding.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph d(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(1)(b)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)-(ii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(1)(a)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(1)(a)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Weighted average price at which option holders acquired shares when converting their stock options into shares.
+ References+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Weighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated.
+ References+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance on stock options awarded.
+ References+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Number of share options (or share units) exercised during the current period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28,29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Options Canceled Intrinsic Value
+ References+ Details
Name: |
wab_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsCanceledIntrinsicValue |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
+ References+ Details
Name: |
wab_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedIntrinsicValue |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Share Based Compensation Arrangement Share Based Payment Award Options Exercisable Weighted Average Remaining Contractual Terms
+ References+ Details
Name: |
wab_ShareBasedCompensationArrangementShareBasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerms |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:decimalItemType |
Balance Type: |
na |
Period Type: |
instant |
|
v2.4.0.6
Components of Inventory Net of Reserves (Detail) (USD $) In Thousands, unless otherwise specified
|
Sep. 30, 2012
|
Dec. 31, 2011
|
Inventory [Line Items] |
|
|
Raw materials |
$ 165,139 |
$ 154,885 |
Work-in-process |
135,152 |
110,179 |
Finished goods |
91,301 |
83,110 |
Total inventories |
$ 391,592 |
$ 348,174 |
X |
- Definition
Amount before last-in first-out (LIFO) and valuation reserves of merchandise or goods held by the entity that are readily available for sale.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_InventoryFinishedGoods |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(a))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 35
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6386567&loc=d3e3927-108312
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765
+ Details
Name: |
us-gaap_InventoryNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Gross amount of unprocessed items to be consumed in the manufacturing or production process. Also includes purchased parts that will be used as components of a finished product.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(a)(4))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_InventoryRawMaterials |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Gross amount of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(a)(3))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_InventoryWorkInProcess |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
wab_InventoryLineItems |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
EMPLOYEE BENEFIT PLANS (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Defined Benefit Pension Plans |
The following
tables provide information regarding the Company’s defined
benefit pension plans summarized by U.S. and international
components.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
International |
|
|
|
Three months ended
September
30, |
|
|
Three months ended
September
30, |
|
In
thousands, except percentages
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net periodic benefit
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
94 |
|
|
$ |
84 |
|
|
$ |
493 |
|
|
$ |
805 |
|
Interest cost
|
|
|
501 |
|
|
|
582 |
|
|
|
1,773 |
|
|
|
1,886 |
|
Expected return on plan
assets
|
|
|
(771 |
) |
|
|
(796 |
) |
|
|
(2,035 |
) |
|
|
(2,124 |
) |
Net
amortization/deferrals
|
|
|
659 |
|
|
|
710 |
|
|
|
681 |
|
|
|
533 |
|
Settlement loss
recognized
|
|
|
— |
|
|
|
— |
|
|
|
844 |
|
|
|
132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit
cost
|
|
$ |
483 |
|
|
$ |
580 |
|
|
$ |
1,756 |
|
|
$ |
1,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
4.30 |
% |
|
|
5.20 |
% |
|
|
4.96 |
% |
|
|
5.43 |
% |
Expected long-term rate of
return
|
|
|
7.50 |
% |
|
|
8.00 |
% |
|
|
6.12 |
% |
|
|
6.72 |
% |
Rate of compensation
increase
|
|
|
3.00 |
% |
|
|
3.00 |
% |
|
|
3.21 |
% |
|
|
3.17 |
% |
|
|
|
|
|
U.S. |
|
|
International |
|
|
|
Nine months ended
September
30, |
|
|
Nine months ended
September
30, |
|
In
thousands, except percentages
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net periodic benefit
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
285 |
|
|
$ |
232 |
|
|
$ |
1,479 |
|
|
$ |
2,427 |
|
Interest cost
|
|
|
1,585 |
|
|
|
1,820 |
|
|
|
5,309 |
|
|
|
5,735 |
|
Expected return on plan
assets
|
|
|
(2,321 |
) |
|
|
(2,498 |
) |
|
|
(6,085 |
) |
|
|
(6,418 |
) |
Net
amortization/deferrals
|
|
|
2,272 |
|
|
|
1,923 |
|
|
|
2,032 |
|
|
|
1,551 |
|
Settlement loss
recognized
|
|
|
— |
|
|
|
— |
|
|
|
1,137 |
|
|
|
720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit
cost
|
|
$ |
1,821 |
|
|
$ |
1,477 |
|
|
$ |
3,872 |
|
|
$ |
4,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
4.30 |
% |
|
|
5.20 |
% |
|
|
4.96 |
% |
|
|
5.43 |
% |
Expected long-term rate of
return
|
|
|
7.50 |
% |
|
|
8.00 |
% |
|
|
6.12 |
% |
|
|
6.72 |
% |
Rate of compensation
increase
|
|
|
3.00 |
% |
|
|
3.00 |
% |
|
|
3.21 |
% |
|
|
3.17 |
% |
|
Post Retirement Benefit Plans |
The following
tables provide information regarding the Company’s post
retirement benefit plans summarized by U.S. and international
components.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
International |
|
|
|
Three months ended
September
30, |
|
|
Three months ended
September
30, |
|
In
thousands, except percentages
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net periodic benefit
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
(1 |
) |
|
$ |
4 |
|
|
$ |
11 |
|
|
$ |
14 |
|
Interest cost
|
|
|
339 |
|
|
|
410 |
|
|
|
51 |
|
|
|
58 |
|
Net
amortization/deferrals
|
|
|
(212 |
) |
|
|
(186 |
) |
|
|
(83 |
) |
|
|
(97 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit
cost
|
|
$ |
126 |
|
|
$ |
228 |
|
|
$ |
(21 |
) |
|
$ |
(25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
4.30 |
% |
|
|
5.20 |
% |
|
|
5.15 |
% |
|
|
5.50 |
% |
|
|
|
|
|
U.S. |
|
|
International |
|
|
|
Nine months ended
September
30, |
|
|
Nine months ended
September
30, |
|
In
thousands, except percentages
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net periodic benefit
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
18 |
|
|
$ |
24 |
|
|
$ |
33 |
|
|
$ |
42 |
|
Interest cost
|
|
|
1,040 |
|
|
|
1,208 |
|
|
|
151 |
|
|
|
175 |
|
Net
amortization/deferrals
|
|
|
(613 |
) |
|
|
(675 |
) |
|
|
(247 |
) |
|
|
(292 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit
cost
|
|
$ |
445 |
|
|
$ |
557 |
|
|
$ |
(63 |
) |
|
$ |
(75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
4.30 |
% |
|
|
5.20 |
% |
|
|
5.15 |
% |
|
|
5.50 |
% |
|
X |
- Definition
Defined Benefit Plan Fair Value Of Domestic Pension Plan Assets Table [Text Block]
+ References+ Details
Name: |
wab_DefinedBenefitPlanFairValueOfDomesticPensionPlanAssetsTableTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Schedule Of Post Retirement Benefit Plans Disclosures [Text Block]
+ References+ Details
Name: |
wab_ScheduleOfPostRetirementBenefitPlansDisclosuresTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
STOCK-BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Stock Option Activity |
The following
table summarizes the Company’s stock option activity and
related information for the 2011 Plan, the 2000 Plan and the
Directors Plan for the nine months ended September 30,
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual Life |
|
|
Aggregate
intrinsic value
(in thousands) |
|
Outstanding at
December 31, 2011
|
|
|
862,392 |
|
|
$ |
34.74 |
|
|
|
6.5 |
|
|
$ |
30,362 |
|
Granted
|
|
|
75,698 |
|
|
|
70.71 |
|
|
|
|
|
|
|
725 |
|
Exercised
|
|
|
(125,788 |
) |
|
|
24.01 |
|
|
|
|
|
|
|
(7,079 |
) |
Canceled
|
|
|
(26,717 |
) |
|
|
34.46 |
|
|
|
|
|
|
|
(1,224 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at
September 30, 2012
|
|
|
785,585 |
|
|
$ |
39.94 |
|
|
|
6.4 |
|
|
$ |
31,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at
September 30, 2012
|
|
|
498,381 |
|
|
$ |
32.95 |
|
|
|
6.2 |
|
|
$ |
23,592 |
|
|
Schedule of Share-based Fair Value of Each Option Grant Weighted-Average Assumptions |
The fair value
of each option grant is estimated on the date of grant using the
Black-Scholes option pricing model with the following
weighted-average assumptions:
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September
30, |
|
|
|
2012 |
|
|
2011 |
|
Dividend yield
|
|
|
.23 |
% |
|
|
.08 |
% |
Risk-free interest
rate
|
|
|
1.35 |
% |
|
|
2.96 |
% |
Stock price
volatility
|
|
|
44.95 |
% |
|
|
45.6 |
% |
Expected life
(years)
|
|
|
5.0 |
|
|
|
5.0 |
|
|
Restricted Stock Activity and Incentive Stock Awards Activity |
The following
table summarizes the restricted stock and unit activity for the
2011 Plan, the 2000 Plan and the Directors Plan, and incentive
stock awards activity for the 2011 Plan and the 2000 Plan with
related information for the nine months ended September 30,
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
Stock
and Units |
|
|
Incentive
Stock
Awards |
|
|
Weighted
Average Grant
Date
Fair
Value |
|
Outstanding at
December 31, 2011
|
|
|
274,609 |
|
|
|
646,362 |
|
|
$ |
44.04 |
|
Granted
|
|
|
110,980 |
|
|
|
118,660 |
|
|
|
70.85 |
|
Vested
|
|
|
(98,694 |
) |
|
|
(122,079 |
) |
|
|
35.73 |
|
Adjustment for incentive
stock awards expected to vest
|
|
|
— |
|
|
|
45,784 |
|
|
|
60.61 |
|
Canceled
|
|
|
(13,008 |
) |
|
|
(2,219 |
) |
|
|
42.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at
September 30, 2012
|
|
|
273,887 |
|
|
|
686,508 |
|
|
$ |
53.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Schedule Of Restricted Stock Activity And Incentive Stock Awards Activity [Table Text Block]
+ References+ Details
Name: |
wab_ScheduleOfRestrictedStockActivityAndIncentiveStockAwardsActivityTableTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
BUSINESS
|
9 Months Ended |
Sep. 30, 2012
|
BUSINESS |
1.
BUSINESS
Wabtec is one of
the world’s largest providers of value-added,
technology-based products and services for the global rail
industry. Our products are found on virtually all U.S. locomotives,
freight cars and passenger transit vehicles, as well as in more
than 100 countries throughout the world. Our products enhance
safety, improve productivity and reduce maintenance costs for
customers, and many of our core products and services are essential
in the safe and efficient operation of freight rail and passenger
transit vehicles. Wabtec is a global company with operations in 20
countries. In the first nine months of 2012, about 50% of the
Company’s revenues came from customers outside the
U.S.
|
X |
- Definition
The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6003-108592
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_NatureOfOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
EARNINGS PER SHARE (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Basic and Diluted Earnings Per Share |
The computation
of basic and diluted earnings per share for net income attributable
to Wabtec shareholders is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September
30, |
|
In
thousands, except per share
|
|
2012 |
|
|
2011 |
|
Numerator
|
|
|
|
|
|
|
|
|
Numerator for basic and
diluted earnings per common share—net income attributable to
Wabtec shareholders
|
|
$ |
62,994 |
|
|
$ |
46,600 |
|
Less: dividends
declared—common shares and non-vested restricted
stock
|
|
|
(2,376 |
) |
|
|
(1,442 |
) |
|
|
|
|
|
|
|
|
|
Undistributed
earnings
|
|
|
60,618 |
|
|
|
45,158 |
|
Percentage allocated to
common shareholders(1)
|
|
|
99.5 |
% |
|
|
99.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
60,315 |
|
|
|
44,932 |
|
Add: dividends
declared—common shares
|
|
|
2,364 |
|
|
|
1,435 |
|
|
|
|
|
|
|
|
|
|
Numerator for basic and
diluted earnings per common share
|
|
$ |
62,679 |
|
|
$ |
46,367 |
|
|
|
|
|
|
|
|
|
|
Denominator
|
|
|
|
|
|
|
|
|
Denominator for basic
earnings per common share—weighted-average shares
|
|
|
47,643 |
|
|
|
47,874 |
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
Assumed conversion of
dilutive stock-based compensation plans
|
|
|
628 |
|
|
|
492 |
|
|
|
|
|
|
|
|
|
|
Denominator for diluted
earnings per common share—adjusted weighted-average shares
and assumed conversion
|
|
|
48,271 |
|
|
|
48,366 |
|
|
|
|
|
|
|
|
|
|
Net income per common
share attributable to Wabtec shareholders
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
1.32 |
|
|
$ |
0.97 |
|
Diluted
|
|
$ |
1.30 |
|
|
$ |
0.96 |
|
(1) Basic weighted-average
common shares outstanding
|
|
|
47,643 |
|
|
|
47,874 |
|
Basic weighted-average
common shares outstanding and non-vested restricted stock expected
to vest
|
|
|
47,874 |
|
|
|
48,123 |
|
Percentage allocated to
common shareholders
|
|
|
99.5 |
% |
|
|
99.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September
30, |
|
In
thousands, except per share
|
|
2012 |
|
|
2011 |
|
Numerator
|
|
|
|
|
|
|
|
|
Numerator for basic and
diluted earnings per common share—net income attributable to
Wabtec shareholders
|
|
$ |
186,967 |
|
|
$ |
123,886 |
|
Less: dividends
declared—common shares and non-vested restricted
stock
|
|
|
(5,256 |
) |
|
|
(2,407 |
) |
|
|
|
|
|
|
|
|
|
Undistributed
earnings
|
|
|
181,711 |
|
|
|
121,479 |
|
Percentage allocated to
common shareholders(1)
|
|
|
99.5 |
% |
|
|
99.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
180,802 |
|
|
|
120,872 |
|
Add: dividends
declared—common shares
|
|
|
5,229 |
|
|
|
2,395 |
|
|
|
|
|
|
|
|
|
|
Numerator for basic and
diluted earnings per common share
|
|
$ |
186,031 |
|
|
$ |
123,267 |
|
|
|
|
|
|
|
|
|
|
Denominator
|
|
|
|
|
|
|
|
|
Denominator for basic
earnings per common share—weighted-average shares
|
|
|
47,732 |
|
|
|
47,827 |
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
Assumed conversion of
dilutive stock-based compensation plans
|
|
|
628 |
|
|
|
500 |
|
|
|
|
|
|
|
|
|
|
Denominator for diluted
earnings per common share—adjusted weighted-average shares
and assumed conversion
|
|
|
48,360 |
|
|
|
48,327 |
|
|
|
|
|
|
|
|
|
|
Net income per common
share attributable to Wabtec shareholders
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
3.90 |
|
|
$ |
2.58 |
|
Diluted
|
|
$ |
3.85 |
|
|
$ |
2.56 |
|
(1) Basic weighted-average
common shares outstanding
|
|
|
47,732 |
|
|
|
47,827 |
|
Basic weighted-average
common shares outstanding and non-vested restricted stock expected
to vest
|
|
|
47,977 |
|
|
|
48,064 |
|
Percentage allocated to
common shareholders
|
|
|
99.5 |
% |
|
|
99.5 |
% |
|
X |
- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations.
