10-K 0001628280-26-008067 (2026-02-13) vs 10-K 0001628280-25-005100 (2025-02-12)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 6,949 |
9.0% |
| MD&A | Item 7 | 7,851 |
30.3% |
| Legal Proceedings | Item 3, via Note 18 – COMMITMENTS AND CONTINGENCIES | 664 |
47.9% |
| Accounting Policies | Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3,087 |
19.3% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 166 words changed in this paragraph; it is 54% similar to last year's version.
Total operating Operating expenses increased $79 $256 million, or 4.7%, 14.6%, for the year ended December 31, 2024 2025 compared to the same period in 2023, primarily due to the increase in Net sales. Operating expenses as a percentage of Net sales was 16.9% and 17.3% for the years ended December 31, 2024 and 2023, respectively. 2024. Selling, general and administrative expenses ("SG&A") increased $109 $242 million for the year ended December 31, 2024 2025 compared to the same period in 2023. 2024. The increase is primarily from costs incurred to support the higher sales volume, transaction costs associated with completed and announced acquisitions, incremental expense from acquisitions, and higher employee compensation and benefit costs and higher professional fees related to acquisitions, costs, partially offset by the impacts of Integration 2.0. Restructuring restructuring initiatives. Transaction costs associated with completed and announced acquisitions included in SG&A were $18 $49 million for the years year ended December 31, 2025. SG&A for the year ended December 31, 2025 included $60 million of costs related to restructuring initiatives, including a $38 million loss on disposition of a business associated with Portfolio Optimization. SG&A for the year ended December 31, 2024 and 2023, primarily for headcount actions and footprint rationalization programs included $18 million of costs related to Integration 2.0 in both years and Portfolio Optimization in 2024. restructuring initiatives. Engineering expenses decreased $12 increased $17 million primarily due to the timing of incremental expense from acquisitions and increased investments in new technology, and Amortization expense decreased $18 million, primarily related to changes in accelerated amortization for business dispositions associated with Portfolio Optimization and lower amortization for the GE Transportation trade name. technology.
Source: Item 7, 10-K 0001628280-26-008067 vs Item 7, 10-K 0001628280-25-005100
Risk Factors 149 words changed in this paragraph; it is 56% similar to last year's version.
For instance, The security and functionality of our information technology systems, and the process of data by these systems, are critical to our business operations. If these systems are damaged, intruded upon, attacked, shutdown, or cease to function properly, and we suffer any resulting interruption in our ability to manage and operate our business, or if our products are affected, our results of operations and financial condition could be materially adversely affected. We have experienced cyber-security incidents that have impacted the Company's network. We have also been indirectly affected by vulnerabilities in third-party systems used for certain Wabtec products. In each instance, the Company has promptly activated incident response protocols and completed a thorough investigation. Such incidents have not had a material impact on our business, operations or financial results. However, a successful exploitation of our own own, our vendors’ or our vendors’ customers' information technology infrastructure could result in service interruptions, safety hazards, misappropriation of confidential information, process failures, security breaches or other operational difficulties. Such an event could result in decreased revenues and increased capital, insurance or operating costs, including the increased costs of security to protect the Company’s infrastructure, among other results. Insurance maintained by the Company to protect against loss of business and other related consequences resulting from cyber incidents may not be sufficient to cover all damages. A disruption or compromise of the Company’s technology systems, even for short periods of time, could have a material adverse effect.
Source: Item 1A, 10-K 0001628280-26-008067 vs Item 1A, 10-K 0001628280-25-005100
Legal Proceedings 140 words changed in this paragraph; it is 49% similar to last year's version.
