美国西屋制动 2025年季度报告

OR For the transition period fromtoCommission file number:033-90866____________________________________WESTINGHOUSE AIR BRAKE TECHNOLOGIESCORPORATION (State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)30 Isabella StreetPittsburgh,Pennsylvania15212(Address of principal executive offices)(Zip code)412-825-1000 1.BUSINESSExcept as the context otherwise requires, all references to “we”, “our”, “us”, the “Company” and “Wabtec” refer to Westinghouse AirBrake Technologies Corporation and its consolidated subsidiaries. References to the “Parent Company” refer to Westinghouse Air Brake rail and passenger transit vehicles. Wabtec is a global company with operations in over50countries and our products can be found in more than100countries throughout the world. In the first six months of 2025, approximately half of the Company’s Net sales came from customersoutside the United States.2.ACCOUNTING POLICIESBasis of PresentationThe unaudited condensed consolidated interim financial statements have been prepared in accordance with results for the interim periods presented. Certain prior year amounts have been reclassified, where necessary, to conform to the current yearpresentation. Results for these interim periods are not necessarily indicative of results to be expected for the full year, particularly in light of ongoingvolatility in the macroeconomic environment caused by supply chain disruptions, labor availability, broad-based inflation, tariffs and tradenegotiations, and the impacts from regional conflicts. These factors continue to impact our sales channels, supply chain, manufacturing and new sanctions and tariffs may have on our business, global supply chain operations and our customers, suppliers, and end-markets.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 Use of EstimatesThe preparation of financial statements in conformity with GAAP in the United States requires the Company to makeestimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts Revenue RecognitionA majority of the Company’s revenues are derived from performance obligations that are satisfied at a point intime when control passes to the customer. The remaining revenues are earned over time. Generally, for performance obligations satisfied at apoint in time control passes at the time of shipment in accordance with agreed upon delivery terms.The Company also has long-term customer agreements involving the design and production of highly engineered products that requirerevenue to be recognized over time because these products have no alternative use without significant economic loss, and the agreementscontain an enforceable right to payment including a reasonable profit margin from the customer in the event of contract termination. assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; laboravailability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that maybe associated with the contract. We have a disciplined process where Management reviews the progress of long term-projects periodicallythroughout the year. As part of this process, Management reviews information including key contract matters, progress towards completion, period they become known.Generally, the Company’s revenue contains a single performance obligation for each distinct good or service; however, a single contractmay have multiple performance obligations comprising multiple promises to customers. When there are multiple performance obligations,revenue is allocated based on the relative stand-alone selling price. Pricing is defined in our contracts on a line item basis and includes anestimate of variable consideration when required by the terms of the individual customer contract. Types of variable consideration the Companytypically has include volume discounts, prompt payment discounts, price escalation clauses, liquidating damages, and performance bonuses. obligations.As of June30, 2025, the Company's remaining performance obligations were approximately $21.8billion. The Company expects torecognize revenue of approximately38% of the remaining performance obligations over the next12months, with the remainder recognized borrowings from a financial institution against certain collateralized receivables for up to $350million. The Company and certain of itssubsidiaries (the "Originators") contribute receivables to our bankruptcy-remote subsidiary, which can then be collateralized on a recurringbasis. As customers pay their balances, we transfer additional receivables i