+ References+ Details
Name: |
us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Components of Accumulated Other Comprehensive Loss (Detail) (USD $) In Thousands, unless otherwise specified
|
Sep. 30, 2012
|
Dec. 31, 2011
|
Accumulated Other Comprehensive Income Loss [Line Items] |
|
|
Foreign currency translation gain (loss) |
$ 3,851 |
$ (2,447) |
Unrealized loss on interest rate swap contracts, net of tax |
(2,722) |
(871) |
Pension benefit plans and post retirement benefit plans, net of tax |
(56,209) |
(57,579) |
Total accumulated comprehensive loss |
$ (55,080) |
$ (60,897) |
X |
- Definition
The total of net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph i
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (j-k)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 18, 19, 22, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
wab_AccumulatedOtherComprehensiveIncomeLossLineItems |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Accumulated Other Comprehensive Income Loss Unrealized Gain Loss On Interest Rate Swap Contracts, Net Of Tax
+ References+ Details
Name: |
wab_AccumulatedOtherComprehensiveIncomeLossUnrealizedGainLossOnInterestRateSwapContractsNetOfTax |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v2.4.0.6
Post Retirement Benefit Plans (Detail) (USD $) In Thousands, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
United States Postretirement Benefit Plans
|
|
|
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
|
|
|
Service cost |
$ (1) |
$ 4 |
$ 18 |
$ 24 |
Interest cost |
339 |
410 |
1,040 |
1,208 |
Net amortization/deferrals |
(212) |
(186) |
(613) |
(675) |
Net periodic benefit cost |
126 |
228 |
445 |
557 |
Discount rate |
4.30% |
5.20% |
4.30% |
5.20% |
International Postretirement Benefit Plans
|
|
|
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
|
|
|
Service cost |
11 |
14 |
33 |
42 |
Interest cost |
51 |
58 |
151 |
175 |
Net amortization/deferrals |
(83) |
(97) |
(247) |
(292) |
Net periodic benefit cost |
(21) |
(25) |
(63) |
(75) |
Discount rate |
5.15% |
5.50% |
5.15% |
5.50% |
United States Postretirement Benefit Plans [Member]
|
|
|
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
|
|
|
Service cost |
94 |
84 |
285 |
232 |
Interest cost |
501 |
582 |
1,585 |
1,820 |
Expected return on plan assets |
(771) |
(796) |
(2,321) |
(2,498) |
Net amortization/deferrals |
659 |
710 |
2,272 |
1,923 |
Net periodic benefit cost |
483 |
580 |
1,821 |
1,477 |
Discount rate |
4.30% |
5.20% |
4.30% |
5.20% |
Expected long-term rate of return |
7.50% |
8.00% |
7.50% |
8.00% |
Rate of compensation increase |
3.00% |
3.00% |
3.00% |
3.00% |
International Postretirement Benefit Plans [Member]
|
|
|
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
|
|
|
|
Service cost |
493 |
805 |
1,479 |
2,427 |
Interest cost |
1,773 |
1,886 |
5,309 |
5,735 |
Expected return on plan assets |
(2,035) |
(2,124) |
(6,085) |
(6,418) |
Net amortization/deferrals |
681 |
533 |
2,032 |
1,551 |
Settlement loss recognized |
844 |
132 |
1,137 |
720 |
Net periodic benefit cost |
$ 1,756 |
$ 1,232 |
$ 3,872 |
$ 4,015 |
Discount rate |
4.96% |
5.43% |
4.96% |
5.43% |
Expected long-term rate of return |
6.12% |
6.72% |
6.12% |
6.72% |
Rate of compensation increase |
3.21% |
3.17% |
3.21% |
3.17% |
X |
- Definition
The amount of gains or losses recognized in net periodic benefit cost.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(4)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The interest rate used to adjust for the time value of money.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph j
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)(1)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
An assumption as to the rate of return on plan assets reflecting the average rate of earnings expected on the funds invested or to be invested to provide for the benefits included in the benefit obligation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)(3)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph j
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Glossary Expected Long-Term Rate of Return on Plan Assets
-URI http://asc.fasb.org/extlink&oid=6512013
+ Details
Name: |
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Expected rate of compensation increases (for pay-related plans).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)(2)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph j
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Glossary Expected Return on Plan Assets
-URI http://asc.fasb.org/extlink&oid=6512136
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Glossary Expected Return on Plan Assets
-URI http://asc.fasb.org/extlink&oid=6512171
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a, h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanInterestCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The total amount of net periodic benefit cost for defined benefit plans for the period. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Amount of net gain (loss) recognized in net periodic benefit cost as a result of an irrevocable action that relieves the employer (or the plan) of primary responsibility for a benefit obligation and eliminates significant risks related to the obligation and the assets used to effect the settlement. Examples of transactions that constitute a settlement include, but are not limited to, lump-sum cash payments to plan participants in exchange for their rights to receive specified benefits and purchasing nonparticipating annuity contracts to cover vested benefits.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 30
-Section 15
-Paragraph 6
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=7577095&loc=d3e8001-114927
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(7)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansTableTextBlockLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a, h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Service Cost (Component of Net Periodic Pension Cost)
-URI http://asc.fasb.org/extlink&oid=6525008
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
+ Details
Name: |
us-gaap_DefinedBenefitPlanServiceCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified
|
Sep. 30, 2012
|
Dec. 31, 2011
|
Current Assets |
|
|
Cash and cash equivalents |
$ 282,055 |
$ 285,615 |
Accounts receivable |
430,230 |
346,281 |
Inventories |
391,592 |
348,174 |
Deferred income taxes |
58,592 |
57,339 |
Other |
21,580 |
18,373 |
Total current assets |
1,184,049 |
1,055,782 |
Property, plant and equipment |
534,687 |
513,113 |
Accumulated depreciation |
(305,540) |
(291,091) |
Property, plant and equipment, net |
229,147 |
222,022 |
Other Assets |
|
|
Goodwill |
656,933 |
587,531 |
Other intangibles, net |
284,889 |
257,355 |
Other noncurrent assets |
41,024 |
36,263 |
Total other assets |
982,846 |
881,149 |
Total Assets |
2,396,042 |
2,158,953 |
Current Liabilities |
|
|
Accounts payable |
235,568 |
244,649 |
Customer deposits |
104,404 |
72,811 |
Accrued compensation |
49,443 |
48,564 |
Accrued warranty |
38,555 |
29,416 |
Current portion of long-term debt |
43 |
68 |
Other accrued liabilities |
112,679 |
145,877 |
Total current liabilities |
540,692 |
541,385 |
Long-term debt |
432,854 |
395,805 |
Accrued postretirement and pension benefits |
59,855 |
63,837 |
Deferred income taxes |
91,281 |
74,217 |
Accrued warranty |
18,942 |
21,224 |
Other long-term liabilities |
21,401 |
14,841 |
Total liabilities |
1,165,025 |
1,111,309 |
Shareholders' Equity |
|
|
Preferred stock, 1,000,000 shares authorized, no shares issued |
|
|
Common stock, $.01 par value; 100,000,000 shares authorized: 66,174,767 shares issued and 47,887,204 and 47,946,360 outstanding at September 30, 2012 and December 31, 2011, respectively |
662 |
662 |
Additional paid-in capital |
375,975 |
360,914 |
Treasury stock, at cost, 18,287,563 and 18,228,407 shares, at September 30, 2012 and December 31, 2011, respectively |
(331,708) |
(309,196) |
Retained earnings |
1,235,417 |
1,053,706 |
Accumulated other comprehensive loss |
(55,080) |
(60,897) |
Total Westinghouse Air Brake Technologies Corporation shareholders' equity |
1,225,266 |
1,045,189 |
Non-controlling interest |
5,751 |
2,455 |
Total shareholders' equity |
1,231,017 |
1,047,644 |
Total Liabilities and Shareholders' Equity |
$ 2,396,042 |
$ 2,158,953 |
X |
- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(a))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19
-Subparagraph a
-Article 5
+ Details
Name: |
us-gaap_AccountsPayableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3-4)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3
-Subparagraph a(1)
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 4
-Article 5
+ Details
Name: |
us-gaap_AccountsReceivableNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 14
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 5
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.14)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
+ Details
Name: |
us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.30(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_AdditionalPaidInCapital |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 12
-Article 7
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Concepts (CON)
-Number 6
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 18
-Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.18)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 9
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.9)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6801-107765
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765
+ Details
Name: |
us-gaap_AssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_AssetsCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 8, 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7
-Footnote 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.1)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details
Name: |
us-gaap_CommonStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
The current portion of aggregate prepayments received from customers for goods or services to be provided in the future, as well as the current portion of money or property received from customers that are to be returned upon satisfactory contract completion or as partial prepayment for goods or services to be provided in the future.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_CustomerAdvancesAndDepositsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31928-109318
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31917-109318
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31958-109318
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31931-109318
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 41, 42, 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_DeferredTaxAssetsNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Amount of deferred tax liability attributable to taxable temporary differences, net of deferred tax asset attributable to deductible temporary differences and carryforwards net of valuation allowances expected to be realized or consumed after one year (or the normal operating cycle, if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 41, 42
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31917-109318
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31931-109318
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 45
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=21917399&loc=d3e31958-109318
+ Details
Name: |
us-gaap_DeferredTaxLiabilitiesNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_Goodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388964&loc=d3e16212-109274
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph ((a)(1),(b))
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 42, 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_IntangibleAssetsNetExcludingGoodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6(a))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 35
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6386567&loc=d3e3927-108312
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765
+ Details
Name: |
us-gaap_InventoryNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.32)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 25
-Article 7
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 32
-Article 5
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.21)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 21
-Article 5
+ Details
Name: |
us-gaap_LiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_LiabilitiesCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 20
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19
-Article 5
+ Details
Name: |
us-gaap_LongTermDebtCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
+ Details
Name: |
us-gaap_LongTermDebtNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 27
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A3
-Appendix A
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 20
-Article 7
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_MinorityInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 7
-Chapter 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 20
-Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6911-107765
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6935-107765
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Current Liabilities
-URI http://asc.fasb.org/extlink&oid=6509677
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e7018-107765
+ Details
Name: |
us-gaap_OtherAccruedLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.8)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 8
-Article 5
+ Details
Name: |
us-gaap_OtherAssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_OtherAssetsNoncurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.24)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 24
-Article 5
+ Details
Name: |
us-gaap_OtherLiabilitiesNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
This represents the noncurrent liability for underfunded plans recognized in the balance sheet that is associated with the defined benefit pension plans and other postretirement defined benefit plans.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2417-114920
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e2410-114920
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.24)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21915240&loc=d3e1703-114919
+ Details
Name: |
us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770
+ Details
Name: |
us-gaap_PreferredStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. For classified balance sheets, represents the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 25
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6397716&loc=d3e11281-110244
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 20
-Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12524-110249
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ProductWarrantyAccrualClassifiedCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Carrying value as of the balance sheet date of obligations incurred through that date and due after one year (or beyond the operating cycle if longer) for estimated claims under standard and extended warranty protection rights granted to customers.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14394-108349
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.24)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 24
-Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14326-108349
+ Details
Name: |
us-gaap_ProductWarrantyAccrualNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.13)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 8
-Article 7
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 12
-Paragraph 5
-Subparagraph b, c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.13)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 13
-Subparagraph a
-Article 5
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.31(a)(3))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A3
-Appendix A
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568740-111683
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A3
-Appendix A
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-URI http://asc.fasb.org/extlink&oid=18733213&loc=SL4590271-111686
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4568447-111683
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23315-112656
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Technical Bulletin (FTB)
-Number 85-6
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_TreasuryStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v2.4.0.6
Intangibles - Additional Information (Detail) (USD $)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Dec. 31, 2011
|
Intangible Assets Disclosure [Line Items] |
|
|
|
|
|
Goodwill |
$ 656,933,000 |
|
$ 656,933,000 |
|
$ 587,531,000 |
Trademarks |
126,100,000 |
|
126,100,000 |
|
114,600,000 |
Intangible assets, amortization expense |
$ 3,900,000 |
$ 4,100,000 |
$ 10,300,000 |
$ 10,500,000 |
|
Patents [Member]
|
|
|
|
|
|
Intangible Assets Disclosure [Line Items] |
|
|
|
|
|
Intangible assets, weighted average useful life, (years) |
|
|
5 years |
|
|
Customer Relationships [Member]
|
|
|
|
|
|
Intangible Assets Disclosure [Line Items] |
|
|
|
|
|
Intangible assets, weighted average useful life, (years) |
|
|
19 years |
|
|
Intellectual Property Rights [Member]
|
|
|
|
|
|
Intangible Assets Disclosure [Line Items] |
|
|
|
|
|
Intangible assets, weighted average useful life, (years) |
|
|
17 years |
|
|
X |
- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph a(2)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6388964&loc=d3e16225-109274
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
+ Details
Name: |
us-gaap_AmortizationOfIntangibleAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetUsefulLife |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_Goodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Carrying amount (original costs adjusted for previously recognized amortization and impairment) as of the balance sheet date for the rights acquired through registration of a trademark to gain or protect exclusive use of a business name, symbol or other device or style for a projected indefinite period of benefit.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
+ Details
Name: |
us-gaap_IndefiniteLivedTrademarks |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
wab_IntangibleAssetsDisclosureLineItems |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified
|
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Operating Activities |
|
|
Net income attributable to Wabtec shareholders |
$ 186,967 |
$ 123,886 |
Adjustments to reconcile net income to net cash provided by operations: |
|
|
Depreciation and amortization |
31,488 |
33,678 |
Stock-based compensation expense |
15,007 |
13,222 |
Loss on disposal of property, plant and equipment |
674 |
689 |
Excess income tax benefits from exercise of stock options |
(2,518) |
(3,689) |
Changes in operating assets and liabilities, net of acquisitions |
|
|
Accounts receivable |
(71,430) |
(80,285) |
Inventories |
(26,599) |
(63,389) |
Accounts payable |
(18,569) |
3,696 |
Accrued income taxes |
(17,378) |
4,257 |
Accrued liabilities and customer deposits |
37,700 |
80,848 |
Other assets and liabilities |
(21,817) |
(12,893) |
Net cash provided by operating activities |
113,525 |
100,020 |
Investing Activities |
|
|
Purchase of property, plant and equipment |
(24,694) |
(22,226) |
Proceeds from disposal of property, plant and equipment |
931 |
300 |
Acquisitions of business, net of cash acquired |
(102,144) |
(51,777) |
Acquisition purchase price adjustment |
(160) |
40 |
Net cash used for investing activities |
(126,067) |
(73,663) |
Financing Activities |
|
|
Proceeds from debt |
211,000 |
124,000 |
Payments of debt |
(173,992) |
(139,920) |
Proceeds from exercise of stock options and other benefit plans |
3,021 |
4,577 |
Stock repurchase |
(27,997) |
(23,803) |
Excess income tax benefits from exercise of stock options |
2,518 |
3,689 |
Cash dividends ($0.11 and $0.05 per share for the nine months ended September 30, 2012 and 2011, respectively) |
(5,256) |
(2,407) |
Net cash provided by (used for) financing activities |
9,294 |
(33,864) |
Effect of changes in currency exchange rates |
(312) |
(8,298) |
Decrease in cash |
(3,560) |
(15,805) |
Cash, beginning of year |
285,615 |
236,941 |
Cash, end of period |
$ 282,055 |
$ 221,136 |
X |
- Details
Name: |
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 8, 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7
-Footnote 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.1)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_DepreciationAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The effect of exchange rate changes on cash balances held in foreign currencies.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 230
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450594&loc=d3e33268-110906
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Amount of excess tax benefit (tax deficiency) that arises when compensation cost from non-qualified share-based compensation recognized on the entity's tax return exceeds (is less than) compensation cost from equity-based compensation recognized in financial statements. Excess tax benefit (tax deficiency) increases (decreases) net cash provided by financing activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6576910&loc=d3e11374-113907
+ Details
Name: |
us-gaap_ExcessTaxBenefitFromShareBasedCompensationFinancingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Amount of excess tax benefit (tax deficiency) that arises when compensation cost from non-qualified equity-based compensation recognized on the entity's tax return exceeds (is less than) compensation cost from equity-based compensation recognized in financial statements. Excess tax benefit (tax deficiency) reduces (increases) net cash provided by operating activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 20
-Section 55
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6576910&loc=d3e11374-113907
+ Details
Name: |
us-gaap_ExcessTaxBenefitFromShareBasedCompensationOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
+ Details
Name: |
us-gaap_GainLossOnSaleOfPropertyPlantEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccruedLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInInventories |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherOperatingCapitalNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The net cash inflow or outflow from financing activity for the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The net cash inflow or outflow from investing activity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3536-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580
Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A
Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The cash outflow associated with other payments to acquire businesses including deposit on pending acquisitions and preacquisition costs.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Investing Activities
-URI http://asc.fasb.org/extlink&oid=6516133
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15, 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_OtherPaymentsToAcquireBusinesses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 20
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585
+ Details
Name: |
us-gaap_PaymentsOfDividends |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Investing Activities
-URI http://asc.fasb.org/extlink&oid=6516133
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15, 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Investing Activities
-URI http://asc.fasb.org/extlink&oid=6516133
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 13
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 17
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 19
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3255-108585
+ Details
Name: |
us-gaap_ProceedsFromIssuanceOfLongTermDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 16
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Investing Activities
-URI http://asc.fasb.org/extlink&oid=6516133
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3179-108585
+ Details
Name: |
us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph i
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3255-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 19
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ProceedsFromStockOptionsExercised |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Financing Activities
-URI http://asc.fasb.org/extlink&oid=6513228
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 15
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 20
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_RepaymentsOfLongTermDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
+ Details
Name: |
us-gaap_ShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section B
-Paragraph 11A
-Chapter 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
+ Details
Name: |
us-gaap_StockRepurchasedDuringPeriodValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v2.4.0.6
X |
- Definition
The gross amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Unrecognized Tax Benefit
-URI http://asc.fasb.org/extlink&oid=6527854
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 48
-Paragraph 21
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_UnrecognizedTaxBenefits |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Definition
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 48
-Paragraph 21
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v2.4.0.6
SEGMENT INFORMATION (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Segment Financial Information |
Segment
financial information for the three months ended September 30,
2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Freight
Segment |
|
|
Transit
Segment |
|
|
Corporate
Activities and
Elimination |
|
|
Total |
|
Sales to external
customers
|
|
$ |
354,659 |
|
|
$ |
232,934 |
|
|
$ |
— |
|
|
$ |
587,593 |
|
Intersegment
sales/(elimination)
|
|
|
5,662 |
|
|
|
3,231 |
|
|
|
(8,893 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$ |
360,321 |
|
|
$ |
236,165 |
|
|
$ |
(8,893 |
) |
|
$ |
587,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
$ |
75,702 |
|
|
$ |
24,385 |
|
|
$ |
(3,245 |
) |
|
$ |
96,842 |
|
Interest expense and other,
net
|
|
|
— |
|
|
|
— |
|
|
|
(4,463 |
) |
|
|
(4,463 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income taxes
|
|
$ |
75,702 |
|
|
$ |
24,385 |
|
|
$ |
(7,708 |
) |
|
$ |
92,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
financial information for the three months ended September 30,
2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Freight
Segment |
|
|
Transit
Segment |
|
|
Corporate
Activities and
Elimination |
|
|
Total |
|
Sales to external
customers
|
|
$ |
315,837 |
|
|
$ |
183,003 |
|
|
$ |
— |
|
|
$ |
498,840 |
|
Intersegment
sales/(elimination)
|
|
|
4,626 |
|
|
|
2,955 |
|
|
|
(7,581 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$ |
320,463 |
|
|
$ |
185,958 |
|
|
$ |
(7,581 |
) |
|
$ |
498,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
$ |
60,709 |
|
|
$ |
20,803 |
|
|
$ |
(6,059 |
) |
|
$ |
75,453 |
|
Interest expense and other,
net
|
|
|
— |
|
|
|
— |
|
|
|
(5,293 |
) |
|
|
(5,293 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income taxes
|
|
$ |
60,709 |
|
|
$ |
20,803 |
|
|
$ |
(11,352 |
) |
|
$ |
70,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
financial information for the nine months ended September 30,
2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Freight
Segment |
|
|
Transit
Segment |
|
|
Corporate
Activities and
Elimination |
|
|
Total |
|
Sales to external
customers
|
|
$ |
1,159,653 |
|
|
$ |
621,069 |
|
|
$ |
— |
|
|
$ |
1,780,722 |
|
Intersegment
sales/(elimination)
|
|
|
17,214 |
|
|
|
8,659 |
|
|
|
(25,873 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$ |
1,176,867 |
|
|
$ |
629,728 |
|
|
$ |
(25,873 |
) |
|
$ |
1,780,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
$ |
234,734 |
|
|
$ |
68,934 |
|
|
$ |
(11,851 |
) |
|
$ |
291,817 |
|
Interest expense and other,
net
|
|
|
— |
|
|
|
— |
|
|
|
(11,587 |
) |
|
|
(11,587 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income taxes
|
|
$ |
234,734 |
|
|
$ |
68,934 |
|
|
$ |
(23,438 |
) |
|
$ |
280,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
financial information for the nine months ended September 30,
2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Freight
Segment |
|
|
Transit
Segment |
|
|
Corporate
Activities and
Elimination |
|
|
Total |
|
Sales to external
customers
|
|
$ |
860,729 |
|
|
$ |
572,269 |
|
|
$ |
— |
|
|
$ |
1,432,998 |
|
Intersegment
sales/(elimination)
|
|
|
12,536 |
|
|
|
4,989 |
|
|
|
(17,525 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$ |
873,265 |
|
|
$ |
577,258 |
|
|
$ |
(17,525 |
) |
|
$ |
1,432,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
$ |
160,682 |
|
|
$ |
70,976 |
|
|
$ |
(33,466 |
) |
|
$ |
198,192 |
|
Interest expense and other,
net
|
|
|
— |
|
|
|
— |
|
|
|
(12,720 |
) |
|
|
(12,720 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income taxes
|
|
$ |
160,682 |
|
|
$ |
70,976 |
|
|
$ |
(46,186 |
) |
|
$ |
185,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Product |
Sales by
product are as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September
30, |
|
In
thousands
|
|
2012 |
|
|
2011 |
|
Specialty
Products & Electronics
|
|
$ |
264,094 |
|
|
$ |
231,983 |
|
Remanufacturing,
Overhaul & Build
|
|
|
129,597 |
|
|
|
83,673 |
|
Brake Products
|
|
|
127,027 |
|
|
|
121,372 |
|
Other Transit
Products
|
|
|
49,141 |
|
|
|
45,753 |
|
Other
|
|
|
17,734 |
|
|
|
16,059 |
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$ |
587,593 |
|
|
$ |
498,840 |
|
|
|
|
|
|
|
|
|
|
Sales by
product are as follows:
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September
30, |
|
In
thousands
|
|
2012 |
|
|
2011 |
|
Specialty
Products & Electronics
|
|
$ |
841,382 |
|
|
$ |
622,857 |
|
Brake Products
|
|
|
386,640 |
|
|
|
372,815 |
|
Remanufacturing,
Overhaul & Build
|
|
|
348,252 |
|
|
|
245,330 |
|
Other Transit
Products
|
|
|
149,941 |
|
|
|
145,637 |
|
Other
|
|
|
54,507 |
|
|
|
46,359 |
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$ |
1,780,722 |
|
|
$ |
1,432,998 |
|
|
|
|
|
|
|
|
|
|
|
X |
- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-Paragraph 37
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599
+ Details
Name: |
us-gaap_ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-Paragraph 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599
+ Details
Name: |
us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Sales by Product (Detail) (USD $) In Thousands, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total sales |
$ 587,593 |
$ 498,840 |
$ 1,780,722 |
$ 1,432,998 |
Specialty Products & Electronics [Member]
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total sales |
264,094 |
231,983 |
841,382 |
622,857 |
Brake Products [Member]
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total sales |
129,597 |
83,673 |
386,640 |
372,815 |
Remanufacturing, Overhaul & Build [Member]
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total sales |
127,027 |
121,372 |
348,252 |
245,330 |
Other Transit Products [Member]
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total sales |
49,141 |
45,753 |
149,941 |
145,637 |
Other [Member]
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Total sales |
$ 17,734 |
$ 16,059 |
$ 54,507 |
$ 46,359 |
X |
- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 1
-Article 5
+ Details
Name: |
us-gaap_SalesRevenueNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v2.4.0.6
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION
|
9 Months Ended |
Sep. 30, 2012
|
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION |
15. GUARANTOR
SUBSIDIARIES FINANCIAL INFORMATION
Effective
August 2003, the Company issued $150 million of Senior Notes due in
2013 (“the Notes”). The obligations under the Notes are
fully and unconditionally guaranteed by all U.S. subsidiaries as
guarantors. In accordance with positions established by the
Securities and Exchange Commission, the following shows separate
financial information with respect to the parent, the guarantor
subsidiaries and the non-guarantor subsidiaries. The principal
elimination entries eliminate investment in subsidiaries and
certain intercompany balances and transactions.