During the third quarter of 2023, a competitor of the Company, Progress Rail (“Progress”), which is a Caterpillar Inc. company, sued the Company in the U.S. District Court for the District of Delaware asserting antitrust, breach of contract, unfair competition law, defamation and misrepresentation false advertising claims. The complaint challenges the Wabtec-GE Transportation merger and contends that since the merger, Wabtec has unlawfully monopolized the markets for long-haul freight locomotives, Tier IV long-haul freight locomotives, and energy management systems by, among other things, failing to ensure that Progress’ products are interoperable with Wabtec’s locomotives and cab electronics. Progress seeks an order requiring Wabtec to divest GE Transportation, unspecified treble damages for its alleged lost profits from reduced sales of locomotive and cab systems, and attorneys’ fees and costs. It also asks the court to enjoin Wabtec from engaging in the conduct and require the Company to comply with its agreements with Progress. Wabtec intends to vigorously defend itself against this lawsuit and believes that it has meritorious defenses to the claims asserted by Progress. The case is still at an early stage; Wabtec filed a motion to dismiss, briefing on this motion was completed in early 2024. The Court has not yet issued a decision on Wabtec’s motion.
Source: Item 3, via Note 18 – COMMITMENTS AND CONTINGENCIES, 10-K 0001628280-26-008067 vs Item 3, via Note 18 – COMMITMENTS AND CONTINGENCIES, 10-K 0001628280-25-005100
Accounting Policies 99 words changed in this paragraph; it is 66% similar to last year's version.
Revolving Receivables Program The Company utilizes a revolving facility to sell up to $350 million of certain receivables of the Company and certain of its subsidiaries (the "Originators"). The Originators contribute receivables to our bankruptcy-remote subsidiary, which sells the receivables to a financial institution on a recurring basis in exchange for cash equal to the gross receivables sold. The bankruptcy remote subsidiary is a separate legal entity with its own creditors, and its assets are not available to pay creditors of the Company or any other affiliates of the Company. As customers pay their balances, we transfer additional The receivables into the program, which could result in our gross receivables sold being higher or lower than customer collections remitted transferred to the financial institution for any applicable period. The sold receivables program are fully guaranteed by our bankruptcy-remote subsidiary, which holds additional receivables that are pledged as collateral under this facility. The Company has agreed to guarantee the performance of the Originators Originators' respective obligations under the revolving agreement. Neither the Company (except for the bankruptcy-remote consolidated subsidiary referenced above) nor the Originators guarantees the collectability of the receivables under the revolving agreements.
Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001628280-26-008067 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001628280-25-005100
Every change, by type
Sentences and paragraphs of WAB's Risk Factors and MD&A, 10-K 2026-02-13 against 10-K 2025-02-12.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
As a result of our acquisitions from time to time, we have goodwill recorded on our balance sheet. Goodwill is tested for impairment annually or more often if events or changes in circumstances indicate a potential impairment may exist. Factors that could indicate that our goodwill could be impaired include a decline in our stock price and market capitalization, lower than projected operating results and cash flows, and slower growth rates in our industry. If we determine at a future time that impairment exists, it may result in a significant non-cash charge to earnings and lower stockholders' equity.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedRisk Factors
Further, we regularly implement organization changes and streamlining, such as divestitures and realignments, to support our growth and cost management strategies and to encourage efficiencies. If we are unable to successfully manage these and other organizational changes, the ability to complete such activities and realize anticipated benefits and cost savings as well as our results of operations and financial condition could be materially adversely affected.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedRisk Factors
•the complexities of operating within multiple tax jurisdictions and potentially material impacts associated with changes in applicable tax laws;
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
The potential challenges posed by evolving climate change policy and prospective regulation are heavily dependent on the nature and degree of such legislation, the consistency (or lack of consistency) of legislation across jurisdictions in which we operate, and the extent to which such regulation and legislation applies to our industry.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