Balance Sheet
as of September 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Cash and cash
equivalents
|
|
$ |
76,210 |
|
|
$ |
5,622 |
|
|
$ |
200,223 |
|
|
$ |
— |
|
|
$ |
282,055 |
|
Accounts
receivable
|
|
|
75 |
|
|
|
243,220 |
|
|
|
186,935 |
|
|
|
— |
|
|
|
430,230 |
|
Inventories
|
|
|
— |
|
|
|
270,873 |
|
|
|
120,719 |
|
|
|
— |
|
|
|
391,592 |
|
Other current
assets
|
|
|
62,889 |
|
|
|
6,500 |
|
|
|
10,783 |
|
|
|
— |
|
|
|
80,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
139,174 |
|
|
|
526,215 |
|
|
|
518,660 |
|
|
|
— |
|
|
|
1,184,049 |
|
Property, plant and
equipment
|
|
|
4,243 |
|
|
|
125,031 |
|
|
|
99,873 |
|
|
|
— |
|
|
|
229,147 |
|
Goodwill
|
|
|
7,980 |
|
|
|
407,324 |
|
|
|
241,629 |
|
|
|
— |
|
|
|
656,933 |
|
Investment in
subsidiaries
|
|
|
3,070,357 |
|
|
|
193,978 |
|
|
|
— |
|
|
|
(3,264,335 |
) |
|
|
— |
|
Other
intangibles
|
|
|
— |
|
|
|
166,620 |
|
|
|
118,269 |
|
|
|
— |
|
|
|
284,889 |
|
Other long term
assets
|
|
|
(10,340 |
) |
|
|
3,377 |
|
|
|
47,987 |
|
|
|
— |
|
|
|
41,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$ |
3,211,414 |
|
|
$ |
1,422,545 |
|
|
$ |
1,026,418 |
|
|
$ |
(3,264,335 |
) |
|
$ |
2,396,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
$ |
48,977 |
|
|
$ |
326,916 |
|
|
$ |
164,799 |
|
|
$ |
— |
|
|
$ |
540,692 |
|
Inter-company
|
|
|
1,427,896 |
|
|
|
(1,588,017 |
) |
|
|
160,121 |
|
|
|
— |
|
|
|
— |
|
Long-term debt
|
|
|
432,000 |
|
|
|
175 |
|
|
|
679 |
|
|
|
— |
|
|
|
432,854 |
|
Other long term
liabilities
|
|
|
71,524 |
|
|
|
31,658 |
|
|
|
88,297 |
|
|
|
— |
|
|
|
191,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
1,980,397 |
|
|
|
(1,229,268 |
) |
|
|
413,896 |
|
|
|
— |
|
|
|
1,165,025 |
|
Stockholders’
equity
|
|
|
1,231,017 |
|
|
|
2,651,813 |
|
|
|
612,522 |
|
|
|
(3,264,335 |
) |
|
|
1,231,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders’ Equity
|
|
$ |
3,211,414 |
|
|
$ |
1,422,545 |
|
|
$ |
1,026,418 |
|
|
$ |
(3,264,335 |
) |
|
$ |
2,396,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
as of December 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Cash and cash
equivalents
|
|
$ |
75,621 |
|
|
$ |
14,024 |
|
|
$ |
195,970 |
|
|
$ |
— |
|
|
$ |
285,615 |
|
Accounts
receivable
|
|
|
186 |
|
|
|
196,909 |
|
|
|
149,186 |
|
|
|
— |
|
|
|
346,281 |
|
Inventories
|
|
|
— |
|
|
|
250,280 |
|
|
|
97,894 |
|
|
|
— |
|
|
|
348,174 |
|
Other current
assets
|
|
|
59,990 |
|
|
|
5,989 |
|
|
|
9,733 |
|
|
|
— |
|
|
|
75,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
135,797 |
|
|
|
467,202 |
|
|
|
452,783 |
|
|
|
— |
|
|
|
1,055,782 |
|
Property, plant and
equipment, net
|
|
|
3,655 |
|
|
|
123,182 |
|
|
|
95,185 |
|
|
|
— |
|
|
|
222,022 |
|
Goodwill
|
|
|
7,980 |
|
|
|
399,419 |
|
|
|
180,132 |
|
|
|
— |
|
|
|
587,531 |
|
Investment in
subsidiaries
|
|
|
2,675,378 |
|
|
|
183,357 |
|
|
|
— |
|
|
|
(2,858,735 |
) |
|
|
— |
|
Other intangibles,
net
|
|
|
— |
|
|
|
174,351 |
|
|
|
83,004 |
|
|
|
— |
|
|
|
257,355 |
|
Other long term
assets
|
|
|
(9,946 |
) |
|
|
5,640 |
|
|
|
40,569 |
|
|
|
— |
|
|
|
36,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
2,812,864 |
|
|
$ |
1,353,151 |
|
|
$ |
851,673 |
|
|
$ |
(2,858,735 |
) |
|
$ |
2,158,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
$ |
72,396 |
|
|
$ |
282,671 |
|
|
$ |
186,318 |
|
|
|
— |
|
|
$ |
541,385 |
|
Intercompany
|
|
|
1,222,650 |
|
|
|
(1,303,441 |
) |
|
|
80,791 |
|
|
|
— |
|
|
|
— |
|
Long-term debt
|
|
|
395,000 |
|
|
|
198 |
|
|
|
607 |
|
|
|
— |
|
|
|
395,805 |
|
Other long term
liabilities
|
|
|
75,174 |
|
|
|
33,790 |
|
|
|
65,155 |
|
|
|
— |
|
|
|
174,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
1,765,220 |
|
|
|
(986,782 |
) |
|
|
332,871 |
|
|
|
— |
|
|
|
1,111,309 |
|
Stockholders’
equity
|
|
|
1,047,644 |
|
|
|
2,339,933 |
|
|
|
518,802 |
|
|
|
(2,858,735 |
) |
|
|
1,047,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders’ Equity
|
|
$ |
2,812,864 |
|
|
$ |
1,353,151 |
|
|
$ |
851,673 |
|
|
$ |
(2,858,735 |
) |
|
$ |
2,158,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
Statement for the Three Months Ended September 30,
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination(1) |
|
|
Consolidated |
|
Net sales
|
|
$ |
— |
|
|
$ |
405,624 |
|
|
$ |
219,621 |
|
|
$ |
(37,652 |
) |
|
$ |
587,593 |
|
Cost of sales
|
|
|
(428 |
) |
|
|
(264,211 |
) |
|
|
(169,652 |
) |
|
|
17,977 |
|
|
|
(416,314 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss)
profit
|
|
|
(428 |
) |
|
|
141,413 |
|
|
|
49,969 |
|
|
|
(19,675 |
) |
|
|
171,279 |
|
Operating
expenses
|
|
|
(14,584 |
) |
|
|
(37,786 |
) |
|
|
(22,067 |
) |
|
|
— |
|
|
|
(74,437 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
|
(15,012 |
) |
|
|
103,627 |
|
|
|
27,902 |
|
|
|
(19,675 |
) |
|
|
96,842 |
|
Interest (expense) income,
net
|
|
|
(5,459 |
) |
|
|
3,305 |
|
|
|
(916 |
) |
|
|
— |
|
|
|
(3,070 |
) |
Other income (expense),
net
|
|
|
100 |
|
|
|
(860 |
) |
|
|
(633 |
) |
|
|
— |
|
|
|
(1,393 |
) |
Equity earnings
|
|
|
102,624 |
|
|
|
24,971 |
|
|
|
— |
|
|
|
(127,595 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income tax
|
|
|
82,253 |
|
|
|
131,043 |
|
|
|
26,353 |
|
|
|
(147,270 |
) |
|
|
92,379 |
|
Income tax
expense
|
|
|
(19,259 |
) |
|
|
(3,428 |
) |
|
|
(6,698 |
) |
|
|
— |
|
|
|
(29,385 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Wabtec shareholders
|
|
$ |
62,994 |
|
|
$ |
127,615 |
|
|
$ |
19,655 |
|
|
$ |
(147,270 |
) |
|
$ |
62,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
attributable to Wabtec shareholders
|
|
$ |
62,296 |
|
|
$ |
127,615 |
|
|
$ |
31,571 |
|
|
$ |
(147,270 |
) |
|
$ |
74,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes elimination of
gross profit realized with certain intercompany transactions
between Guarantor and Non-Guarantor subsidiaries. |
Income
Statement for the Three Months Ended September 30,
2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination(1) |
|
|
Consolidated |
|
Net sales
|
|
$ |
— |
|
|
$ |
352,493 |
|
|
$ |
182,465 |
|
|
$ |
(36,118 |
) |
|
$ |
498,840 |
|
Cost of sales
|
|
|
(903 |
) |
|
|
(216,913 |
) |
|
|
(147,007 |
) |
|
|
13,134 |
|
|
|
(351,689 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
(loss) profit
|
|
|
(903 |
) |
|
|
135,580 |
|
|
|
35,458 |
|
|
|
(22,984 |
) |
|
|
147,151 |
|
Operating
expenses
|
|
|
(16,021 |
) |
|
|
(37,922 |
) |
|
|
(17,755 |
) |
|
|
— |
|
|
|
(71,698 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
|
(16,924 |
) |
|
|
97,658 |
|
|
|
17,703 |
|
|
|
(22,984 |
) |
|
|
75,453 |
|
Interest (expense) income,
net
|
|
|
(5,538 |
) |
|
|
1,178 |
|
|
|
596 |
|
|
|
— |
|
|
|
(3,764 |
) |
Other income (expense),
net
|
|
|
173 |
|
|
|
211 |
|
|
|
(1,913 |
) |
|
|
— |
|
|
|
(1,529 |
) |
Equity earnings
|
|
|
82,561 |
|
|
|
21,337 |
|
|
|
— |
|
|
|
(103,898 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income tax
|
|
|
60,272 |
|
|
|
120,384 |
|
|
|
16,386 |
|
|
|
(126,882 |
) |
|
|
70,160 |
|
Income tax
expense
|
|
|
(13,672 |
) |
|
|
(2,868 |
) |
|
|
(7,020 |
) |
|
|
— |
|
|
|
(23,560 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Wabtec shareholders
|
|
$ |
46,600 |
|
|
$ |
117,516 |
|
|
$ |
9,366 |
|
|
$ |
(126,882 |
) |
|
$ |
46,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
attributable to Wabtec shareholders
|
|
$ |
48,788 |
|
|
$ |
117,516 |
|
|
$ |
(28,426 |
) |
|
$ |
(126,882 |
) |
|
$ |
10,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes elimination of
gross profit realized with certain intercompany transactions
between Guarantor and Non-Guarantor subsidiaries. |
Income
Statement for the Nine Months Ended September 30,
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination(1) |
|
|
Consolidated |
|
Net sales
|
|
$ |
— |
|
|
$ |
1,251,666 |
|
|
$ |
653,230 |
|
|
$ |
(124,174 |
) |
|
$ |
1,780,722 |
|
Cost of sales
|
|
|
(776 |
) |
|
|
(810,101 |
) |
|
|
(507,413 |
) |
|
|
51,655 |
|
|
|
(1,266,635 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss)
profit
|
|
|
(776 |
) |
|
|
441,565 |
|
|
|
145,817 |
|
|
|
(72,519 |
) |
|
|
514,087 |
|
Operating
expenses
|
|
|
(47,356 |
) |
|
|
(115,649 |
) |
|
|
(59,265 |
) |
|
|
— |
|
|
|
(222,270 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
|
(48,132 |
) |
|
|
325,916 |
|
|
|
86,552 |
|
|
|
(72,519 |
) |
|
|
291,817 |
|
Interest (expense) income,
net
|
|
|
(16,291 |
) |
|
|
5,489 |
|
|
|
499 |
|
|
|
— |
|
|
|
(10,303 |
) |
Other income (expense),
net
|
|
|
8,221 |
|
|
|
6,954 |
|
|
|
(2,551 |
) |
|
|
— |
|
|
|
(1,284 |
) |
Equity earnings
|
|
|
304,263 |
|
|
|
61,931 |
|
|
|
— |
|
|
|
(366,194 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income tax
|
|
|
248,061 |
|
|
|
386,382 |
|
|
|
84,500 |
|
|
|
(438,713 |
) |
|
|
280,230 |
|
Income tax
expense
|
|
|
(61,094 |
) |
|
|
(10,239 |
) |
|
|
(21,930 |
) |
|
|
— |
|
|
|
(93,263 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Wabtec shareholders
|
|
$ |
186,967 |
|
|
$ |
376,143 |
|
|
$ |
62,570 |
|
|
$ |
(438,713 |
) |
|
$ |
186,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
attributable to Wabtec shareholders
|
|
$ |
186,486 |
|
|
$ |
376,143 |
|
|
$ |
68,868 |
|
|
$ |
(438,713 |
) |
|
$ |
192,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes elimination of
gross profit realized with certain intercompany transactions
between Guarantor and Non-Guarantor subsidiaries. |
Income
Statement for the Nine Months Ended September 30,
2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination(1) |
|
|
Consolidated |
|
Net sales
|
|
$ |
— |
|
|
$ |
1,006,000 |
|
|
$ |
527,089 |
|
|
$ |
(100,091 |
) |
|
$ |
1,432,998 |
|
Cost of sales
|
|
|
(1,282 |
) |
|
|
(645,743 |
) |
|
|
(405,980 |
) |
|
|
43,097 |
|
|
|
(1,009,908 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss)
profit
|
|
|
(1,282 |
) |
|
|
360,257 |
|
|
|
121,109 |
|
|
|
(56,994 |
) |
|
|
423,090 |
|
Operating
expenses
|
|
|
(64,002 |
) |
|
|
(106,670 |
) |
|
|
(54,226 |
) |
|
|
— |
|
|
|
(224,898 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
|
(65,284 |
) |
|
|
253,587 |
|
|
|
66,883 |
|
|
|
(56,994 |
) |
|
|
198,192 |
|
Interest (expense) income,
net
|
|
|
(16,501 |
) |
|
|
3,463 |
|
|
|
1,797 |
|
|
|
— |
|
|
|
(11,241 |
) |
Other income (expense),
net
|
|
|
7,567 |
|
|
|
(816 |
) |
|
|
(8,230 |
) |
|
|
— |
|
|
|
(1,479 |
) |
Equity earnings
|
|
|
231,392 |
|
|
|
49,370 |
|
|
|
— |
|
|
|
(280,762 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income tax
|
|
|
157,174 |
|
|
|
305,604 |
|
|
|
60,450 |
|
|
|
(337,756 |
) |
|
|
185,472 |
|
Income tax
expense
|
|
|
(33,288 |
) |
|
|
(9,897 |
) |
|
|
(18,401 |
) |
|
|
— |
|
|
|
(61,586 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Wabtec shareholders
|
|
$ |
123,866 |
|
|
$ |
295,707 |
|
|
$ |
42,049 |
|
|
$ |
(337,756 |
) |
|
$ |
123,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
attributable to Wabtec shareholders
|
|
$ |
126,663 |
|
|
$ |
295,707 |
|
|
$ |
31,353 |
|
|
$ |
(337,756 |
) |
|
$ |
115,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes elimination of
gross profit realized with certain intercompany transactions
between Guarantor and Non-Guarantor subsidiaries. |
Condensed
Statement of Cash Flows for the Nine Months Ended
September 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Net cash (used for)
provided by operating activities
|
|
$ |
(4,856 |
) |
|
$ |
390,163 |
|
|
$ |
166,931 |
|
|
$ |
(438,713 |
) |
|
$ |
113,525 |
|
Net cash used for investing
activities
|
|
|
(3,841 |
) |
|
|
(22,366 |
) |
|
|
(99,860 |
) |
|
|
— |
|
|
|
(126,067 |
) |
Net cash provided by (used
for) financing activities
|
|
|
9,286 |
|
|
|
(376,199 |
) |
|
|
(62,506 |
) |
|
|
438,713 |
|
|
|
9,294 |
|
Effect of changes in
currency exchange rates
|
|
|
— |
|
|
|
— |
|
|
|
(312 |
) |
|
|
— |
|
|
|
(312 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in
cash
|
|
|
589 |
|
|
|
(8,402 |
) |
|
|
4,253 |
|
|
|
— |
|
|
|
(3,560 |
) |
Cash, beginning of
year
|
|
|
75,621 |
|
|
|
14,024 |
|
|
|
195,970 |
|
|
|
— |
|
|
|
285,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, end of
period
|
|
$ |
76,210 |
|
|
$ |
5,622 |
|
|
$ |
200,223 |
|
|
$ |
— |
|
|
$ |
282,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Statement of Cash Flows for the Nine Months Ended
September 30, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Net cash provided by (used
for) operating activities
|
|
$ |
9,543 |
|
|
$ |
321,525 |
|
|
$ |
106,708 |
|
|
$ |
(337,756 |
) |
|
$ |
100,020 |
|
Net cash used for investing
activities
|
|
|
(4,082 |
) |
|
|
(30,033 |
) |
|
|
(39,548 |
) |
|
|
— |
|
|
|
(73,663 |
) |
Net cash (used for)
provided by financing activities
|
|
|
(33,944 |
) |
|
|
(295,753 |
) |
|
|
(41,923 |
) |
|
|
337,756 |
|
|
|
(33,864 |
) |
Effect of changes in
currency exchange rates
|
|
|
— |
|
|
|
— |
|
|
|
(8,298 |
) |
|
|
— |
|
|
|
(8,298 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease) increase in
cash
|
|
|
(28,483 |
) |
|
|
(4,261 |
) |
|
|
16,939 |
|
|
|
— |
|
|
|
(15,805 |
) |
Cash, beginning of
year
|
|
|
42,714 |
|
|
|
13,226 |
|
|
|
181,001 |
|
|
|
— |
|
|
|
236,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, end of
period
|
|
$ |
14,231 |
|
|
$ |
8,965 |
|
|
$ |
197,940 |
|
|
$ |
— |
|
|
$ |
221,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
Guarantor Subsidiaries Financial Information Disclosure [Text Block]
+ References+ Details
Name: |
wab_GuarantorSubsidiariesFinancialInformationDisclosureTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
GUARANTOR SUBSIDIARIES FINANCIAL INFORMATION (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Guarantor Subsidiaries Balance Sheet |
Balance Sheet
as of September 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Cash and cash
equivalents
|
|
$ |
76,210 |
|
|
$ |
5,622 |
|
|
$ |
200,223 |
|
|
$ |
— |
|
|
$ |
282,055 |
|
Accounts
receivable
|
|
|
75 |
|
|
|
243,220 |
|
|
|
186,935 |
|
|
|
— |
|
|
|
430,230 |
|
Inventories
|
|
|
— |
|
|
|
270,873 |
|
|
|
120,719 |
|
|
|
— |
|
|
|
391,592 |
|
Other current
assets
|
|
|
62,889 |
|
|
|
6,500 |
|
|
|
10,783 |
|
|
|
— |
|
|
|
80,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
139,174 |
|
|
|
526,215 |
|
|
|
518,660 |
|
|
|
— |
|
|
|
1,184,049 |
|
Property, plant and
equipment
|
|
|
4,243 |
|
|
|
125,031 |
|
|
|
99,873 |
|
|
|
— |
|
|
|
229,147 |
|
Goodwill
|
|
|
7,980 |
|
|
|
407,324 |
|
|
|
241,629 |
|
|
|
— |
|
|
|
656,933 |
|
Investment in
subsidiaries
|
|
|
3,070,357 |
|
|
|
193,978 |
|
|
|
— |
|
|
|
(3,264,335 |
) |
|
|
— |
|
Other
intangibles
|
|
|
— |
|
|
|
166,620 |
|
|
|
118,269 |
|
|
|
— |
|
|
|
284,889 |
|
Other long term
assets
|
|
|
(10,340 |
) |
|
|
3,377 |
|
|
|
47,987 |
|
|
|
— |
|
|
|
41,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$ |
3,211,414 |
|
|
$ |
1,422,545 |
|
|
$ |
1,026,418 |
|
|
$ |
(3,264,335 |
) |
|
$ |
2,396,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
$ |
48,977 |
|
|
$ |
326,916 |
|
|
$ |
164,799 |
|
|
$ |
— |
|
|
$ |
540,692 |
|
Inter-company
|
|
|
1,427,896 |
|
|
|
(1,588,017 |
) |
|
|
160,121 |
|
|
|
— |
|
|
|
— |
|
Long-term debt
|
|
|
432,000 |
|
|
|
175 |
|
|
|
679 |
|
|
|
— |
|
|
|
432,854 |
|
Other long term
liabilities
|
|
|
71,524 |
|
|
|
31,658 |
|
|
|
88,297 |
|
|
|
— |
|
|
|
191,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
1,980,397 |
|
|
|
(1,229,268 |
) |
|
|
413,896 |
|
|
|
— |
|
|
|
1,165,025 |
|
Stockholders’
equity
|
|
|
1,231,017 |
|
|
|
2,651,813 |
|
|
|
612,522 |
|
|
|
(3,264,335 |
) |
|
|
1,231,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders’ Equity
|
|
$ |
3,211,414 |
|
|
$ |
1,422,545 |
|
|
$ |
1,026,418 |
|
|
$ |
(3,264,335 |
) |
|
$ |
2,396,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
as of December 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Cash and cash
equivalents
|
|
$ |
75,621 |
|
|
$ |
14,024 |
|
|
$ |
195,970 |
|
|
$ |
— |
|
|
$ |
285,615 |
|
Accounts
receivable
|
|
|
186 |
|
|
|
196,909 |
|
|
|
149,186 |
|
|
|
— |
|
|
|
346,281 |
|
Inventories
|
|
|
— |
|
|
|
250,280 |
|
|
|
97,894 |
|
|
|
— |
|
|
|
348,174 |
|
Other current
assets
|
|
|
59,990 |
|
|
|
5,989 |
|
|
|
9,733 |
|
|
|
— |
|
|
|
75,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current
assets
|
|
|
135,797 |
|
|
|
467,202 |
|
|
|
452,783 |
|
|
|
— |
|
|
|
1,055,782 |
|
Property, plant and
equipment, net
|
|
|
3,655 |
|
|
|
123,182 |
|
|
|
95,185 |
|
|
|
— |
|
|
|
222,022 |
|
Goodwill
|
|
|
7,980 |
|
|
|
399,419 |
|
|
|
180,132 |
|
|
|
— |
|
|
|
587,531 |
|
Investment in
subsidiaries
|
|
|
2,675,378 |
|
|
|
183,357 |
|
|
|
— |
|
|
|
(2,858,735 |
) |
|
|
— |
|
Other intangibles,
net
|
|
|
— |
|
|
|
174,351 |
|
|
|
83,004 |
|
|
|
— |
|
|
|
257,355 |
|
Other long term
assets
|
|
|
(9,946 |
) |
|
|
5,640 |
|
|
|
40,569 |
|
|
|
— |
|
|
|
36,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
2,812,864 |
|
|
$ |
1,353,151 |
|
|
$ |
851,673 |
|
|
$ |
(2,858,735 |
) |
|
$ |
2,158,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
$ |
72,396 |
|
|
$ |
282,671 |
|
|
$ |
186,318 |
|
|
|
— |
|
|
$ |
541,385 |
|
Intercompany
|
|
|
1,222,650 |
|
|
|
(1,303,441 |
) |
|
|
80,791 |
|
|
|
— |
|
|
|
— |
|
Long-term debt
|
|
|
395,000 |
|
|
|
198 |
|
|
|
607 |
|
|
|
— |
|
|
|
395,805 |
|
Other long term
liabilities
|
|
|
75,174 |
|
|
|
33,790 |
|
|
|
65,155 |
|
|
|
— |
|
|
|
174,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
|
1,765,220 |
|
|
|
(986,782 |
) |
|
|
332,871 |
|
|
|
— |
|
|
|
1,111,309 |
|
Stockholders’
equity
|
|
|
1,047,644 |
|
|
|
2,339,933 |
|
|
|
518,802 |
|
|
|
(2,858,735 |
) |
|
|
1,047,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders’ Equity
|
|
$ |
2,812,864 |
|
|
$ |
1,353,151 |
|
|
$ |
851,673 |
|
|
$ |
(2,858,735 |
) |
|
$ |
2,158,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guarantor Subsidiaries Income Statement |
Income
Statement for the Three Months Ended September 30,
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination(1) |
|
|
Consolidated |
|
Net sales
|
|
$ |
— |
|
|
$ |
405,624 |
|
|
$ |
219,621 |
|
|
$ |
(37,652 |
) |
|
$ |
587,593 |
|
Cost of sales
|
|
|
(428 |
) |
|
|
(264,211 |
) |
|
|
(169,652 |
) |
|
|
17,977 |
|
|
|
(416,314 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss)
profit
|
|
|
(428 |
) |
|
|
141,413 |
|
|
|
49,969 |
|
|
|
(19,675 |
) |
|
|
171,279 |
|
Operating
expenses
|
|
|
(14,584 |
) |
|
|
(37,786 |
) |
|
|
(22,067 |
) |
|
|
— |
|
|
|
(74,437 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
|
(15,012 |
) |
|
|
103,627 |
|
|
|
27,902 |
|
|
|
(19,675 |
) |
|
|
96,842 |
|
Interest (expense) income,
net
|
|
|
(5,459 |
) |
|
|
3,305 |
|
|
|
(916 |
) |
|
|
— |
|
|
|
(3,070 |
) |
Other income (expense),
net
|
|
|
100 |
|
|
|
(860 |
) |
|
|
(633 |
) |
|
|
— |
|
|
|
(1,393 |
) |
Equity earnings
|
|
|
102,624 |
|
|
|
24,971 |
|
|
|
— |
|
|
|
(127,595 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income tax
|
|
|
82,253 |
|
|
|
131,043 |
|
|
|
26,353 |
|
|
|
(147,270 |
) |
|
|
92,379 |
|
Income tax
expense
|
|
|
(19,259 |
) |
|
|
(3,428 |
) |
|
|
(6,698 |
) |
|
|
— |
|
|
|
(29,385 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Wabtec shareholders
|
|
$ |
62,994 |
|
|
$ |
127,615 |
|
|
$ |
19,655 |
|
|
$ |
(147,270 |
) |
|
$ |
62,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
attributable to Wabtec shareholders
|
|
$ |
62,296 |
|
|
$ |
127,615 |
|
|
$ |
31,571 |
|
|
$ |
(147,270 |
) |
|
$ |
74,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes elimination of
gross profit realized with certain intercompany transactions
between Guarantor and Non-Guarantor subsidiaries. |
Income
Statement for the Three Months Ended September 30,
2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination(1) |
|
|
Consolidated |
|
Net sales
|
|
$ |
— |
|
|
$ |
352,493 |
|
|
$ |
182,465 |
|
|
$ |
(36,118 |
) |
|
$ |
498,840 |
|
Cost of sales
|
|
|
(903 |
) |
|
|
(216,913 |
) |
|
|
(147,007 |
) |
|
|
13,134 |
|
|
|
(351,689 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
(loss) profit
|
|
|
(903 |
) |
|
|
135,580 |
|
|
|
35,458 |
|
|
|
(22,984 |
) |
|
|
147,151 |
|
Operating
expenses
|
|
|
(16,021 |
) |
|
|
(37,922 |
) |
|
|
(17,755 |
) |
|
|
— |
|
|
|
(71,698 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
|
(16,924 |
) |
|
|
97,658 |
|
|
|
17,703 |
|
|
|
(22,984 |
) |
|
|
75,453 |
|
Interest (expense) income,
net
|
|
|
(5,538 |
) |
|
|
1,178 |
|
|
|
596 |
|
|
|
— |
|
|
|
(3,764 |
) |
Other income (expense),
net
|
|
|
173 |
|
|
|
211 |
|
|
|
(1,913 |
) |
|
|
— |
|
|
|
(1,529 |
) |
Equity earnings
|
|
|
82,561 |
|
|
|
21,337 |
|
|
|
— |
|
|
|
(103,898 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income tax
|
|
|
60,272 |
|
|
|
120,384 |
|
|
|
16,386 |
|
|
|
(126,882 |
) |
|
|
70,160 |
|
Income tax
expense
|
|
|
(13,672 |
) |
|
|
(2,868 |
) |
|
|
(7,020 |
) |
|
|
— |
|
|
|
(23,560 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Wabtec shareholders
|
|
$ |
46,600 |
|
|
$ |
117,516 |
|
|
$ |
9,366 |
|
|
$ |
(126,882 |
) |
|
$ |
46,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
attributable to Wabtec shareholders
|
|
$ |
48,788 |
|
|
$ |
117,516 |
|
|
$ |
(28,426 |
) |
|
$ |
(126,882 |
) |
|
$ |
10,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes elimination of
gross profit realized with certain intercompany transactions
between Guarantor and Non-Guarantor subsidiaries. |
Income
Statement for the Nine Months Ended September 30,
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination(1) |
|
|
Consolidated |
|
Net sales
|
|
$ |
— |
|
|
$ |
1,251,666 |
|
|
$ |
653,230 |
|
|
$ |
(124,174 |
) |
|
$ |
1,780,722 |
|
Cost of sales
|
|
|
(776 |
) |
|
|
(810,101 |
) |
|
|
(507,413 |
) |
|
|
51,655 |
|
|
|
(1,266,635 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross (loss)
profit
|
|
|
(776 |
) |
|
|
441,565 |
|
|
|
145,817 |
|
|
|
(72,519 |
) |
|
|
514,087 |
|
Operating
expenses
|
|
|
(47,356 |
) |
|
|
(115,649 |
) |
|
|
(59,265 |
) |
|
|
— |
|
|
|
(222,270 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
|
(48,132 |
) |
|
|
325,916 |
|
|
|
86,552 |
|
|
|
(72,519 |
) |
|
|
291,817 |
|
Interest (expense) income,
net
|
|
|
(16,291 |
) |
|
|
5,489 |
|
|
|
499 |
|
|
|
— |
|
|
|
(10,303 |
) |
Other income (expense),
net
|
|
|
8,221 |
|
|
|
6,954 |
|
|
|
(2,551 |
) |
|
|
— |
|
|
|
(1,284 |
) |
Equity earnings
|
|
|
304,263 |
|
|
|
61,931 |
|
|
|
— |
|
|
|
(366,194 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income tax
|
|
|
248,061 |
|
|
|
386,382 |
|
|
|
84,500 |
|
|
|
(438,713 |
) |
|
|
280,230 |
|
Income tax
expense
|
|
|
(61,094 |
) |
|
|
(10,239 |
) |
|
|
(21,930 |
) |
|
|
— |
|
|
|
(93,263 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Wabtec shareholders
|
|
$ |
186,967 |
|
|
$ |
376,143 |
|
|
$ |
62,570 |
|
|
$ |
(438,713 |
) |
|
$ |
186,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
attributable to Wabtec shareholders
|
|
$ |
186,486 |
|
|
$ |
376,143 |
|
|
$ |
68,868 |
|
|
$ |
(438,713 |
) |
|
$ |
192,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes elimination of
gross profit realized with certain intercompany transactions
between Guarantor and Non-Guarantor subsidiaries. |
Income
Statement for the Nine Months Ended September 30,
2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination(1) |
|
|
Consolidated |
|
Net sales
|
|
$ |
— |
|
|
$ |
1,006,000 |
|
|
$ |
527,089 |
|
|
$ |
(100,091 |
) |
|
$ |
1,432,998 |
|
Cost of sales
|
|
|
(1,282 |
) |
|
|
(645,743 |
) |
|
|
(405,980 |
) |
|
|
43,097 |
|
|
|
(1,009,908 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
(loss)
|
|
|
(1,282 |
) |
|
|
360,257 |
|
|
|
121,109 |
|
|
|
(56,994 |
) |
|
|
423,090 |
|
Operating
expenses
|
|
|
(64,002 |
) |
|
|
(106,670 |
) |
|
|
(54,226 |
) |
|
|
— |
|
|
|
(224,898 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss)
profit
|
|
|
(65,284 |
) |
|
|
253,587 |
|
|
|
66,883 |
|
|
|
(56,994 |
) |
|
|
198,192 |
|
Interest (expense) income,
net
|
|
|
(16,501 |
) |
|
|
3,463 |
|
|
|
1,797 |
|
|
|
— |
|
|
|
(11,241 |
) |
Other income (expense),
net
|
|
|
7,567 |
|
|
|
(816 |
) |
|
|
(8,230 |
) |
|
|
— |
|
|
|
(1,479 |
) |
Equity earnings
|
|
|
231,392 |
|
|
|
49,370 |
|
|
|
— |
|
|
|
(280,762 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income tax
|
|
|
157,174 |
|
|
|
305,604 |
|
|
|
60,450 |
|
|
|
(337,756 |
) |
|
|
185,472 |
|
Income tax
expense
|
|
|
(33,288 |
) |
|
|
(9,897 |
) |
|
|
(18,401 |
) |
|
|
— |
|
|
|
(61,586 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Wabtec shareholders
|
|
$ |
123,866 |
|
|
$ |
295,707 |
|
|
$ |
42,049 |
|
|
$ |
(337,756 |
) |
|
$ |
123,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss)
attributable to Wabtec shareholders
|
|
$ |
126,663 |
|
|
$ |
295,707 |
|
|
$ |
31,353 |
|
|
$ |
(337,756 |
) |
|
$ |
115,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes elimination of
gross profit realized with certain intercompany transactions
between Guarantor and Non-Guarantor subsidiaries. |
|
Guarantor Subsidiaries Condensed Statement of Cash Flows |
Condensed
Statement of Cash Flows for the Nine Months Ended
September 30, 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Net cash (used for)
provided by operating activities
|
|
$ |
(4,856) |
|
|
$ |
390,163 |
|
|
$ |
166,931 |
|
|
$ |
(438,713 |
) |
|
$ |
113,525 |
|
Net cash used for investing
activities
|
|
|
(3,841 |
) |
|
|
(22,366 |
) |
|
|
(99,860 |
) |
|
|
— |
|
|
|
(126,067 |
) |
Net cash provided by (used
for) financing activities
|
|
|
9,286 |
|
|
|
(376,199 |
) |
|
|
(62,506 |
) |
|
|
438,713 |
|
|
|
9,294 |
|
Effect of changes in
currency exchange rates
|
|
|
— |
|
|
|
— |
|
|
|
(312 |
) |
|
|
— |
|
|
|
(312 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in
cash
|
|
|
589 |
|
|
|
(8,402 |
) |
|
|
4,253 |
|
|
|
— |
|
|
|
(3,560 |
) |
Cash, beginning of
year
|
|
|
75,621 |
|
|
|
14,024 |
|
|
|
195,970 |
|
|
|
— |
|
|
|
285,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, end of
period
|
|
$ |
76,210 |
|
|
$ |
5,622 |
|
|
$ |
200,223 |
|
|
$ |
— |
|
|
$ |
282,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Statement of Cash Flows for the Nine Months Ended
September 30, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Parent |
|
|
Guarantors |
|
|
Non-Guarantors |
|
|
Elimination |
|
|
Consolidated |
|
Net cash provided by (used
for) operating activities
|
|
$ |
9,543 |
|
|
$ |
321,525 |
|
|
$ |
106,708 |
|
|
$ |
(337,756 |
) |
|
$ |
100,020 |
|
Net cash used for investing
activities
|
|
|
(4,082 |
) |
|
|
(30,033 |
) |
|
|
(39,548 |
) |
|
|
— |
|
|
|
(73,663 |
) |
Net cash (used for)
provided by financing activities
|
|
|
(33,944 |
) |
|
|
(295,753 |
) |
|
|
(41,923 |
) |
|
|
337,756 |
|
|
|
(33,864 |
) |
Effect of changes in
currency exchange rates
|
|
|
— |
|
|
|
— |
|
|
|
(8,298 |
) |
|
|
— |
|
|
|
(8,298 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Decrease) increase in
cash
|
|
|
(28,483 |
) |
|
|
(4,261 |
) |
|
|
16,939 |
|
|
|
— |
|
|
|
(15,805 |
) |
Cash, beginning of
year
|
|
|
42,714 |
|
|
|
13,226 |
|
|
|
181,001 |
|
|
|
— |
|
|
|
236,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, end of
period
|
|
$ |
14,231 |
|
|
$ |
8,965 |
|
|
$ |
197,940 |
|
|
$ |
— |
|
|
$ |
221,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
Disclosure of the condensed consolidating balance sheet normally using the registrant (parent) as the sole domain member.
+ References+ Details
Name: |
wab_ScheduleOfCondensedConsolidatingBalanceSheetTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Disclosure of the condensed statement of cash flows normally using the registrant (parent) as the sole domain member.
+ References+ Details
Name: |
wab_ScheduleOfCondensedConsolidatingStatementOfCashFlowsTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Disclosure of the condensed statement of operations normally using the registrant (parent) as the sole domain member.
+ References+ Details
Name: |
wab_ScheduleOfCondensedConsolidatingStatementOfOperationsTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2012
|
Basis Of Presentation |
Basis of
Presentation The unaudited condensed consolidated interim
financial statements have been prepared in accordance with
generally accepted accounting principles and the rules and
regulations of the Securities and Exchange Commission and include
the accounts of Wabtec and its majority owned subsidiaries. These
condensed consolidated interim financial statements do not include
all of the information and footnotes required for complete
financial statements. In Management’s opinion, these
financial statements reflect all adjustments of a normal, recurring
nature necessary for a fair presentation of the results for the
interim periods presented. Results for these interim periods are
not necessarily indicative of results to be expected for the full
year.
The Company
operates on a four-four-five week accounting quarter, and the
quarters end on or about
March 31, June 30, September 30 and
December 31.
The notes
included herein should be read in conjunction with the audited
consolidated financial statements included in Wabtec’s Annual
Report on Form 10-K for the year ended December 31, 2011. The
December 31, 2011 information has been derived from the
Company’s Annual Report on Form 10-K for the year ended
December 31, 2011.
|
Reclassifiactions |
Reclassifications Certain prior year amounts have been reclassified where
necessary to conform to the current year
presentation. |
Revenue Recognition |
Revenue
Recognition Revenue is recognized in accordance with
Accounting Standards Codification (“ASC”) 605
“Revenue Recognition”. Revenue is recognized when
products have been shipped to the respective customers, title has
passed and the price for the product has been
determined.
In general, the
Company recognizes revenues on long-term contracts based on the
percentage of completion method of accounting. The
units-of-delivery method or other input-based or output-based
measures, as appropriate, are used to measure the progress toward
completion of individual contracts. Contract revenues and cost
estimates are reviewed and revised at a minimum quarterly and
adjustments are reflected in the accounting period as such amounts
are determined. Provisions are made currently for estimated losses
on uncompleted contracts. Unbilled accounts receivables were
$92.5 million and $58.9, customer deposits were $104.4
million and $72.8, and provisions for loss contracts were
$9.9 million and $9.3 million at September 30, 2012 and
December 31, 2011, respectively.
Certain
pre-production costs relating to long-term production and supply
contracts have been deferred and will be recognized over the life
of the contracts. Deferred pre-production costs were $16.4 million
and $15.4 million at September 30, 2012 and December 31,
2011, respectively.
|
Use Of Estimates |
Use of
Estimates The preparation of financial statements in
conformity with generally accepted accounting principles in the
United States requires the Company to make estimates and
assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and reported
amounts of revenues and expenses during the reporting period.
Actual amounts could differ from the estimates. On an ongoing
basis, management reviews its estimates based on currently
available information. Changes in facts and circumstances may
result in revised estimates.
|
Stock-Based Compensation |
Stock-Based Compensation The Company recognizes
compensation expense for stock-based compensation based on the
grant date fair value amortized ratably over the requisite service
period following the date of grant.
|
Financial Derivatives and Hedging Activities |
Financial
Derivatives and Hedging Activities The Company has
periodically entered into foreign currency forward contracts to
reduce the impact of changes in currency exchange rates. Forward
contracts are agreements with a counter-party to exchange two
distinct currencies at a set exchange rate for delivery on a set
date at some point in the future. There is no exchange of funds
until the delivery date. At the delivery date the Company can
either take delivery of the currency or settle on a net basis. At
September 30, 2012, the Company had no forward
contracts.
To reduce the
impact of interest rate changes on a portion of its variable-rate
debt, the Company entered into interest rate swaps which
effectively converted a portion of the debt from variable to
fixed-rate borrowings during the term of the swap contracts. The
Company is exposed to credit risk in the event of nonperformance by
the counterparties. However, since only the cash interest payments
are exchanged, exposure is significantly less than the notional
amount. The counterparties are large financial institutions with
excellent credit ratings and history of performance. The Company
currently believes the risk of nonperformance is negligible. The
Company concluded that these interest rate swap agreements qualify
for cash flow hedge accounting which permits the recording of the
fair value of the interest rate swap agreements and corresponding
adjustment to other comprehensive income (loss), net of tax, on the
balance sheet.
Effective
September 30, 2012, the Company had interest rate swap
agreements with a notional amount of $107.0 million and which
effectively changed the Company’s interest rate on bank debt
at September 30, 2012 from a variable rate to a fixed rate of
1.82%. The interest rate swap agreements mature on
December 31, 2012. As of September 30, 2012, the Company
has recorded a current liability of $0.4 million and a
corresponding offset in accumulated other comprehensive loss of
$0.3 million, net of tax, related to these agreements. Also, the
Company entered into a forward starting interest rate swap
agreement with a notional value of $150.0 million. Effective
July 31, 2013, with a termination date of November 7,
2016, this interest rate swap agreement will convert a portion of
the Company’s then outstanding debt from a variable rate to a
fixed-rate borrowing. During the term of the interest rate swap
agreement the interest rate on the notional value will be fixed at
1.415% plus the Alternate Rate margin. As of
September 30, 2012, the Company has recorded a current
liability of $4.1 million and a corresponding offset in accumulated
other comprehensive loss of $2.5 million, net of tax, related to
this agreement.
|
Foreign Currency Translation |
Foreign
Currency Translation Assets and liabilities of foreign
subsidiaries, except for the Company’s Mexican operations
whose functional currency is the U.S. Dollar, are translated
at the rate of exchange in effect on the balance sheet date while
income and expenses are translated at the average rates of exchange
prevailing during the year. Foreign currency gains and losses
resulting from transactions, and the translation of financial
statements are recorded in the Company’s consolidated
financial statements based upon the provisions of ASC 830
“Foreign Currency Matters.” The effects of currency
exchange rate changes on intercompany transactions and balances of
a long-term investment nature are accumulated and carried as a
component of accumulated other comprehensive loss. The effects of
currency exchange rate changes on intercompany transactions that
are denominated in a currency other than an entity’s
functional currency are charged or credited to earnings. Foreign
exchange transaction losses recognized in other income (expense),
net were $1.4 million and $1.8 million for the three months ended
September 30, 2012 and 2011, respectively. Foreign exchange
transaction losses recognized in other income (expense), net were
$0.4 million and $2.1 million for the nine months ended
September 30, 2012 and 2011, respectively.
|
Non-controlling Interests |
Non-controlling Interests In accordance with ASC
810, the Company has classified non-controlling interests as equity
on our condensed consolidated balance sheets as of
September 30, 2012 and December 31, 2011. Net income
attributable to non-controlling interests for the three and nine
months ended September 30, 2012 and 2011 was not
material.
|
Other Comprehensive Income |
Other
Comprehensive Income Comprehensive income is defined as net
income and all other non-owner changes in shareholders’
equity.