A protectionist trade environment in either the United States or those foreign countries in which we do business, such as a change in the current tariff structures, export compliance or other trade policies, may adversely affect our business.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Additionally, in an environment of heightened global geopolitical uncertainty, market factors, such as broad-based inflation, escalation of commodities costs, transportation and logistics costs, tariffs, labor costs, and volatility in foreign currency exchange rate fluctuations rates may exacerbate the impacts of such supply chain disruptions.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
At December 31, 2024, 2025, we had total debt of $4.0 $5.5 billion, primarily related to Senior Notes, Notes and the 2022 and 2024 Credit Agreements ("Credit Agreements"). credit agreements.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Operations in such emerging markets are inherently risky due to a number of regulatory, economic, social and political uncertainties. uncertainties, which may be exacerbated in environments of heightened geopolitical uncertainty and volatility.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
The indentures for our outstanding Senior Notes and the agreements governing certain of our 2022 and 2024 Credit Agreements contain credit facilities contains various covenants that limit our management’s discretion in the operation of our businesses.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
If we were to experience a strike or work stoppage, it could be difficult for us to find a sufficient number of employees with the necessary skills to replace these employees.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
However, a successful exploitation of our own own, our vendors’ or our vendors’ customers' information technology infrastructure could result in service interruptions, safety hazards, misappropriation of confidential information, process failures, security breaches or other operational difficulties.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedRisk Factors
Our Credit Agreements subject credit agreement subjects us to customary (i) affirmative covenants, including requirements with respect to certain reporting obligations on us and our subsidiaries, and (ii) negative covenants, including limitations on: indebtedness; liens; restricted payments; fundamental changes (including certain changes in control); business activities; transactions with affiliates; restrictive agreements; changes in fiscal year; and use of proceeds.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
During the fourth quarter of 2025, Wabtec signed $2.2 billion in new locomotive orders in North America, which included $1.3 billion for locomotive modernizations and $0.9 billion for new locomotives. Also during the fourth quarter, Digital Intelligence secured $75 million of PTC and KinetiX orders in key international markets. In the third quarter of 2025, Wabtec announced an agreement with National Company Kazakhstan Temir Zholy ("KTZ"), the national railway of Kazakhstan, to deliver Evolution Series locomotives and provide long-term service support. The multi-national order, valued by the Company at approximately $4.2 billion, marks the largest locomotive agreement in Wabtec's history. Wabtec also continued to drive recurring revenue in the global market by winning a new service contract in Kazakhstan worth $299 million earlier in 2025. Additionally in the Freight Segment, the first Simandou locomotives reached Guinea, marking the first exports from the Company's India locomotive facility. We also signed a $140 million new locomotive order with a North American Class I railroad, signed new locomotive, mining and service orders in the Asia-Pacific region totaling $127 million, and signed a $125 million ultra class mining order.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
During 2025, the Transit Segment signed $140 million in new Transit brake orders, two multi-year transit platform door contracts valued at $85 million and a $47 million order to provide brakes and couplers for servicing a North American customer, among many other orders.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
In March of 2025, Moody's upgraded the Senior Notes ratings to Baa2 from Baa3 and changed the outlook to stable from positive, and S&P Global Ratings reaffirmed Wabtec's credit rating at BBB with a stable outlook.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
profitability while reducing manufacturing complexity. For the years ended December 31, 2025 and 2024, Wabtec incurred $75 million and $65 million, respectively, of restructuring costs primarily for employee-related costs and asset write downs on programs under these initiatives.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