The components
of accumulated other comprehensive loss were:
|
|
|
|
|
|
|
|
|
In
thousands
|
|
September 30,
2012 |
|
|
December 31,
2011 |
|
Foreign currency
translation loss
|
|
$ |
3,851 |
|
|
$ |
(2,447 |
) |
Unrealized loss on interest
rate swap contracts, net of tax
|
|
|
(2,722 |
) |
|
|
(871 |
) |
Pension benefit plans and
post retirement benefit plans, net of tax
|
|
|
(56,209 |
) |
|
|
(57,579 |
) |
|
|
|
|
|
|
|
|
|
Total accumulated
comprehensive loss
|
|
$ |
(55,080 |
) |
|
$ |
(60,897 |
) |
|
|
|
|
|
|
|
|
|
|
X |
- Definition
Disclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 4, 9-15, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b),(f(1))
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 9, 11, 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_CompensationRelatedCostsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Disclosure of accounting policy for its derivative instruments and hedging activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph n
-Article 4
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 39
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41675-113959
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690
+ Details
Name: |
us-gaap_DerivativesPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=2175892
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 5, 7-20, 80
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2175856
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2175826
+ Details
Name: |
us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755
+ Details
Name: |
us-gaap_PriorPeriodReclassificationAdjustmentDescription |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 605
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 13.B.Q1)
-URI http://asc.fasb.org/extlink&oid=6600647&loc=d3e214044-122780
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 22
-Paragraph 8, 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18823-107790
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18726-107790
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 13
-Section B
-Paragraph Question 1
+ Details
Name: |
us-gaap_RevenueRecognitionPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Basis of Presentation Policy [Text Block]
+ References+ Details
Name: |
wab_BasisOfPresentationPolicyTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Non-controlling Interests Policy [Text Block]
+ References+ Details
Name: |
wab_NoncontrollingInterestsPolicyTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Other Comprehensive Income Policy [Text Block]
+ References+ Details
Name: |
wab_OtherComprehensiveIncomePolicyTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
+ References+ Details
Name: |
wab_UseOfEstimatesPolicyTextBlock |
Namespace Prefix: |
wab_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Guarantor Subsidiaries Income Statement (Detail) (USD $) In Thousands, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Net sales |
$ 587,593 |
$ 498,840 |
$ 1,780,722 |
$ 1,432,998 |
Cost of sales |
(416,314) |
(351,689) |
(1,266,635) |
(1,009,908) |
Gross (loss) profit |
171,279 |
147,151 |
514,087 |
423,090 |
Operating expenses |
(74,437) |
(71,698) |
(222,270) |
(224,898) |
Operating (loss) profit |
96,842 |
75,453 |
291,817 |
198,192 |
Interest (expense) income, net |
(3,070) |
(3,764) |
(10,303) |
(11,241) |
Other income (expense), net |
(1,393) |
(1,529) |
(1,284) |
(1,479) |
Income (loss) from operations before income tax |
92,379 |
70,160 |
280,230 |
185,472 |
Income tax expense |
(29,385) |
(23,560) |
(93,263) |
(61,586) |
Net income (loss) attributable to Wabtec shareholders |
62,994 |
46,600 |
186,967 |
123,886 |
Comprehensive income (loss) attributable to Wabtec shareholders |
74,212 |
10,996 |
192,784 |
115,967 |
Parent Company [Member]
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Cost of sales |
(428) |
(903) |
(776) |
(1,282) |
Gross (loss) profit |
(428) |
(903) |
(776) |
(1,282) |
Operating expenses |
(14,584) |
(16,021) |
(47,356) |
(64,002) |
Operating (loss) profit |
(15,012) |
(16,924) |
(48,132) |
(65,284) |
Interest (expense) income, net |
(5,459) |
(5,538) |
(16,291) |
(16,501) |
Other income (expense), net |
100 |
173 |
8,221 |
7,567 |
Equity earnings |
102,624 |
82,561 |
304,263 |
231,392 |
Income (loss) from operations before income tax |
82,253 |
60,272 |
248,061 |
157,174 |
Income tax expense |
(19,259) |
(13,672) |
(61,094) |
(33,288) |
Net income (loss) attributable to Wabtec shareholders |
62,994 |
46,600 |
186,967 |
123,866 |
Comprehensive income (loss) attributable to Wabtec shareholders |
62,296 |
48,788 |
186,486 |
126,663 |
Guarantor Subsidiaries [Member]
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Net sales |
405,624 |
352,493 |
1,251,666 |
1,006,000 |
Cost of sales |
(264,211) |
(216,913) |
(810,101) |
(645,743) |
Gross (loss) profit |
141,413 |
135,580 |
441,565 |
360,257 |
Operating expenses |
(37,786) |
(37,922) |
(115,649) |
(106,670) |
Operating (loss) profit |
103,627 |
97,658 |
325,916 |
253,587 |
Interest (expense) income, net |
3,305 |
1,178 |
5,489 |
3,463 |
Other income (expense), net |
(860) |
211 |
(6,954) |
(816) |
Equity earnings |
24,971 |
21,337 |
61,931 |
49,370 |
Income (loss) from operations before income tax |
131,043 |
120,384 |
386,382 |
305,604 |
Income tax expense |
(3,428) |
(2,868) |
(10,239) |
(9,897) |
Net income (loss) attributable to Wabtec shareholders |
127,615 |
117,516 |
376,143 |
295,707 |
Comprehensive income (loss) attributable to Wabtec shareholders |
127,615 |
117,516 |
376,143 |
295,707 |
Non-Guarantor Subsidiaries [Member]
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Net sales |
219,621 |
182,465 |
653,230 |
527,089 |
Cost of sales |
(169,652) |
(147,007) |
(507,413) |
(405,980) |
Gross (loss) profit |
49,969 |
35,458 |
145,817 |
121,109 |
Operating expenses |
(22,067) |
(17,755) |
(59,265) |
(54,226) |
Operating (loss) profit |
27,902 |
17,703 |
86,552 |
66,883 |
Interest (expense) income, net |
(916) |
596 |
499 |
1,797 |
Other income (expense), net |
(633) |
(1,913) |
(2,551) |
(8,230) |
Income (loss) from operations before income tax |
26,353 |
16,386 |
84,500 |
60,450 |
Income tax expense |
(6,698) |
(7,020) |
(21,930) |
(18,401) |
Net income (loss) attributable to Wabtec shareholders |
19,655 |
9,366 |
62,570 |
42,049 |
Comprehensive income (loss) attributable to Wabtec shareholders |
31,571 |
(28,426) |
68,868 |
31,353 |
Elimination [Member]
|
|
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
|
|
Net sales |
(37,652) |
(36,118) |
(124,174) |
(100,091) |
Cost of sales |
17,977 |
13,134 |
51,655 |
43,097 |
Gross (loss) profit |
(19,675) |
(22,984) |
(72,519) |
(56,994) |
Operating (loss) profit |
(19,675) |
(22,984) |
(72,519) |
(56,994) |
Equity earnings |
(127,595) |
(103,898) |
(366,194) |
(280,762) |
Income (loss) from operations before income tax |
(147,270) |
(126,882) |
(438,713) |
(337,756) |
Net income (loss) attributable to Wabtec shareholders |
(147,270) |
(126,882) |
(438,713) |
(337,756) |
Comprehensive income (loss) attributable to Wabtec shareholders |
$ (147,270) |
$ (126,882) |
$ (438,713) |
$ (337,756) |
X |
- Details
Name: |
us-gaap_CondensedFinancialStatementsCaptionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 2
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2(a),(d))
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
+ Details
Name: |
us-gaap_CostOfGoodsAndServicesSold |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1,2)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
+ Details
Name: |
us-gaap_GrossProfit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.12)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 9
-Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 11
-Article 7
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=16385135&loc=d3e33749-111570
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 6
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 19
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_IncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The net amount of operating interest income (expense).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.10)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 10
-Article 9
+ Details
Name: |
us-gaap_InterestIncomeExpenseNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580
Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A
Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References+ Details
Name: |
us-gaap_OperatingExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The net result for the period of deducting operating expenses from operating revenues.
+ References+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
Net of tax amount of other comprehensive income (loss) attributable to the parent entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 9
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
+ Details
Name: |
us-gaap_OtherNonoperatingIncomeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 1
-Article 5
+ Details
Name: |
us-gaap_SalesRevenueNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)
|
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Cash dividends, per share |
$ 0.11 |
$ 0.05 |
X |
- Definition
Aggregate dividends paid during the period for each share of common stock outstanding.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770
+ Details
Name: |
us-gaap_CommonStockDividendsPerShareCashPaid |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
|
Sep. 30, 2012
|
Dec. 31, 2011
|
Preferred stock, authorized |
1,000,000 |
1,000,000 |
Preferred stock, shares issued |
0 |
0 |
Common stock, par value |
$ 0.01 |
$ 0.01 |
Common stock, shares authorized |
100,000,000 |
100,000,000 |
Common stock, shares issued |
66,174,767 |
66,174,767 |
Common stock, shares outstanding |
47,887,204 |
47,946,360 |
Treasury stock, shares |
18,287,563 |
18,228,407 |
X |
- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details
Name: |
us-gaap_CommonStockParOrStatedValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details
Name: |
us-gaap_CommonStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
+ Details
Name: |
us-gaap_CommonStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_PreferredStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_PreferredStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.28,29)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30
-Article 5
+ Details
Name: |
us-gaap_TreasuryStockShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
v2.4.0.6
EARNINGS PER SHARE
|
9 Months Ended |
Sep. 30, 2012
|
EARNINGS PER SHARE |
10. EARNINGS PER
SHARE
The computation
of basic and diluted earnings per share for net income attributable
to Wabtec shareholders is as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September
30, |
|
In
thousands, except per share
|
|
2012 |
|
|
2011 |
|
Numerator
|
|
|
|
|
|
|
|
|
Numerator for basic and
diluted earnings per common share—net income attributable to
Wabtec shareholders
|
|
$ |
62,994 |
|
|
$ |
46,600 |
|
Less: dividends
declared—common shares and non-vested restricted
stock
|
|
|
(2,376 |
) |
|
|
(1,442 |
) |
|
|
|
|
|
|
|
|
|
Undistributed
earnings
|
|
|
60,618 |
|
|
|
45,158 |
|
Percentage allocated to
common shareholders(1)
|
|
|
99.5 |
% |
|
|
99.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
60,315 |
|
|
|
44,932 |
|
Add: dividends
declared—common shares
|
|
|
2,364 |
|
|
|
1,435 |
|
|
|
|
|
|
|
|
|
|
Numerator for basic and
diluted earnings per common share
|
|
$ |
62,679 |
|
|
$ |
46,366 |
|
|
|
|
|
|
|
|
|
|
Denominator
|
|
|
|
|
|
|
|
|
Denominator for basic
earnings per common share—weighted-average shares
|
|
|
47,643 |
|
|
|
47,874 |
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
Assumed conversion of
dilutive stock-based compensation plans
|
|
|
628 |
|
|
|
492 |
|
|
|
|
|
|
|
|
|
|
Denominator for diluted
earnings per common share—adjusted weighted-average shares
and assumed conversion
|
|
|
48,271 |
|
|
|
48,365 |
|
|
|
|
|
|
|
|
|
|
Net income per common
share attributable to Wabtec shareholders
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
1.32 |
|
|
$ |
0.97 |
|
Diluted
|
|
$ |
1.30 |
|
|
$ |
0.96 |
|
(1) Basic weighted-average
common shares outstanding
|
|
|
47,643 |
|
|
|
47,874 |
|
Basic weighted-average
common shares outstanding and non-vested restricted stock expected
to vest
|
|
|
47,874 |
|
|
|
48,123 |
|
Percentage allocated to
common shareholders
|
|
|
99.5 |
% |
|
|
99.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September
30, |
|
In
thousands, except per share
|
|
2012 |
|
|
2011 |
|
Numerator
|
|
|
|
|
|
|
|
|
Numerator for basic and
diluted earnings per common share—net income attributable to
Wabtec shareholders
|
|
$ |
186,967 |
|
|
$ |
123,886 |
|
Less: dividends
declared—common shares and non-vested restricted
stock
|
|
|
(5,25 |
6) |
|
|
(2,407 |
) |
|
|
|
|
|
|
|
|
|
Undistributed
earnings
|
|
|
181,711 |
|
|
|
121,479 |
|
Percentage allocated to
common shareholders(1)
|
|
|
99.5 |
% |
|
|
99.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
180,802 |
|
|
|
120,872 |
|
Add: dividends
declared—common shares
|
|
|
5,229 |
|
|
|
2,395 |
|
|
|
|
|
|
|
|
|
|
Numerator for basic and
diluted earnings per common share
|
|
$ |
186,031 |
|
|
$ |
123,267 |
|
|
|
|
|
|
|
|
|
|
Denominator
|
|
|
|
|
|
|
|
|
Denominator for basic
earnings per common share—weighted-average shares
|
|
|
47,732 |
|
|
|
47,827 |
|
Effect of dilutive
securities:
|
|
|
|
|
|
|
|
|
Assumed conversion of
dilutive stock-based compensation plans
|
|
|
628 |
|
|
|
500 |
|
|
|
|
|
|
|
|
|
|
Denominator for diluted
earnings per common share—adjusted weighted-average shares
and assumed conversion
|
|
|
48,360 |
|
|
|
48,327 |
|
|
|
|
|
|
|
|
|
|
Net income per common
share attributable to Wabtec shareholders
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
3.90 |
|
|
$ |
2.58 |
|
Diluted
|
|
$ |
3.85 |
|
|
$ |
2.56 |
|
(1) Basic weighted-average
common shares outstanding
|
|
|
47,732 |
|
|
|
47,827 |
|
Basic weighted-average
common shares outstanding and non-vested restricted stock expected
to vest
|
|
|
47,977 |
|
|
|
48,064 |
|
Percentage allocated to
common shareholders
|
|
|
99.5 |
% |
|
|
99.5 |
% |
The
Company’s non-vested restricted stock contains rights to
receive nonforfeitable dividends, and thus, are participating
securities requiring the two-class method of computing earnings per
share. The calculation of earnings per share for common stock shown
above excludes the income attributable to the non-vested restricted
stock from the numerator and excludes the dilutive impact of those
shares from the denominator.
|
X |
- Definition
The entire disclosure for earnings per share.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
+ Details
Name: |
us-gaap_EarningsPerShareTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
X |
- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document.
+ References+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
End date of current fiscal year in the format --MM-DD.
+ References+ Details
Name: |
dei_CurrentFiscalYearEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gMonthDayItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.
+ References+ Details
Name: |
dei_DocumentFiscalPeriodFocus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fiscalPeriodItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References+ Details
Name: |
dei_DocumentFiscalYearFocus |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.
+ References+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".
+ References+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12b
-Subsection 1
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References+ Details
Name: |
dei_EntityCommonStockSharesOutstanding |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References+ Details
Name: |
dei_EntityFilerCategory |
Namespace Prefix: |
dei_ |
Data Type: |
dei:filerCategoryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation 12B
-Number 240
-Section 12b
-Subsection 1
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
WARRANTIES
|
9 Months Ended |
Sep. 30, 2012
|
WARRANTIES |
11.
WARRANTIES
The following
table reconciles the changes in the Company’s product
warranty reserve as follows:
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September
30, |
|
In
thousands
|
|
2012 |
|
|
2011 |
|
Balance at
December 31, 2011 and 2010, respectively
|
|
$ |
50,640 |
|
|
$ |
35,513 |
|
Warranty expense
|
|
|
18,334 |
|
|
|
12,602 |
|
Acquisitions
|
|
|
494 |
|
|
|
12,008 |
|
Warranty claim
payments
|
|
|
(11,971 |
) |
|
|
(12,921 |
) |
|
|
|
|
|
|
|
|
|
Balance at
September 30, 2012 and 2011, respectively
|
|
$ |
57,497 |
|
|
$ |
47,202 |
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 45
-Paragraph 14
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ProductWarrantyDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Net sales |
$ 587,593 |
$ 498,840 |
$ 1,780,722 |
$ 1,432,998 |
Cost of sales |
(416,314) |
(351,689) |
(1,266,635) |
(1,009,908) |
Gross profit |
171,279 |
147,151 |
514,087 |
423,090 |
Selling, general and administrative expense |
(59,743) |
(57,676) |
(180,935) |
(186,435) |
Engineering expense |
(10,753) |
(9,894) |
(31,047) |
(27,914) |
Amortization expense |
(3,941) |
(4,128) |
(10,288) |
(10,549) |
Total operating expenses |
(74,437) |
(71,698) |
(222,270) |
(224,898) |
Income from operations |
96,842 |
75,453 |
291,817 |
198,192 |
Other income and expenses |
|
|
|
|
Interest expense, net |
(3,070) |
(3,764) |
(10,303) |
(11,241) |
Other (expense) income, net |
(1,393) |
(1,529) |
(1,284) |
(1,479) |
Income (loss) from operations before income tax |
92,379 |
70,160 |
280,230 |
185,472 |
Income tax expense |
(29,385) |
(23,560) |
(93,263) |
(61,586) |
Net income attributable to Wabtec shareholders |
$ 62,994 |
$ 46,600 |
$ 186,967 |
$ 123,886 |
Basic |
|
|
|
|
Net income attributable to Wabtec shareholders |
$ 1.32 |
$ 0.97 |
$ 3.90 |
$ 2.58 |
Diluted |
|
|
|
|
Net income attributable to Wabtec shareholders |
$ 1.30 |
$ 0.96 |
$ 3.85 |
$ 2.56 |
Weighted average shares outstanding |
|
|
|
|
Basic |
47,643 |
47,874 |
47,732 |
47,827 |
Diluted |
48,271 |
48,366 |
48,360 |
48,327 |
X |
- Definition
The amount of amortization of deferred charges applied against earnings during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.3)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
+ Details
Name: |
us-gaap_AmortizationOfDeferredCharges |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 2
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2(a),(d))
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
+ Details
Name: |
us-gaap_CostOfGoodsAndServicesSold |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 18
-Article 7
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 20
-Article 5
+ Details
Name: |
us-gaap_EarningsPerShareBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_EarningsPerShareBasicAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 18
-Article 7
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 11, 12, 36
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 20
-Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9
+ Details
Name: |
us-gaap_EarningsPerShareDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_EarningsPerShareDilutedAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1,2)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
+ Details
Name: |
us-gaap_GrossProfit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The net amount of operating interest income (expense).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.10)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 10
-Article 9
+ Details
Name: |
us-gaap_InterestIncomeExpenseNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580
Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A
Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_NonoperatingIncomeExpenseAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References+ Details
Name: |
us-gaap_OperatingExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The net result for the period of deducting operating expenses from operating revenues.
+ References+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 9
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
+ Details
Name: |
us-gaap_OtherNonoperatingIncomeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph g
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 86
-Paragraph 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 985
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6501960&loc=d3e128462-111756
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 730
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6420194&loc=d3e21568-108373
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 2
-Paragraph 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ResearchAndDevelopmentExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 1
-Article 5
+ Details
Name: |
us-gaap_SalesRevenueNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Paragraph 5A
-Chapter 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 4
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.4)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-SubTopic 10
-Section 30
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6386349&loc=d3e3636-108311
+ Details
Name: |
us-gaap_SellingGeneralAndAdministrativeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1505-109256
+ Details
Name: |
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
INTANGIBLES
|
9 Months Ended |
Sep. 30, 2012
|
INTANGIBLES |
5.
INTANGIBLES
Goodwill was
$656.9 million and $587.5 million at September 30, 2012 and
December 31, 2011, respectively. The change in the carrying
amount of goodwill by segment for the nine months ended
September 30, 2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Freight
Segment |
|
|
Transit
Segment |
|
|
Total |
|
Balance at
December 31, 2011
|
|
$ |
388,221 |
|
|
$ |
199,310 |
|
|
$ |
587,531 |
|
Acquisition
|
|
|
4,781 |
|
|
|
56,778 |
|
|
|
61,559 |
|
Adjustment to preliminary
purchase allocation
|
|
|
2,754 |
|
|
|
1,154 |
|
|
|
3,908 |
|
Foreign currency
impact
|
|
|
2,116 |
|
|
|
1,819 |
|
|
|
3,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at
September 30, 2012
|
|
$ |
397,872 |
|
|
$ |
259,061 |
|
|
$ |
656,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
September 30, 2012 and December 31, 2011, the
Company’s trademarks had a net carrying amount of $126.1
million and $114.6 million, respectively, and the Company believes
these intangibles have an indefinite life. Intangible assets of the
Company, other than goodwill and trademarks, consist of the
following:
|
|
|
|
|
|
|
|
|
In
thousands
|
|
September 30,
2012 |
|
|
December 31,
2011 |
|
Patents and other, net of
accumulated amortization of $34,650 and $32,316
|
|
$ |
11,799 |
|
|
$ |
14,849 |
|
Customer relationships, net
of accumulated amortization of $28,509 and $21,295
|
|
|
146,973 |
|
|
|
127,960 |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
158,772 |
|
|
$ |
142,809 |
|
|
|
|
|
|
|
|
|
|
The weighted
average remaining useful life of patents, customer relationships
and intellectual property were five years, 16 years and 17 years,
respectively. Amortization expense for intangible assets was $3.9
million and $10.3 million for the three and nine months ended
September 30, 2012, respectively and $4.1 million and $10.5
million for the three and nine months ended September 30,
2011, respectively.
Amortization
expense for the five succeeding years is as follows (in
thousands):
|
|
|
|
|
Remainder of
2012
|
|
$ |
4,521 |
|
2013
|
|
|
13,467 |
|
2014
|
|
|
12,630 |
|
2015
|
|
|
11,872 |
|
2016
|
|
|
11,715 |
|
|
X |
- Definition
The entire disclosure for all or part of the information related to intangible assets.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 44, 45, 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16373-109275
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16265-109275
+ Details
Name: |
us-gaap_IntangibleAssetsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
INVENTORIES
|
9 Months Ended |
Sep. 30, 2012
|
INVENTORIES |
4.
INVENTORIES
The components
of inventory, net of reserves, were:
|
|
|
|
|
|
|
|
|
In
thousands
|
|
September 30,
2012 |
|
|
December 31,
2011 |
|
Raw materials
|
|
$ |
165,139 |
|
|
$ |
154,885 |
|
Work-in-process
|
|
|
135,152 |
|
|
|
110,179 |
|
Finished goods
|
|
|
91,301 |
|
|
|
83,110 |
|
|
|
|
|
|
|
|
|
|
Total
inventories
|
|
$ |
391,592 |
|
|
$ |
348,174 |
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a, b, c
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section A
-Paragraph 9
-Chapter 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.6)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_InventoryDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
OTHER INCOME (EXPENSE), NET
|
9 Months Ended |
Sep. 30, 2012
|
OTHER INCOME (EXPENSE), NET |
16. OTHER INCOME
(EXPENSE), NET
The components
of other income (expense) are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30, |
|
|
Nine Months
Ended
September 30, |
|
In
thousands
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Foreign currency
loss
|
|
$ |
(1,468 |
) |
|
$ |
(1,795 |
) |
|
$ |
(427 |
) |
|
$ |
(2,061 |
) |
Other miscellaneous income
(expense)
|
|
|
75 |
|
|
|
266 |
|
|
|
(857 |
) |
|
|
582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other (expense)
income, net
|
|
$ |
(1,393 |
) |
|
$ |
(1,529 |
) |
|
$ |
(1,284 |
) |
|
$ |
(1,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
The entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.3,6,7,9)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 3, 6, 7, 9
-Article 5
+ Details
Name: |
us-gaap_OtherIncomeAndOtherExpenseDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
FAIR VALUE MEASUREMENT
|
9 Months Ended |
Sep. 30, 2012
|
FAIR VALUE MEASUREMENT |
12. FAIR VALUE
MEASUREMENT
ASC 820
“Fair Value Measurements and Disclosures” defines fair
value, establishes a framework for measuring fair value and
explains the related disclosure requirements. ASC 820 indicates,
among other things, that a fair value measurement assumes that the
transaction to sell an asset or transfer a liability occurs in the
principal market for the asset or liability or, in the absence of a
principal market, the most advantageous market for the asset or
liability and defines fair value based upon an exit price
model.
Valuation
Hierarchy ASC 820 establishes a valuation hierarchy for
disclosure of the inputs to valuation used to measure fair value.
This hierarchy prioritizes the inputs into three broad levels as
follows. Level 1 inputs are quoted prices (unadjusted) in active
markets for identical assets or liabilities. Level 2 inputs are
quoted prices for similar assets and liabilities in active markets
or inputs that are observable for the asset or liability, either
directly or indirectly through market corroboration, for
substantially the full term of the financial instrument. Level 3
inputs are unobservable inputs based on the Company’s
assumptions used to measure assets and liabilities at fair value. A
financial asset or liability’s classification within the
hierarchy is determined based on the lowest level input that is
significant to the fair value measurement.
The following
table provides the liabilities carried at fair value measured on a
recurring basis as of September 30, 2012, which are included
in other current liabilities on the Condensed Consolidated Balance
sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Carrying
Value
at
September
30,
2012 |
|
|
Fair Value Measurements at September
30, 2012 Using |
|
In
thousands
|
|
|
Quoted Prices in
Active
Markets for
Identical
Assets
(Level 1) |
|
|
Significant Other
Observable Inputs
(Level
2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Interest rate swap
agreements
|
|
|
4,507 |
|
|
— |
|
|
|
|
4,507 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
4,507 |
|
|
$ — |
|
|
|
$ |
4,507 |
|
|
$ |
— |
|
The following
table provides the liabilities carried at fair value measured on a
recurring basis as of December 31, 2011, which is included in
other current liabilities on the Condensed Consolidated Balance
sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Carrying
Value
at
December
31,
2011 |
|
|
Fair Value Measurements at December
31, 2011 Using |
|
In
thousands
|
|
|
Quoted Prices in
Active
Markets for
Identical
Assets
(Level
1) |
|
|
Significant Other
Observable Inputs
(Level
2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
Interest rate swap
agreements
|
|
|
1,442 |
|
|
|
— |
|
|
|
1,442 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,442 |
|
|
$ |
— |
|
|
$ |
1,442 |
|
|
$ |
— |
|
To reduce the
impact of interest rate changes on a portion of its variable-rate
debt, the Company entered into interest rate swaps which
effectively converted a portion of the debt from variable to
fixed-rate borrowings during the term of the swap contracts. For
certain derivative contracts whose fair values are based upon
trades in liquid markets, such as interest rate swaps, valuation
model inputs can generally be verified and valuation techniques do
not involve significant management judgment. The fair values of
such financial instruments are generally classified within Level 2
of the fair value hierarchy.
|
X |
- Definition
The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_FairValueMeasurementInputsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
STOCK-BASED COMPENSATION
|
9 Months Ended |
Sep. 30, 2012
|
STOCK-BASED COMPENSATION |
8. STOCK-BASED
COMPENSATION
As of
September 30, 2012, the Company maintains employee stock-based
compensation plans for stock options, restricted stock, restricted
units, and incentive stock awards as governed by the 2011 Stock
Incentive Compensation Plan (the “2011 Plan”) and the
2000 Stock Incentive Plan, as amended (the “2000
Plan”). The 2011 Plan was approved by stockholders of Wabtec
on May 11, 2011. The Company also maintains a Non-Employee
Directors’ Fee and Stock Option Plan (“Directors
Plan”). No awards may be made under the 2000 Plan or the
Directors Plan subsequent to October 31, 2016. The 2011 Plan
has a 10- year term through March 27, 2021 and provides a
maximum of 1,900,000 shares for grants or awards.
Stock-based
compensation expense was $5.4 million and $3.9 million for the
three months ended September 30, 2012 and 2011, respectively.
Stock-based compensation expense was $15.4 million and $13.2
million for the nine months ended September 30, 2012 and 2011,
respectively. Included in the stock-based compensation expense for
the nine months ended September 30, 2012 above is $1.9 million of
expense related to stock options, $3.6 million related to
restricted stock, $388,000 related to restricted units, $8.9
million related to incentive stock awards and $600,000 related to
awards issued for Directors’ fees. At September 30,
2012, unamortized compensation expense related to stock options,
restricted stock, restricted units and incentive stock awards
expected to vest totaled $25.5 million and will be recognized over
a weighted average period of 1.2 years.
Stock
Options Stock options are granted to eligible employees and
directors at the fair market value, which is the average of the
high and low Wabtec stock price on the date of grant. Under the
2011 Plan and the 2000 Plan, options become exercisable over a
four-year vesting period and expire 10 years from the date of
grant. Under the Directors Plan, options become exercisable over a
three-year vesting period and expire 10 years from the date of
grant.
The following
table summarizes the Company’s stock option activity and
related information for the 2011 Plan, the 2000 Plan and the
Directors Plan for the nine months ended September 30,
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options |
|
|
Weighted
Average
Exercise
Price |
|
|
Weighted
Average
Remaining
Contractual Life |
|
|
Aggregate
intrinsic value
(in thousands) |
|
Outstanding at
December 31, 2011
|
|
|
862,392 |
|
|
$ |
34.74 |
|
|
|
6.5 |
|
|
$ |
30,362 |
|
Granted
|
|
|
75,698 |
|
|
|
70.71 |
|
|
|
|
|
|
|
725 |
|
Exercised
|
|
|
(125,788 |
) |
|
|
24.01 |
|
|
|
|
|
|
|
(7,079 |
) |
Canceled
|
|
|
(26,717 |
) |
|
|
34.46 |
|
|
|
|
|
|
|
(1,224 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at
September 30, 2012
|
|
|
785,585 |
|
|
$ |
39.94 |
|
|
|
6.4 |
|
|
$ |
31,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable at
September 30, 2012
|
|
|
498,381 |
|
|
$ |
32.95 |
|
|
|
6.2 |
|
|
$ |
23,592 |
|
The fair value
of each option grant is estimated on the date of grant using the
Black-Scholes option pricing model with the following
weighted-average assumptions:
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September
30, |
|
|
|
2012 |
|
|
2011 |
|
Dividend yield
|
|
|
.23 |
% |
|
|
.08 |
% |
Risk-free interest
rate
|
|
|
1.35 |
% |
|
|
2.96 |
% |
Stock price
volatility
|
|
|
44.95 |
% |
|
|
45.6 |
% |
Expected life
(years)
|
|
|
5.0 |
|
|
|
5.0 |
|
The dividend
yield is based on the Company’s dividend rate and the current
market price of the underlying common stock at the date of grant.
Expected life in years is determined from historical stock option
exercise data. Expected volatility is based on the historical
volatility of the Company’s stock. The risk-free interest
rate is based on the U.S. Treasury bond rates for the expected life
of the option.
Restricted Stock, Restricted Units and Incentive
Stock Beginning in 2006 the Company adopted a restricted
stock program. As provided for under the 2011 and 2000 Plans,
eligible employees are granted restricted stock or restricted units
that generally vest over four years from the date of grant. Under
the Directors Plan, restricted stock awards vest one year from the
date of grant.
In addition,
the Company has annually issued incentive stock awards to eligible
employees that vest, upon attainment of certain three year
performance goals. Based on the Company’s performance for
each three year period then ended, the incentive stock awards can
vest and be awarded ranging from 0% to 200% of the initial
incentive stock awards granted. The incentive stock awards included
in the table below represent the number of shares that are expected
to vest based on the Company’s estimate for meeting those
established performance targets. As of September 30, 2012, the
Company estimates that it will achieve 200%, 200% and 126% for the
incentive stock awards expected to vest based on performance for
the three year periods ending December 31, 2012, 2013, and
2014, respectively, and has recorded incentive compensation expense
accordingly. If our estimate of the number of these stock awards
expected to vest changes in a future accounting period, cumulative
compensation expense could increase or decrease and will be
recognized in the current period for the elapsed portion of the
vesting period and would change future expense for the remaining
vesting period.
Compensation
expense for the restricted stock and incentive stock awards is
based on the average of the high and low Wabtec stock price on the
date of grant and recognized over the applicable vesting
period.
The following
table summarizes the restricted stock and unit activity for the
2011 Plan, the 2000 Plan and the Directors Plan, and incentive
stock awards activity for the 2011 Plan and the 2000 Plan with
related information for the nine months ended September 30,
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted
Stock
and Units |
|
|
Incentive
Stock
Awards |
|
|
Weighted
Average Grant
Date
Fair
Value |
|
Outstanding at
December 31, 2011
|
|
|
274,609 |
|
|
|
646,362 |
|
|
$ |
44.04 |
|
Granted
|
|
|
110,980 |
|
|
|
118,660 |
|
|
|
70.85 |
|
Vested
|
|
|
(98,694 |
) |
|
|
(122,079 |
) |
|
|
35.73 |
|
Adjustment for incentive
stock awards expected to vest
|
|
|
— |
|
|
|
45,784 |
|
|
|
60.61 |
|
Canceled
|
|
|
(13,008 |
) |
|
|
(2,219 |
) |
|
|
42.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at
September 30, 2012
|
|
|
273,887 |
|
|
|
686,508 |
|
|
$ |
53.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Computation of Basic and Diluted Earnings Per Share (Detail) (USD $) In Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Earnings Per Share Basic And Diluted By Common Class [Line Items] |
|
|
|
|
Numerator for basic and diluted earnings per common share-net income attributable to Wabtec shareholders |
$ 62,994 |
$ 46,600 |
$ 186,967 |
$ 123,886 |
Less: dividends declared-common shares and non-vested restricted stock |
(2,376) |
(1,442) |
(5,256) |
(2,407) |
Undistributed earnings |
60,618 |
45,158 |
181,711 |
121,479 |
Percentage allocated to common shareholders |
99.50% |
99.50% |
99.50% |
99.50% |
Undistributed earnings allocated to common shareholders |
60,315 |
44,932 |
180,802 |
120,872 |
Add: dividends declared-common shares |
2,364 |
1,435 |
5,229 |
2,395 |
Numerator for basic and diluted earnings per common share |
$ 62,679 |
$ 46,367 |
$ 186,031 |
$ 123,267 |
Denominator for basic earnings per common share-weighted-average shares |
47,643 |
47,874 |
47,732 |
47,827 |
Assumed conversion of dilutive stock-based compensation plans |
628 |
492 |
628 |
500 |
Denominator for diluted earnings per common share-adjusted weighted-average shares and assumed conversion |
48,271 |
48,366 |
48,360 |
48,327 |
Basic |
$ 1.32 |
$ 0.97 |
$ 3.90 |
$ 2.58 |
Diluted |
$ 1.30 |
$ 0.96 |
$ 3.85 |
$ 2.56 |
X |
- Definition
Equity impact of cash dividends declared by an entity during the period for all classes of stock (common, preferred, etc.). This element includes paid and unpaid dividends declared during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 14
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 405
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957935&loc=d3e64057-112817
+ Details
Name: |
us-gaap_DividendsCash |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Equity impact of stock dividends for common shareholders declared by an entity during the period. This element includes paid and unpaid dividends declared during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770
+ Details
Name: |
us-gaap_DividendsCommonStockStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 36, 37, 38
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.23)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=16381557&loc=d3e4984-109258
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 18
-Article 7
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 20
-Article 5
+ Details
Name: |
us-gaap_EarningsPerShareBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 18
-Article 7
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 11, 12, 36
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 20
-Article 5
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 21
-Article 9
+ Details
Name: |
us-gaap_EarningsPerShareDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580
Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A
Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The earnings that is allocated to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 61
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_UndistributedEarnings |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1505-109256
+ Details
Name: |
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1448-109256
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 07-4
-Paragraph 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 171
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Weighted-Average Number of Common Shares Outstanding
-URI http://asc.fasb.org/extlink&oid=6528421
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
wab_EarningsPerShareBasicAndDilutedByCommonClassLineItems |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Number Of Dilutive Securities Stock Options And Restrictive Stock Units
+ References+ Details
Name: |
wab_NumberOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Numerator For Basic And Diluted Earnings Per Common Share
+ References+ Details
Name: |
wab_NumeratorForBasicAndDilutedEarningsPerCommonShare |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
Percentage Of Net Income Allocated To Common Shareholders
+ References+ Details
Name: |
wab_PercentageOfNetIncomeAllocatedToCommonShareholders |
Namespace Prefix: |
wab_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Undistributed Earnings Allocated To Common Shareholders
+ References+ Details
Name: |
wab_UndistributedEarningsAllocatedToCommonShareholders |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v2.4.0.6
LONG-TERM DEBT
|
9 Months Ended |
Sep. 30, 2012
|
LONG-TERM DEBT |
6. LONG-TERM
DEBT
Long-term debt
consisted of the following:
|
|
|
|
|
|
|
|
|
In
thousands
|
|
September 30,
2012 |
|
|
December 31,
2011 |
|
6.875% Senior Notes, due
2013
|
|
$ |
150,000 |
|
|
$ |
150,000 |
|
Revolving Credit
Facility
|
|
|
282,000 |
|
|
|
245,000 |
|
Capital Leases
|
|
|
897 |
|
|
|
873 |
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
432,897 |
|
|
|
395,873 |
|
Less—current
portion
|
|
|
43 |
|
|
|
68 |
|
|
|
|
|
|
|
|
|
|
Long-term
portion
|
|
$ |
432,854 |
|
|
$ |
395,805 |
|
|
|
|
|
|
|
|
|
|
2011 Refinancing Credit
Agreement
On
November 7, 2011, the Company refinanced its existing
revolving credit and term loan facility with a consortium of
commercial banks. This “2011 Refinancing Credit
Agreement” provides the Company with a $600 million,
five-year revolving credit facility. The Company incurred
approximately $2.0 million of deferred financing cost related to
the 2011 Refinancing Credit Agreement. The facility expires on
November 7, 2016. The 2011 Refinancing Credit Agreement
borrowings bear variable interest rates indexed to the indices
described below. At September 30, 2012, the Company had
available bank borrowing capacity of approximately $264.6 million,
net of $53.4 million of letters of credit, subject to certain
financial covenant restrictions.
Under the 2011
Refinancing Credit Agreement, the Company may elect a Base Rate of
interest or an interest rate based on the London Interbank Offered
Rate (“LIBOR”) of interest (“the Alternate
Rate”). The Base Rate adjusts on a daily basis and is the
greater of the Federal Funds Effective Rate plus 0.5% per
annum, the PNC, N.A. prime rate or the Daily LIBOR Rate plus 100
basis points and an additional margin that ranges from 0 to 75
basis points. The Alternate Rate is based on quoted LIBOR rates
plus a margin that ranges from 75 to 175 basis points. Both the
Base Rate and Alternate Rate margins are dependent on the
Company’s consolidated total indebtedness to cash flow
ratios. The current Base Rate margin is 0 basis points and the
Alternate Rate margin is 100 basis points.
At
September 30, 2012 the weighted average interest rate on the
Company’s variable rate debt was 1.23%. To reduce the
impact of interest rate changes on a portion of this variable-rate
debt, the Company entered into interest rate swap agreements which
effectively convert a portion of the debt from a variable to a
fixed-rate borrowing during the term of the swap contracts. On
September 30, 2012, the notional value of the interest rate
swaps outstanding was $107.0 million and effectively changed the
Company’s interest rate on bank debt at September 30,
2012 from a variable rate to a fixed rate of 1.82%. The interest
rate swap agreements mature on December 31, 2012. The Company
is exposed to credit risk in the event of nonperformance by the
counterparties. However, since only the cash interest payments are
exchanged, exposure is significantly less than the notional amount.
The counterparties are large financial institutions with excellent
credit ratings and history of performance. The Company currently
believes the risk of nonperformance is negligible.
Also, the
Company entered into a forward starting interest rate swap
agreement with a notional value of $150.0 million. Effective
July 31, 2013, with a termination date of November 7,
2016, the interest rate swap agreement will convert a portion of
the Company’s then outstanding debt from a variable rate to a
fixed-rate borrowing. During the term of the interest rate swap
agreement the interest rate on the notional value will be fixed at
1.415% plus the Alternate Rate margin.
The 2011
Refinancing Credit Agreement limits the Company’s ability to
declare or pay cash dividends and prohibits the Company from
declaring or making other distributions, subject to certain
exceptions. The 2011 Refinancing Credit Agreement contains various
other covenants and restrictions including the following
limitations: incurrence of additional indebtedness; mergers,
consolidations, sales of assets and acquisitions; additional liens;
sale and leasebacks; permissible investments, loans and advances;
certain debt payments; and imposes a minimum interest expense
coverage ratio of 3.0 and a maximum debt to cash flow ratio of
3.25. The Company does not expect that these measurements will
limit the Company in executing our operating activities.
6.875% Senior Notes Due
August 2013
In August 2003,
the Company issued $150.0 million of Senior Notes due in 2013
(“the Notes”). The Notes were issued at par. Interest
on the Notes accrues at a rate of 6.875% per annum and is
payable semi-annually on January 31 and July 31 of each
year. The proceeds were used to repay debt outstanding under the
Company’s existing credit agreement, and for general
corporate purposes. The principal balance is due in full at
maturity. The Company has both the intent and ability to refinance
the Notes, maturing August 2013, on a long term basis utilizing
capacity under the 2011 Refinancing Credit Agreement. The 2011
Refinancing Credit Agreement will provide available bank borrowing
capacity sufficient to refinance the Notes on a long-term basis.
The Notes are included in the long-term portion of debt as of
September 30, 2012.
The Notes are
senior unsecured obligations of the Company and rank pari passu
with all existing and future senior debt and senior to all existing
and future subordinated indebtedness of the Company. The indenture
under which the Notes were issued contains covenants and
restrictions which limit among other things, the following: the
incurrence of indebtedness, payment of dividends and certain
distributions, sale of assets, change in control, mergers and
consolidations and the incurrence of liens.
|
X |
- Definition
The entire disclosure for long-term debt.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
+ Details
Name: |
us-gaap_LongTermDebtTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
EMPLOYEE BENEFIT PLANS
|
9 Months Ended |
Sep. 30, 2012
|
EMPLOYEE BENEFIT PLANS |
7. EMPLOYEE BENEFIT
PLANS
Defined Benefit Pension
Plans
The Company
sponsors defined benefit pension plans that cover certain U.S.,
Canadian, German, and United Kingdom employees and which provide
benefits of stated amounts for each year of service of the
employee.
The Company
uses a December 31 measurement date for the plans. The
following tables provide information regarding the Company’s
defined benefit pension plans summarized by U.S. and international
components.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
International |
|
|
|
Three months ended
September
30, |
|
|
Three months ended
September
30, |
|
In
thousands, except percentages
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net periodic benefit
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
94 |
|
|
$ |
84 |
|
|
$ |
493 |
|
|
$ |
805 |
|
Interest cost
|
|
|
501 |
|
|
|
582 |
|
|
|
1,773 |
|
|
|
1,886 |
|
Expected return on plan
assets
|
|
|
(771 |
) |
|
|
(796 |
) |
|
|
(2,035 |
) |
|
|
(2,124 |
) |
Net
amortization/deferrals
|
|
|
659 |
|
|
|
710 |
|
|
|
681 |
|
|
|
533 |
|
Settlement loss
recognized
|
|
|
— |
|
|
|
— |
|
|
|
844 |
|
|
|
132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit
cost
|
|
$ |
483 |
|
|
$ |
580 |
|
|
$ |
1,756 |
|
|
$ |
1,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
4.30 |
% |
|
|
5.20 |
% |
|
|
4.96 |
% |
|
|
5.43 |
% |
Expected long-term rate of
return
|
|
|
7.50 |
% |
|
|
8.00 |
% |
|
|
6.12 |
% |
|
|
6.72 |
% |
Rate of compensation
increase
|
|
|
3.00 |
% |
|
|
3.00 |
% |
|
|
3.21 |
% |
|
|
3.17 |
% |
|
|
|
|
|
U.S. |
|
|
International |
|
|
|
Nine months ended
September
30, |
|
|
Nine months ended
September
30, |
|
In
thousands, except percentages
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net periodic benefit
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
285 |
|
|
$ |
232 |
|
|
$ |
1,479 |
|
|
$ |
2,427 |
|
Interest cost
|
|
|
1,585 |
|
|
|
1,820 |
|
|
|
5,309 |
|
|
|
5,735 |
|
Expected return on plan
assets
|
|
|
(2,321 |
) |
|
|
(2,498 |
) |
|
|
(6,085 |
) |
|
|
(6,418 |
) |
Net
amortization/deferrals
|
|
|
2,272 |
|
|
|
1,923 |
|
|
|
2,032 |
|
|
|
1,551 |
|
Settlement loss
recognized
|
|
|
— |
|
|
|
— |
|
|
|
1,137 |
|
|
|
720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit
cost
|
|
$ |
1,821 |
|
|
$ |
1,477 |
|
|
$ |
3,872 |
|
|
$ |
4,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
4.30 |
% |
|
|
5.20 |
% |
|
|
4.96 |
% |
|
|
5.43 |
% |
Expected long-term rate of
return
|
|
|
7.50 |
% |
|
|
8.00 |
% |
|
|
6.12 |
% |
|
|
6.72 |
% |
Rate of compensation
increase
|
|
|
3.00 |
% |
|
|
3.00 |
% |
|
|
3.21 |
% |
|
|
3.17 |
% |
The
Company’s funding methods are based on governmental
requirements and differ from those methods used to recognize
pension expense. The Company expects to contribute $1.6 million to
the U.S. plans and $6.4 million to the international plans during
2012.