On July 1, 2025, the Company acquired Inspection Technologies for approximately $1.788 billion. Inspection Technologies was formerly part of the Scientific Solutions Division of Olympus Corporation, a global leader in nondestructive testing, remote visual inspection and analytical instruments solutions for mission critical assets. On December 1, 2025, the Company acquired Frauscher, a global market leader in train detection, wayside object control solutions and axle counting systems, for approximately $792 million. Also during 2025, the Freight Segment completed two additional acquisitions which were individually and collectively immaterial.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Also during the first quarter of 2025, Wabtec announced a definitive agreement to acquire Dellner Couplers, a global leader in highly engineered safety-critical train connection systems and services for passenger rail rolling stock, for approximately €890 million. The acquisition subsequently closed on February 10, 2026.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Transaction costs incurred for the year ended December 31, 2025 related to completed and announced acquisitions were approximately $49 million.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
•$(65) million from changes in inventory due to increased raw material costs, tariffs and in support of higher sales;
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
During the second quarter of 2025, the Company entered into the 2025 Credit Agreement, which amended and restated the 2022 Credit Agreement and refinanced the 2024 Credit Agreement. The 2025 Credit Agreement increased the amount available under the Revolving Credit Facility to $2.0 billion and provided a Term Loan Facility of $725 million. The Term Loan Facility was utilized to refinance (i) $250 million of the outstanding Delayed Draw Term Loan under the 2022 Credit Agreement and (ii) $225 million of the outstanding term loan under the 2024 Credit Agreement. During the third quarter of 2025, the remaining $250 million under the Term Loan Facility was drawn and utilized as part of funding for the Inspection Technologies acquisition.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
The Company's goal is to maintain an investment-grade credit profile. Rating agencies that are engaged by the Company periodically update our credit ratings as events occur. As of December 31, 2025, the long-term credit ratings assigned to the Company were BBB with a stable outlook by Fitch Ratings, Baa2 with a stable outlook by Moody's Investors Service, and BBB with a stable outlook by S&P Global Ratings.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
Prior to January 1, 2025, the Company utilized its Revolving Receivables Program to sell certain receivables for up to $350 million on a recurring basis. Net cash proceeds received from the sale of receivables in exchange for cash equal to the gross receivables sold are included in cash from operations within the Consolidated Statements of Cash Flows.
Read it in 10-K 2026-02-13 at sec.gov ↗
AddedMD&A
On March 18, 2025, Wabtec announced a definitive agreement to acquire Dellner Couplers, with a purchase price of approximately €890 million. The transaction subsequently closed on February 10, 2026, and was funded with a combination of cash on hand and borrowings under other sources of available liquidity.
Read it in 10-K 2026-02-13 at sec.gov ↗
RemovedMD&A
During 2024, Wabtec continued to execute on our value creation framework by signing several key agreements including: a multi-year Tier 4 locomotive order in North America for over $600 million, a multi-year locomotive order in Kazakhstan for over $400 million, international orders for new locomotives for $401 million across six customers, and multi-year orders for new locomotives in Africa for approximately $525 million. Additionally, Wabtec won a long-term parts agreement with a Class I railroad for over $300 million, signed its first multi-year service contract with a customer in Brazil worth over $240 million, won signaling contracts with Transit customers in North America, and secured a long-term parts agreement with a customer in Asia. Operationally, Wabtec began commercial operations for its Green Friction braking solution in Paris and launched the next generation of railcar movers with its Shuttlewagon Commander NXT. Additionally, as a result of Wabtec's strong revenue and profitable growth over the past few years, rating agencies have made the following changes to our credit ratings: both Fitch Ratings and S&P Global Ratings upgraded Wabtec's credit rating from BBB- to BBB with a Stable outlook, and Moody's updated Wabtec's outlook to positive from stable.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
During the first quarter of 2022, Wabtec announced Integration 2.0, a multi-year strategic initiative to target incremental run rate synergies now estimated to be approximately $100 million by the end of 2026. The scope of the review included consolidating our operating footprint, reducing headcount, streamlining the end-to-end manufacturing process, restructuring the North America distribution channels, expanding operations in low-cost countries and simplifying the business through systems enablement. During the twelve months ended December 31, 2024 and 2023, the Company incurred one-time restructuring charges for programs included in the initiative of approximately $28 million and $49 million, respectively, primarily for employee-related costs and asset write downs associated with site consolidations in Europe. The Company now expects to incur approximately $170 million of one-time restructuring charges related to Integration 2.0, of which approximately $146 million has been incurred through December 31, 2024. Approved programs resulted in approximately 15 facility closures and impacted approximately 1,000 employees.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