Post Retirement Benefit
Plans
In addition to
providing pension benefits, the Company has provided certain
unfunded postretirement health care and life insurance benefits for
a portion of North American employees. The Company is not obligated
to pay health care and life insurance benefits to individuals who
had retired prior to 1990.
The Company
uses a December 31 measurement date for all post retirement
plans. The following tables provide information regarding the
Company’s post retirement benefit plans summarized by U.S.
and international components.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. |
|
|
International |
|
|
|
Three months ended
September
30, |
|
|
Three months ended
September
30, |
|
In
thousands, except percentages
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net periodic benefit
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
(1 |
) |
|
$ |
4 |
|
|
$ |
11 |
|
|
$ |
14 |
|
Interest cost
|
|
|
339 |
|
|
|
410 |
|
|
|
51 |
|
|
|
58 |
|
Net
amortization/deferrals
|
|
|
(212 |
) |
|
|
(186 |
) |
|
|
(83 |
) |
|
|
(97 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit
cost
|
|
$ |
126 |
|
|
$ |
228 |
|
|
$ |
(21 |
) |
|
$ |
(25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
4.30 |
% |
|
|
5.20 |
% |
|
|
5.15 |
% |
|
|
5.50 |
% |
|
|
|
|
|
U.S. |
|
|
International |
|
|
|
Nine months ended
September
30, |
|
|
Nine months ended
September
30, |
|
In
thousands, except percentages
|
|
2012 |
|
|
2011 |
|
|
2012 |
|
|
2011 |
|
Net periodic benefit
cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
18 |
|
|
$ |
24 |
|
|
$ |
33 |
|
|
$ |
42 |
|
Interest cost
|
|
|
1,040 |
|
|
|
1,208 |
|
|
|
151 |
|
|
|
175 |
|
Net
amortization/deferrals
|
|
|
(613 |
) |
|
|
(675 |
) |
|
|
(247 |
) |
|
|
(292 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit
cost
|
|
$ |
445 |
|
|
$ |
557 |
|
|
$ |
(63 |
) |
|
$ |
(75 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assumptions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
4.30 |
% |
|
|
5.20 |
% |
|
|
5.15 |
% |
|
|
5.50 |
% |
|
X |
- Definition
The entire disclosure for pension and other postretirement benefits.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
INCOME TAXES
|
9 Months Ended |
Sep. 30, 2012
|
INCOME TAXES |
9. INCOME
TAXES
The overall
effective income tax rate was 31.8% and 33.3% for the three and
nine months ended September 30, 2012, respectively, and 33.6%
and 33.2% for the three and nine months ended September 30,
2011, respectively. The decrease in the effective tax rate for the
three months ended September 30, 2012 is primarily due to refund
claims filed in the current quarter.
As of
September 30, 2012, the liability for income taxes associated
with uncertain tax positions is $9.7 million, of which $3.9
million, if recognized would favorably affect the Company’s
effective tax rate. As of December 31, 2011 the liability
associated with uncertain tax positions was $8.2 million, of which
$2.1 million, if recognized, would favorably affect the
Company’s effective tax rate.
The Company
includes interest and penalties related to uncertain tax positions
in income tax expense. As of September 30, 2012 the total
accrued interest and penalties are $2.6 million and $1.4 million,
respectively. As of December 31, 2011 the total accrued
interest and penalties were $2.8 million and $1.5 million,
respectively.
The Internal
Revenue Service is currently auditing the 2009 and 2010 tax years.
With limited exception, the Company is no longer subject to
examination by various U.S. and foreign taxing authorities for
years before 2009.
At this time,
the Company believes that it is reasonably possible that
unrecognized tax benefits of approximately $1.1 million may change
within the next 12 months due to the expiration of statutory review
periods and current examinations.
|
X |
- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319
+ Details
Name: |
us-gaap_IncomeTaxDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Segment Financial Information (Detail) (USD $) In Thousands, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Segment Reporting Information [Line Items] |
|
|
|
|
Sales to external customers |
$ 587,593 |
$ 498,840 |
$ 1,780,722 |
$ 1,432,998 |
Total sales |
587,593 |
498,840 |
1,780,722 |
1,432,998 |
Income (loss) from operations |
96,842 |
75,453 |
291,817 |
198,192 |
Interest expense and other, net |
(4,463) |
(5,293) |
(11,587) |
(12,720) |
Income (loss) from operations before income taxes |
92,379 |
70,160 |
280,230 |
185,472 |
Freight Segment [Member]
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Sales to external customers |
354,659 |
315,837 |
1,159,653 |
860,729 |
Intersegment sales/(elimination) |
5,662 |
4,626 |
17,214 |
12,536 |
Total sales |
360,321 |
320,463 |
1,176,867 |
873,265 |
Income (loss) from operations |
75,702 |
60,709 |
234,734 |
160,682 |
Income (loss) from operations before income taxes |
75,702 |
60,709 |
234,734 |
160,682 |
Transit Segment [Member]
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Sales to external customers |
232,934 |
183,003 |
621,069 |
572,269 |
Intersegment sales/(elimination) |
3,231 |
2,955 |
8,659 |
4,989 |
Total sales |
236,165 |
185,958 |
629,728 |
577,258 |
Income (loss) from operations |
24,385 |
20,803 |
68,934 |
70,976 |
Income (loss) from operations before income taxes |
24,385 |
20,803 |
68,934 |
70,976 |
Corporate Activities and Elimination [Member]
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Intersegment sales/(elimination) |
(8,893) |
(7,581) |
(25,873) |
(17,525) |
Total sales |
(8,893) |
(7,581) |
(25,873) |
(17,525) |
Income (loss) from operations |
(3,245) |
(6,059) |
(11,851) |
(33,466) |
Interest expense and other, net |
(4,463) |
(5,293) |
(11,587) |
(12,720) |
Income (loss) from operations before income taxes |
$ (7,708) |
$ (11,352) |
$ (23,438) |
$ (46,186) |
X |
- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 9
-Article 9
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher OTS
-Name Federal Regulation (FR)
-Number Title 12
-Section 563c.102
-Paragraph 9
-Chapter V
-Subsection II
-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 34
-Paragraph 21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450988&loc=d3e26243-108391
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.9)
-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882
+ Details
Name: |
us-gaap_InterestExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The net result for the period of deducting operating expenses from operating revenues.
+ References+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 1
-Article 5
+ Details
Name: |
us-gaap_Revenues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
Amount of revenue from transactions with other operating segments of the same entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-Paragraph 27
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v2.4.0.6
Guarantor subsidiaries financial information - Additional information (Detail) (USD $) In Millions, unless otherwise specified
|
Sep. 30, 2012
|
Senior Notes |
$ 150 |
X |
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.16)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 16
-Article 9
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.16(a))
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910
+ Details
Name: |
us-gaap_SeniorNotes |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v2.4.0.6
Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) (USD $) In Thousands, unless otherwise specified
|
Sep. 30, 2012
|
Dec. 31, 2011
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Interest rate swap agreements |
$ 4,507 |
$ 1,442 |
Interest rate swap agreement [Member]
|
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Interest rate swap agreements |
4,507 |
1,442 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
|
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Interest rate swap agreements |
4,507 |
1,442 |
Fair Value, Measurements, Recurring | Interest rate swap agreement [Member] | Fair Value, Inputs, Level 2
|
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Interest rate swap agreements |
$ 4,507 |
$ 1,442 |
X |
- Definition
Derivative instrument obligations meeting the definition of a liability which the Company is a party to as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 15
-Paragraph 83
-URI http://asc.fasb.org/extlink&oid=6913464&loc=d3e34841-113949
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 10
-Subparagraph i
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_DerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
FAIR VALUE MEASUREMENT (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Liabilities Carried at Fair Value Measured on Recurring Basis |
The following
table provides the liabilities carried at fair value measured on a
recurring basis as of September 30, 2012, which are included
in other current liabilities on the Condensed Consolidated Balance
sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Carrying
Value
at
September
30,
2012 |
|
|
Fair Value Measurements at September
30, 2012 Using |
|
In
thousands
|
|
|
Quoted Prices in
Active
Markets for
Identical
Assets
(Level 1) |
|
|
Significant Other
Observable Inputs
(Level
2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
Interest rate swap
agreements
|
|
|
4,507 |
|
|
|
— |
|
|
|
4,507 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
4,507 |
|
|
$ |
— |
|
|
$ |
4,507 |
|
|
$ |
— |
|
The following
table provides the liabilities carried at fair value measured on a
recurring basis as of December 31, 2011, which is included in
other current liabilities on the Condensed Consolidated Balance
sheet:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Carrying
Value
at
December
31,
2011 |
|
|
Fair Value Measurements at December
31, 2011 Using |
|
In
thousands
|
|
|
Quoted Prices in
Active
Markets for
Identical
Assets
(Level
1) |
|
|
Significant Other
Observable Inputs
(Level
2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
Interest rate swap
agreements
|
|
|
1,442 |
|
|
|
— |
|
|
|
1,442 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
1,442 |
|
|
$ |
— |
|
|
$ |
1,442 |
|
|
$ |
— |
|
|
X |
- Definition
Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a),(b)
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258
+ Details
Name: |
us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
X |
- Definition
Interest rate stated in the contractual debt agreement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_DebtInstrumentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Maturity date of debt instrument
+ References+ Details
Name: |
wab_MaturityDateOfDebtInstrument |
Namespace Prefix: |
wab_ |
Data Type: |
us-types:dateStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
SEGMENT INFORMATION
|
9 Months Ended |
Sep. 30, 2012
|
SEGMENT INFORMATION |
14. SEGMENT
INFORMATION
Wabtec has two
reportable segments—the Freight Segment and the Transit
Segment. The key factors used to identify these reportable segments
are the organization and alignment of the Company’s internal
operations, the nature of the products and services, and customer
type. The business segments are:
Freight
Segment primarily manufactures and services components for new
and existing freight cars and locomotives, builds new switcher
locomotives, rebuilds freight locomotives, supplies railway
electronics, positive train control equipment, signal design and
engineering services, friction products, and provides related heat
exchange and cooling systems. Customers include large, publicly
traded railroads, leasing companies, manufacturers of original
equipment such as locomotives and freight cars, and
utilities.
Transit
Segment primarily manufactures and services components for new
and existing passenger transit vehicles, typically subway cars and
buses, builds new commuter locomotives, friction products, and
refurbishes subway cars. Customers include public transit
authorities and municipalities, leasing companies, and
manufacturers of subway cars and buses around the world.
The Company
evaluates its business segments’ operating results based on
income from operations. Corporate activities include general
corporate expenses, elimination of intersegment transactions,
interest income and expense and other unallocated charges. Since
certain administrative and other operating expenses and other items
have not been allocated to business segments, the results in the
following tables are not necessarily a measure computed in
accordance with generally accepted accounting principles and may
not be comparable to other companies.
Segment
financial information for the three months ended September 30,
2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Freight
Segment |
|
|
Transit
Segment |
|
|
Corporate
Activities and
Elimination |
|
|
Total |
|
Sales to external
customers
|
|
$ |
354,659 |
|
|
$ |
232,934 |
|
|
$ |
— |
|
|
$ |
587,593 |
|
Intersegment
sales/(elimination)
|
|
|
5,662 |
|
|
|
3,231 |
|
|
|
(8,893 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$ |
360,321 |
|
|
$ |
236,165 |
|
|
$ |
(8,893 |
) |
|
$ |
587,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
$ |
75,702 |
|
|
$ |
24,385 |
|
|
$ |
(3,245 |
) |
|
$ |
96,842 |
|
Interest expense and other,
net
|
|
|
— |
|
|
|
— |
|
|
|
(4,463 |
) |
|
|
(4,463 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income taxes
|
|
$ |
75,702 |
|
|
$ |
24,385 |
|
|
$ |
(7,708 |
) |
|
$ |
92,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
financial information for the three months ended September 30,
2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Freight
Segment |
|
|
Transit
Segment |
|
|
Corporate
Activities and
Elimination |
|
|
Total |
|
Sales to external
customers
|
|
$ |
315,837 |
|
|
$ |
183,003 |
|
|
$ |
— |
|
|
$ |
498,840 |
|
Intersegment
sales/(elimination)
|
|
|
4,626 |
|
|
|
2,955 |
|
|
|
(7,581 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$ |
320,463 |
|
|
$ |
185,958 |
|
|
$ |
(7,581 |
) |
|
$ |
498,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
$ |
60,709 |
|
|
$ |
20,803 |
|
|
$ |
(6,059 |
) |
|
$ |
75,453 |
|
Interest expense and other,
net
|
|
|
— |
|
|
|
— |
|
|
|
(5,293 |
) |
|
|
(5,293 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income taxes
|
|
$ |
60,709 |
|
|
$ |
20,803 |
|
|
$ |
(11,352 |
) |
|
$ |
70,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
financial information for the nine months ended September 30,
2012 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Freight
Segment |
|
|
Transit
Segment |
|
|
Corporate
Activities and
Elimination |
|
|
Total |
|
Sales to external
customers
|
|
$ |
1,159,653 |
|
|
$ |
621,069 |
|
|
$ |
— |
|
|
$ |
1,780,722 |
|
Intersegment
sales/(elimination)
|
|
|
17,214 |
|
|
|
8,659 |
|
|
|
(25,873 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$ |
1,176,867 |
|
|
$ |
629,728 |
|
|
$ |
(25,873 |
) |
|
$ |
1,780,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
$ |
234,734 |
|
|
$ |
68,934 |
|
|
$ |
(11,851 |
) |
|
$ |
291,817 |
|
Interest expense and other,
net
|
|
|
— |
|
|
|
— |
|
|
|
(11,587 |
) |
|
|
(11,587 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income taxes
|
|
$ |
234,734 |
|
|
$ |
68,934 |
|
|
$ |
(23,438 |
) |
|
$ |
280,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
financial information for the nine months ended September 30,
2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Freight
Segment |
|
|
Transit
Segment |
|
|
Corporate
Activities and
Elimination |
|
|
Total |
|
Sales to external
customers
|
|
$ |
860,729 |
|
|
$ |
572,269 |
|
|
$ |
— |
|
|
$ |
1,432,998 |
|
Intersegment
sales/(elimination)
|
|
|
12,536 |
|
|
|
4,989 |
|
|
|
(17,525 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$ |
873,265 |
|
|
$ |
577,258 |
|
|
$ |
(17,525 |
) |
|
$ |
1,432,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations
|
|
$ |
160,682 |
|
|
$ |
70,976 |
|
|
$ |
(33,466 |
) |
|
$ |
198,192 |
|
Interest expense and other,
net
|
|
|
— |
|
|
|
— |
|
|
|
(12,720 |
) |
|
|
(12,720 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations before income taxes
|
|
$ |
160,682 |
|
|
$ |
70,976 |
|
|
$ |
(46,186 |
) |
|
$ |
185,472 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
product are as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September
30, |
|
In
thousands
|
|
2012 |
|
|
2011 |
|
Specialty
Products & Electronics
|
|
$ |
264,094 |
|
|
$ |
231,983 |
|
Remanufacturing,
Overhaul & Build
|
|
|
129,597 |
|
|
|
83,673 |
|
Brake Products
|
|
|
127,027 |
|
|
|
121,372 |
|
Other Transit
Products
|
|
|
49,141 |
|
|
|
45,753 |
|
Other
|
|
|
17,734 |
|
|
|
16,059 |
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$ |
587,593 |
|
|
$ |
498,840 |
|
|
|
|
|
|
|
|
|
|
Sales by
product are as follows:
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September
30, |
|
In
thousands
|
|
2012 |
|
|
2011 |
|
Specialty
Products & Electronics
|
|
$ |
841,382 |
|
|
$ |
622,857 |
|
Brake Products
|
|
|
386,640 |
|
|
|
372,815 |
|
Remanufacturing,
Overhaul & Build
|
|
|
348,252 |
|
|
|
245,330 |
|
Other Transit
Products
|
|
|
149,941 |
|
|
|
145,637 |
|
Other
|
|
|
54,507 |
|
|
|
46,359 |
|
|
|
|
|
|
|
|
|
|
Total sales
|
|
$ |
1,780,722 |
|
|
$ |
1,432,998 |
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599
Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599
Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599
Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599
Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599
+ Details
Name: |
us-gaap_SegmentReportingDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
ACQUISITIONS (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Summary of Preliminary Estimated Fair Values of the Assets Acquired and Liabilities Assumed |
For the
Bearward, Fulmer, Mors Smitt, Tec Tran and Winco acquisitions, the
following table summarizes the preliminary estimated fair values of
the assets acquired and liabilities assumed at the date of the
acquisition. For the Brush Traction and ATP acquisitions, the
following table summarizes the final fair value of the assets
acquired and liabilities assumed at the date of
acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brush Traction |
|
|
ATP |
|
|
Bearward |
|
|
Fulmer |
|
|
Mors Smitt |
|
|
Tec Tran |
|
|
Winco |
|
In
thousands
|
|
February 25,
2011 |
|
|
June 29,
2011 |
|
|
November 3,
2011 |
|
|
November 18,
2011 |
|
|
June 14,
2012 |
|
|
July 13,
2012 |
|
|
July 31,
2012 |
|
Current assets
|
|
$ |
19,558 |
|
|
$ |
— |
|
|
$ |
14,777 |
|
|
$ |
4,203 |
|
|
$ |
23,787 |
|
|
$ |
1,955 |
|
|
$ |
1,584 |
|
Property, plant &
equipment
|
|
|
8,862 |
|
|
|
— |
|
|
|
4,498 |
|
|
|
1,636 |
|
|
|
6,960 |
|
|
|
116 |
|
|
|
47 |
|
Goodwill and other
intangible assets
|
|
|
30,816 |
|
|
|
21,100 |
|
|
|
43,990 |
|
|
|
8,409 |
|
|
|
85,354 |
|
|
|
6,811 |
|
|
|
7,401 |
|
Other assets
|
|
|
— |
|
|
|
— |
|
|
|
53 |
|
|
|
— |
|
|
|
944 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
acquired
|
|
|
59,236 |
|
|
|
21,100 |
|
|
|
63,318 |
|
|
|
14,248 |
|
|
|
117,045 |
|
|
|
8,882 |
|
|
|
9,032 |
|
Total liabilities
assumed
|
|
|
(28,559 |
) |
|
|
— |
|
|
|
(19,532 |
) |
|
|
(657 |
) |
|
|
(27,057 |
) |
|
|
(382 |
) |
|
|
(5,376 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
acquired
|
|
$ |
30,677 |
|
|
$ |
21,100 |
|
|
$ |
43,786 |
|
|
$ |
13,591 |
|
|
$ |
89,988 |
|
|
$ |
8,500 |
|
|
$ |
3,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Financial Information |
The following
unaudited pro forma financial information presents income statement
results as if the acquisitions listed above, excluding LH, had
occurred on January 1, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Three Months Ended
September
30, 2012 |
|
|
Three Months
Ended
September 30, 2011 |
|
|
Nine Months
Ended
September 30, 2012 |
|
|
Nine Months
Ended
September 30, 2011 |
|
Net sales
|
|
$ |
588,939 |
|
|
$ |
546,413 |
|
|
$ |
1,820,046 |
|
|
$ |
1,574,359 |
|
Gross profit
|
|
|
171,818 |
|
|
|
163,340 |
|
|
|
529,695 |
|
|
|
469,767 |
|
Net income attributable to
Wabtec shareholders
|
|
|
63,263 |
|
|
|
53,278 |
|
|
|
188,655 |
|
|
|
139,987 |
|
Diluted earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
$ |
1.30 |
|
|
$ |
0.96 |
|
|
$ |
3.85 |
|
|
$ |
2.56 |
|
Pro forma
|
|
$ |
1.31 |
|
|
$ |
1.10 |
|
|
$ |
3.90 |
|
|
$ |
2.90 |
|
|
X |
- 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/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)-(3)
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 54
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 55
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph r(2, 3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_BusinessAcquisitionProFormaInformationTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472
+ Details
Name: |
us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
X |
- Details
Name: |
us-gaap_AcquiredFiniteLivedIntangibleAssetsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Amount of amortization expense expected to be recognized during the next fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Amount of amortization expense expected to be recognized during the fifth fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFive |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Amount of amortization expense expected to be recognized during the fourth fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Amount of amortization expense expected to be recognized during the third fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Amount of amortization expense expected to be recognized during the second fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v2.4.0.6
Acquisitions - Additional Information (Detail) (USD $)
|
9 Months Ended |
|
|
9 Months Ended |
|
9 Months Ended |
|
9 Months Ended |
|
9 Months Ended |
|
9 Months Ended |
|
9 Months Ended |
|
9 Months Ended |
|
9 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2012
Trade Names [Member]
|
Oct. 01, 2012
Subsequent Event [Member]
|
Sep. 30, 2012
Customer Relationships [Member]
|
Sep. 30, 2012
License Agreement [Member]
|
Sep. 30, 2012
Noncompete Agreements [Member]
|
Sep. 30, 2012
Order or Production Backlog [Member]
|
Sep. 30, 2012
Fulmer [Member]
|
Nov. 18, 2011
Fulmer [Member]
|
Sep. 30, 2012
ATP [Member]
|
Jun. 29, 2011
ATP [Member]
|
Sep. 30, 2012
Brush Traction [Member]
|
Feb. 25, 2011
Brush Traction [Member]
|
Sep. 30, 2012
Bearward [Member]
|
Nov. 03, 2011
Bearward [Member]
|
Sep. 30, 2012
Tec Tran [Member]
|
Jul. 13, 2012
Tec Tran [Member]
|
Sep. 30, 2012
Mors Smitt [Member]
|
Jun. 14, 2012
Mors Smitt [Member]
|
Sep. 30, 2012
Winco [Member]
|
Jul. 31, 2012
Winco [Member]
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date of acquisition |
Oct.