In addition to Integration 2.0, Wabtec is focused on exiting various low margin product offerings through Portfolio Optimization to improve profitability while reducing manufacturing complexity. Wabtec now expects to incur approximately $70 million in net exit charges related to Portfolio Optimization, which will be predominately non-cash asset write downs. For the years ended December 31, 2024 and 2023, Wabtec recorded charges of approximately $28 million primarily for asset write
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
downs related to Portfolio Optimization. Total one-time restructuring charges related to Portfolio Optimization to date are approximately $56 million.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
A portion of our workers are represented by labor unions. The United Electrical, Radio and Machine Workers of America (UE), Locals 506 and 618 collective bargaining agreement, covering approximately 1,400 locomotive manufacturing workers in Erie, Pennsylvania, expired on June 9, 2023. Negotiations with UE officially began on April 27, 2023 and an agreement between the Company and the UE was not reached before the contract expired. On June 22, 2023, the UE voted against ratification of the Company's proposed agreement and authorized a strike. The Company and the UE subsequently reached an agreement that was ratified by the UE on August 31, 2023, ending the labor strike. The Company continuously monitors its labor activity.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
As previously announced, on June 26, 2022, we detected a cyber security incident which impacted the Company’s network. The Company promptly activated incident response protocols, which included shutting down certain systems, and commenced an investigation of the incident. The Company also notified law enforcement and engaged legal counsel and other third-party incident response and cybersecurity professionals.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
Based on the Company's assessment, the incident did not have a significant financial impact and the Company does not believe the incident will have a material impact on its business, operations or financial results. The Company maintains cyber insurance, subject to certain deductibles and policy limitations typical for its size and industry.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
additional information related to these acquisitions refer to Note 3 of "Notes to Consolidated Financial Statements" included in Part II, Item 8 of this report.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
On January 14, 2025, Wabtec announced a definitive agreement to acquire Evident’s Inspection Technologies division (Inspection Technologies), formerly part of the Scientific Solutions Division of Olympus Corporation, a global leader in Non-Destructive Testing, Remote Visual Inspection and Analytical Instruments solutions for mission critical assets, for $1.78 billion. Inspection Technologies’ leading industry presence and innovative product portfolio is expected to significantly expand Wabtec's capabilities, adding advanced automated inspection capabilities, driving technology in a space where data acquisition, analytics and automation are critical. Upon acquisition, Inspection Technologies will be reported within the Digital Intelligence product line of the Freight Segment. The Company anticipates financing the acquisition with a combination of cash on hand, utilization of the Revolving Credit Facility and an additional term loan. The transaction is subject to customary closing conditions and regulatory approvals, with the Company expecting to finalize the acquisition of Inspection Technologies by the end of the first half of 2025.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•$161 million from favorable changes in Accounts receivables driven by $121 million of higher collections on receivables and $40 million of lower remittance for the Revolving Receivables Program;
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
•approximately $150 million from changes in income tax accounts, including a tax refund in the current year.
Read it in 10-K 2025-02-12 at sec.gov ↗
RemovedMD&A
During the third quarter of 2023, the Company borrowed the full $250 million of availability under the Delayed Draw Term Loan and subsequently utilized the proceeds to redeem the outstanding 2023 Notes. Beginning September 15, 2023, the effective interest rates for the 2024 Notes and the 2028 Notes were each reduced by 0.25% due to a favorable change in Wabtec's corporate credit rating and the rating of the aforementioned notes.
Read it in 10-K 2025-02-12 at sec.gov ↗
RewordedMD&A
The following table shows the major components of the change in Net sales in 2024 2025 from 2023:In 2024:In millions Freight Segment Transit Segment Total 2023 Net sales $ 6,923 $ 2,754 $ 9,677 Acquisitions 78 3 81 Foreign Exchange (32) (1) (33) Organic 499 163 662 2024 Net sales $ 7,468 $ 2,919 $ 10,387 Acquisitions 328 27 355 Portfolio Optimization (Divestitures/Exits) (36) (36) (72) Foreign Exchange (31) 64 33 Organic 307 157 464 2025 Net sales $ 8,036 $ 3,131 $ 11,167
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
The obligations under the US Notes issued by Westinghouse Air Brake Technologies Corporation (the "Parent Company") the Parent Company have been fully and unconditionally guaranteed by certain of the Parent Company's U.S. subsidiaries ("Guarantor Subsidiaries"). Subsidiaries"), currently comprising GE Transportation, a Wabtec Company, RFPC Holding Corp., Transportation IP Holdings, LLC, Transportation Systems Services Operations Inc., Wabtec Components LLC, Wabtec Holding LLC, Wabtec Railway Electronics Holdings, LLC, Wabtec Transportation Systems, LLC and Wabtec US Rail, Inc..
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Future macroeconomic volatility, changes to tariffs and trade policies, supply chain disruptions disruptions, and labor availability availability, amongst other things, could cause component a negative impact on revenue and raw material shortages cost increases resulting in an adverse effect on the timing of the Company’s revenue and cash flows. operating results.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Interest expense, net, decreased $17 increased $24 million to $201 $225 million for the year ended December 31, 2024 2025 over the same period in 2023 2024, primarily due to lower weighted higher average overall debt balances throughout in the current year, partially offset by higher effective interest rates. period, primarily related to the Inspection Technologies acquisition.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Transit Segment organic sales increased $163 $157 million driven by strong Aftermarket and Original Equipment Manufacturing sales. sales primarily as a result of increased demand for products and services due to fleet expansion and renewals, increased passenger ridership levels and increased investments in sustainable infrastructure.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Summarized Balance SheetUnaudited Issuer and Parent Company and Guarantor Subsidiaries (Guarantor) In millions December 31, 2024 2025 December 31, 2023 2024 Current assets $1,604 $1,513 $508 $546 Noncurrent assets $2,049 $2,196 $656 $646 Current liabilities $2,242 $2,443 $1,822 $1,014 Long-term debt $2,962 $2,739 $4,286 $3,479 Other non-current liabilities $697 $662 $42 $49
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Transit Cost of sales for the years ended December 31, 2025 and 2024 and 2023 included $19 $6 million and $25 million $19 million, respectively, of restructuring costs, respectively, primarily for footprint rationalization and headcount actions in Europe costs related to Integration 2.0. restructuring initiatives.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Financing activities In 2024, 2025, cash used for provided by financing activities was $(1,371) $1,031 million, which included $(64) $1,484 million from net changes in debt, $(1,097) $(223) million of stock repurchases, $(140) $(173) million of dividend payments, $(42) million of contingent consideration payments related to the GE Transportation acquisition, $(25) $(40) million of payments for income tax withholding on share-based compensation, and $(6) million of distributions to noncontrolling interest.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
The increase is primarily from costs incurred to support the higher sales volume, transaction costs associated with completed and announced acquisitions, incremental expense from acquisitions, and higher employee compensation and benefit costs and higher professional fees related to acquisitions, costs, partially offset by the impacts of Integration 2.0. restructuring initiatives.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
As customers pay their balances, we transfer additional receivables into the program, which could result in our gross receivables sold being higher or lower than customer collections remitted to the financial institution for any applicable period. program.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Cost of sales for the years ended December 31, 2025 and 2024 and 2023 included $37 $12 million and $38 $37 million, respectively, of restructuring costs, primarily for headcount actions and footprint rationalization costs related to Integration 2.0 and Portfolio Optimization. restructuring initiatives.
Read it in 10-K 2026-02-13 at sec.gov ↗
RewordedMD&A
Transit SG&A expenses for the years ended December 31, 2025 and 2024 included $11 million and 2023 included $13 million million, respectively, of restructuring costs primarily for footprint rationalization and headcount actions in Europe related to Integration 2.0. restructuring initiatives.
Read it in 10-K 2026-02-13 at sec.gov ↗