01,
2012 |
|
|
|
|
|
|
Nov. 18,
2011 |
|
Jun. 29,
2011 |
|
Feb. 25,
2011 |
|
Nov.
03,
2011 |
|
Jul. 13,
2012 |
|
Jun. 14,
2012 |
|
Jul. 31,
2012 |
|
Purchase price |
|
|
$ 47,800,000 |
|
|
|
|
|
$ 13,600,000 |
|
$ 21,100,000 |
|
$ 30,700,000 |
|
|
|
$ 8,500,000 |
|
$ 90,000,000 |
|
|
Addition to goodwill |
|
|
|
|
|
|
|
|
2,000,000 |
|
|
|
20,500,000 |
|
24,200,000 |
|
6,800,000 |
|
50,000,000 |
|
4,800,000 |
Business acquisition, net purchase price, net of cash |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,800,000 |
|
|
|
|
|
3,700,000 |
Goodwill tax deduction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0 |
Escrow deposits |
15,300,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquired intangible assets |
$ 94,800,000 |
$ 23,000,000 |
|
$ 63,100,000 |
$ 2,100,000 |
$ 1,000,000 |
$ 5,600,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average useful life, years |
|
|
|
19 years |
20 years |
2 years |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
Amount of cash paid to acquire the entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph f(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_BusinessAcquisitionCostOfAcquiredEntityCashPaid |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_BusinessAcquisitionCostOfAcquiredEntityPurchasePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Date when the business acquisition agreement was executed, in CCYY-MM-DD format.
+ References+ Details
Name: |
us-gaap_BusinessAcquisitionDateOfAcquisitionAgreement1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The amount of acquisition cost of a business combination allocated to an identifiable intangible asset that will be amortized.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_BusinessAcquisitionPurchasePriceAllocationAmortizableIntangibleAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Amount of goodwill arising from a business combination, which is the excess of the cost of the acquired entity over the amounts assigned to assets acquired and liabilities assumed.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 52
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 53
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_BusinessAcquisitionPurchasePriceAllocationGoodwillAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
The amount of goodwill arising from a business combination that is expected to be deductible for tax purposes.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 53
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 52
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph k
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_BusinessAcquisitionPurchasePriceAllocationGoodwillExpectedTaxDeductibleAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
The designation of funds furnished by a borrower to a lender to assure future payments of the borrower's real estate taxes and insurance obligations with respect to a mortgaged property. Escrow deposits may be made for a variety of other purposes such as earnest money and contingent payments. This element excludes replacement reserves which are an escrow separately provided for within the US GAAP taxonomy.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10)
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878
+ Details
Name: |
us-gaap_EscrowDeposit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ References+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetUsefulLife |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Net income attributable to Wabtec shareholders |
$ 62,994 |
$ 46,600 |
$ 186,967 |
$ 123,886 |
Foreign currency translation gain (loss) |
11,916 |
(37,792) |
6,298 |
(10,696) |
Unrealized gain on foreign exchange contracts |
|
200 |
|
251 |
Unrealized (loss) gain on interest rate swap contracts |
(903) |
376 |
(3,064) |
604 |
Pension benefit plans and post-retirement benefit plans |
(128) |
2,571 |
2,158 |
3,273 |
Comprehensive income before income taxes |
73,879 |
11,955 |
192,359 |
117,318 |
Income tax benefit (expense) related to components of other comprehensive income |
333 |
(959) |
425 |
(1,351) |
Comprehensive income attributable to Wabtec shareholders |
$ 74,212 |
$ 10,996 |
$ 192,784 |
$ 115,967 |
X |
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=16317811
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e557-108580
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A5
-Appendix A
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The aggregate unrealized foreign currency transaction gain (loss) (pretax) included in determining net income for the reporting period. Represents the aggregate of gains (losses) on transactions that are unsettled as of the balance sheet date, which is therefore an adjustment to reconcile income (loss) from continuing operations to net cash provided by or used in continuing operations. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting entity's financial statements. For certain entities, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains (losses) may be disclosed as dealer gains (losses).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450222&loc=d3e30840-110895
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30700-110894
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450189&loc=d3e30690-110894
+ Details
Name: |
us-gaap_ForeignCurrencyTransactionGainLossUnrealized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913
Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580
Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A
Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
Amount before tax and reclassification adjustments, resulting from the process of expressing in the reporting currency of the reporting entity those amounts that are denominated or measured in a different currency, and from transactions whose terms are denominated in a currency other than the entity's functional currency.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 13, 20, 30, 31
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 20
-Section 35
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6939497&loc=d3e30304-110892
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32211-110900
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
Before tax amount of other comprehensive income (loss) attributable to the parent entity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Definition
Before tax amount, net of reclassifications, of pension and other postretirement benefit plans (gain) loss included in accumulated other comprehensive income.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (i-k)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Tax effect of other comprehensive income (loss) attributable to both parent entity and noncontrolling interest.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e640-108580
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 24
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 36
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 20
-Section 45
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=18498875&loc=d3e39076-109324
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
Before tax amount of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 24
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 20
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 46
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v2.4.0.6
ACQUISITIONS
|
9 Months Ended |
Sep. 30, 2012
|
ACQUISITIONS |
3.
ACQUISITIONS
The Company
made the following acquisitions within the Transit
Segment:
|
• |
|
On October 1, 2012, subsequent to the close of our
accounting quarter, the Company acquired LH Group
(“LH”), a UK-based provider of maintenance and overhaul
services for the passenger transit market, for a net purchase price
of approximately $47.8 million, net of cash.
|
|
• |
|
On July 13, 2012, the Company acquired Tec Tran Corp. and
its affiliates (“Tec Tran”), the only U.S.-owned
manufacturer of hydraulic braking systems for transit cars, based
in North Carolina, for a net purchase price of approximately $8.5
million, net of cash, resulting in preliminary additional goodwill
of $6.8 million, which will be deductible for tax
purposes.
|
|
• |
|
On June 14, 2012, the Company acquired Mors Smitt Holding
(“Mors Smitt”), a leading manufacturer of electronic
components for rail and industrial markets with operations in the
Netherlands, the United Kingdom, the U.S., France, China and
Hong-Kong, for a net purchase price of approximately $90.0 million,
net of cash, resulting in preliminary additional goodwill of $50.0
million, none of which will be deductible for tax
purposes.
|
|
• |
|
On November 18, 2011, the Company acquired Fulmer Company
(“Fulmer”), a leading manufacturer of motor components
for rail, power generation and other industrial markets, for a net
purchase price of $13.6 million, resulting in preliminary
additional goodwill of $2.0 million, which will be deductible for
tax purposes.
|
|
• |
|
On June 29, 2011, the Company acquired an aftermarket
transit parts business (“ATP”) from GE Transportation,
a parts supply business for propulsion and control systems for the
passenger transit car aftermarket in North America for a net
purchase price of $21.1 million, resulting in no additional
goodwill.
|
|
• |
|
On February 25, 2011, the Company acquired Brush Traction
Group (“Brush Traction”), a UK-based provider of
locomotive overhauls, services and aftermarket components for a net
purchase price of approximately $30.7 million, resulting in
additional goodwill of $20.5 million, which will be deductible for
tax purposes.
|
The Company
made the following acquisitions within the Freight
Segment:
|
• |
|
On July 31, 2012, the Company acquired Winco Equipamentos
Ferroviarios Ltda. (“Winco”), an established marketing
and sales company with capabilities including value-added
engineering and assembly, service, technical support and logistics,
based in Brazil, for an initial net payment of
approximately $3.7 million, net of cash, resulting in preliminary
additional goodwill of $4.8 million, none of which will be
deductible for tax purposes. In addition to the $3.7 million, the
purchase agreement includes contingent consideration to be paid in
future periods based on the achievement of certain financial
results.
|
|
• |
|
On November 3, 2011, the Company acquired Bearward
Engineering (“Bearward”), a UK-based manufacturer of
cooling systems and related equipment for power generation and
other industrial markets, for a net purchase price of approximately
$43.8 million, net of cash, resulting in preliminary
additional goodwill of $24.2 million, none of which will be
deductible for tax purposes.
|
The
acquisitions listed above, excluding LH, include escrow deposits of
$15.3 million, which act as security for indemnity and other claims
in accordance with the purchase and related escrow
agreements.
For the
Bearward, Fulmer, Mors Smitt, Tec Tran and Winco acquisitions, the
following table summarizes the preliminary estimated fair values of
the assets acquired and liabilities assumed at the date of the
acquisition. For the Brush Traction and ATP acquisitions, the
following table summarizes the final fair value of the assets
acquired and liabilities assumed at the date of
acquisition.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brush Traction |
|
|
ATP |
|
|
Bearward |
|
|
Fulmer |
|
|
Mors Smitt |
|
|
Tec Tran |
|
|
Winco |
|
In
thousands
|
|
February 25,
2011 |
|
|
June 29,
2011 |
|
|
November 3,
2011 |
|
|
November 18,
2011 |
|
|
June 14,
2012 |
|
|
July 13,
2012 |
|
|
July 31,
2012 |
|
Current assets
|
|
$ |
19,558 |
|
|
$ |
— |
|
|
$ |
14,777 |
|
|
$ |
4,203 |
|
|
$ |
23,787 |
|
|
$ |
1,955 |
|
|
$ |
1,584 |
|
Property, plant &
equipment
|
|
|
8,862 |
|
|
|
— |
|
|
|
4,498 |
|
|
|
1,636 |
|
|
|
6,960 |
|
|
|
116 |
|
|
|
47 |
|
Goodwill and other
intangible assets
|
|
|
30,816 |
|
|
|
21,100 |
|
|
|
43,990 |
|
|
|
8,409 |
|
|
|
85,354 |
|
|
|
6,811 |
|
|
|
7,401 |
|
Other assets
|
|
|
— |
|
|
|
— |
|
|
|
53 |
|
|
|
— |
|
|
|
944 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
acquired
|
|
|
59,236 |
|
|
|
21,100 |
|
|
|
63,318 |
|
|
|
14,248 |
|
|
|
117,045 |
|
|
|
8,882 |
|
|
|
9,032 |
|
Total liabilities
assumed
|
|
|
(28,559 |
) |
|
|
— |
|
|
|
(19,532 |
) |
|
|
(657 |
) |
|
|
(27,057 |
) |
|
|
(382 |
) |
|
|
(5,376 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
acquired
|
|
$ |
30,677 |
|
|
$ |
21,100 |
|
|
$ |
43,786 |
|
|
$ |
13,591 |
|
|
$ |
89,988 |
|
|
$ |
8,500 |
|
|
$ |
3,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Of the
allocation of $94.8 million of acquired intangible assets for the
companies listed in the above table exclusive of goodwill, $63.1
million was assigned to customer relationships, $23.0 million was
assigned to trade names, $2.1 million was assigned to a license
agreement, $1.0 million was assigned to non-compete agreements and
$5.6 million was assigned to customer backlog. The trade names are
considered to have an indefinite useful life while the customer
relationships’ average useful life is 19 years, the license
agreement’s useful life is 20 years, and the non-compete
agreements average useful life is two years.
The following
unaudited pro forma financial information presents income statement
results as if the acquisitions listed above, excluding LH, had
occurred on January 1, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In
thousands
|
|
Three Months Ended
September
30, 2012 |
|
|
Three Months
Ended
September 30, 2011 |
|
|
Nine Months
Ended
September 30, 2012 |
|
|
Nine Months
Ended
September 30, 2011 |
|
Net sales
|
|
$ |
588,939 |
|
|
$ |
546,413 |
|
|
$ |
1,820,046 |
|
|
$ |
1,574,359 |
|
Gross profit
|
|
|
171,818 |
|
|
|
163,340 |
|
|
|
529,695 |
|
|
|
469,767 |
|
Net income attributable to
Wabtec shareholders
|
|
|
63,263 |
|
|
|
53,278 |
|
|
|
188,655 |
|
|
|
139,987 |
|
Diluted earnings per
share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
|
|
$ |
1.30 |
|
|
$ |
0.96 |
|
|
$ |
3.85 |
|
|
$ |
2.56 |
|
Pro forma
|
|
$ |
1.31 |
|
|
$ |
1.10 |
|
|
$ |
3.90 |
|
|
$ |
2.90 |
|
|
X |
- Definition
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1490-128463
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1524-128463
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1383-128463
Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463
Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1500-128463
Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472
Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph F4
-Subparagraph e
-Appendix F
Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1497-128463
Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472
Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479
+ Details
Name: |
us-gaap_BusinessCombinationDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Restricted Stock Activity and Incentive Stock Awards Activity (Detail) (USD $)
|
9 Months Ended |
Sep. 30, 2012
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Weighted Average Grant Date Fair Value, Outstanding, beginning of period |
$ 44.04 |
Weighted Average Grant Date Fair Value, Granted |
$ 70.85 |
Weighted Average Grant Date Fair Value, Vested |
$ 35.73 |
Weighted Average Grant Date Fair Value, Adjustment for incentive stock awards expected to vest |
$ 60.61 |
Weighted Average Grant Date Fair Value, Canceled |
$ 42.96 |
Weighted Average Grant Date Fair Value, Outstanding, end of period |
$ 53.17 |
Granted |
75,698 |
Canceled |
(26,717) |
Restricted Stock And Units
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Outstanding, beginning of period |
274,609 |
Granted |
110,980 |
Vested |
(98,694) |
Canceled |
(13,008) |
Outstanding, end of period |
273,887 |
Incentive Stock Awards
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Outstanding, beginning of period |
646,362 |
Granted |
118,660 |
Vested |
(122,079) |
Adjustment for incentive stock awards expected to vest |
45,784 |
Canceled |
(2,219) |
Outstanding, end of period |
686,508 |
X |
- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(3)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(2)(c)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(1)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(2)(c)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)-(ii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(2)(b)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(2)(a)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)-(ii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(2)(b)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(2)(a)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Definition
The net total number of shares (or other type of equity) under an equity-based award plan, other than a stock option plan, that were granted, vested and forfeited during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPeriodIncreaseDecrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(2)(d)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(2)
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph A240
-Subparagraph b(2)(d)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
num:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number Expected To Vest
+ References+ Details
Name: |
wab_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumberExpectedToVest |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
Guarantor Subsidiaries Condensed Statement of Cash Flows (Detail) (USD $) In Thousands, unless otherwise specified
|
9 Months Ended |
Sep. 30, 2012
|
Sep. 30, 2011
|
Condensed Financial Statements, Captions [Line Items] |
|
|
Net cash (used for) provided by operating activities |
$ 113,525 |
$ 100,020 |
Net cash used for investing activities |
(126,067) |
(73,663) |
Net cash (used for) provided by financing activities |
9,294 |
(33,864) |
Effect of changes in currency exchange rates |
(312) |
(8,298) |
(Decrease) increase in cash |
(3,560) |
(15,805) |
Cash, beginning of year |
285,615 |
236,941 |
Cash, end of period |
282,055 |
221,136 |
Parent Company [Member]
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
Net cash (used for) provided by operating activities |
(4,856) |
9,543 |
Net cash used for investing activities |
(3,841) |
(4,082) |
Net cash (used for) provided by financing activities |
9,286 |
(33,944) |
(Decrease) increase in cash |
589 |
(28,483) |
Cash, beginning of year |
75,621 |
42,714 |
Cash, end of period |
76,210 |
14,231 |
Guarantor Subsidiaries [Member]
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
Net cash (used for) provided by operating activities |
390,163 |
321,525 |
Net cash used for investing activities |
(22,366) |
(30,033) |
Net cash (used for) provided by financing activities |
(376,199) |
(295,753) |
(Decrease) increase in cash |
(8,402) |
(4,261) |
Cash, beginning of year |
14,024 |
13,226 |
Cash, end of period |
5,622 |
8,965 |
Non-Guarantor Subsidiaries [Member]
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
Net cash (used for) provided by operating activities |
166,931 |
106,708 |
Net cash used for investing activities |
(99,860) |
(39,548) |
Net cash (used for) provided by financing activities |
(62,506) |
(41,923) |
Effect of changes in currency exchange rates |
(312) |
(8,298) |
(Decrease) increase in cash |
4,253 |
16,939 |
Cash, beginning of year |
195,970 |
181,001 |
Cash, end of period |
200,223 |
197,940 |
Elimination [Member]
|
|
|
Condensed Financial Statements, Captions [Line Items] |
|
|
Net cash (used for) provided by operating activities |
(438,713) |
(337,756) |
Net cash (used for) provided by financing activities |
$ 438,713 |
$ 337,756 |
X |
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 45
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash Equivalents
-URI http://asc.fasb.org/extlink&oid=6507016
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 8, 9
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Cash
-URI http://asc.fasb.org/extlink&oid=6506951
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 7
-Footnote 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.1)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
-Article 5
+ Details
Name: |
us-gaap_CashAndCashEquivalentsAtCarryingValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_CondensedFinancialStatementsCaptionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
The effect of exchange rate changes on cash balances held in foreign currencies.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 230
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450594&loc=d3e33268-110906
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 25
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The net cash inflow or outflow from financing activity for the period.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The net cash inflow or outflow from investing activity.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 25
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3536-108585
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
INVENTORIES (Tables)
|
9 Months Ended |
Sep. 30, 2012
|
Components of Inventory, Net of Reserves |
The components
of inventory, net of reserves, were:
|
|
|
|
|
|
|
|
|
In
thousands
|
|
September 30,
2012 |
|
|
December 31,
2011 |
|
Raw materials
|
|
$ |
165,139 |
|
|
$ |
154,885 |
|
Work-in-process
|
|
|
135,152 |
|
|
|
110,179 |
|
Finished goods
|
|
|
91,301 |
|
|
|
83,110 |
|
|
|
|
|
|
|
|
|
|
Total
inventories
|
|
$ |
391,592 |
|
|
$ |
348,174 |
|
|
|
|
|
|
|
|
|
|
|
X |
- Definition
Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 2
-Paragraph 6
-Subparagraph a,b,c
-Article 5
+ Details
Name: |
us-gaap_ScheduleOfInventoryCurrentTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
X |
- Definition
Number of countries company operates
+ References+ Details
Name: |
wab_NumberOfCountriesCompanyOperates |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
Number of countries where product found
+ References+ Details
Name: |
wab_NumberOfCountriesWhereProductFound |
Namespace Prefix: |
wab_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
revenues from customers outside the U.S.
+ References+ Details
Name: |
wab_RevenuesFromCustomersOutsideUS |
Namespace Prefix: |
wab_ |
Data Type: |
num:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v2.4.0.6
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2012
|
COMMITMENTS AND CONTINGENCIES |
13. COMMITMENTS AND
CONTINGENCIES
Claims have been
filed against the Company and certain of its affiliates in various
jurisdictions across the United States by persons alleging bodily
injury as a result of exposure to asbestos-containing products.
Further information and detail on these claims is described in the
Company’s Annual Report on Form 10-K for the year ended
December 31, 2011, in Note 18 therein, filed on
February 24, 2012. During the first nine months for 2012,
there were no material changes to the information described in the
Form 10-K.
The Company is
also subject to litigation from time to time arising out of its
operations in the ordinary course of business, including claims
based on product liability, contracts, intellectual property, or
other causes of action. Further information and detail on any
potentially material litigation is as described in the
Company’s Annual Report on Form 10-K for the year ended
December 31, 2011, in Note 18 therein, filed on
February 24, 2012. During the first nine months of 2012, there
were no material changes to the information described in the Form
10-K.
The Company is
also subject to other commitments and contingencies arising from
environmental conditions or regulations as described in its Annual
Report on Form 10-K for the year ended December 31, 2011, in
Note 18 therein, filed on February 24, 2012. During the first
nine months of 2012, there were no material changes to the
information described in the Form 10-K.
|
X |
- Definition
The entire disclosure for commitments and contingencies.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
nonnum:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|