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Westinghouse Air Brake Technologies Annual Report (Amendment), Year Ended Dec 31, 2001

Filing Date
Filed July 1, 2002
Period End
December 31, 2001
Security
WAB
In the record · 2016–202610-K1110-Q338-K132

WAB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 132 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Material agreement8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 10-K/A filed July 1, 2002. Cited figures are marked; the original filing is the authoritative source.

This amended annual report (Form 10-K/A) of Westinghouse Air Brake Technologies Corporation, now Wabtec Corporation, for the fiscal year ended December 31, 2001 is filed to include two employee benefit plan annual reports on Form 11-K as exhibits.

The cover page reports 43,288,935 shares of common stock outstanding as of March 27, 2002, with an aggregate market value for non-affiliate shares of approximately $488.4 milliona. The filing does not include the company's own financial statements. Its substance is the plan-level financial information in the exhibits.

The Westinghouse Air Brake Company Employee Stock Ownership Plan (ESOP) had net assets available for benefits of $11,220,281b at December 31, 2001, compared with $11,656,758 a year earlier. The plan's holdings consisted of 9,171,769 shares of company common stock valued at $112,812,758. The Board approved termination of the ESOP effective July 31, 2000, and the plan is presented on a liquidation basis.

The plan's debt obligation to the company was extinguished on June 3, 2002, in connection with the return of the unallocated shares, with a final settlement value of approximately $105,000,000c. The Westinghouse Air Brake Technologies Corporation Savings Plan reported net assets available for plan benefits of $103,696,081 at December 31, 2001, compared with $105,124,834 at December 31, 2000.

The plan recorded a net decrease of $1,428,753d in 2001, driven by net depreciation in fair value of investments of $13,086,158. Employer contributions rose to $7,530,872 in 2001 from $726,207 in 2000.

02—Key points

Key Highlights

  1. The filing is an amended 10-K for fiscal 2001 whose content consists of the cover page and two Form 11-K exhibits covering employee plans.
  2. Common stock outstanding was 43,288,935 shares as of March 27, 2002, with non-affiliate market value of approximately $488.4 million.
  3. The ESOP's net assets were $11,220,281 at December 31, 2001, down from $11,656,758 at December 31, 2000, and its 9,171,769 company shares were valued at $112,812,758.
  4. The ESOP was terminated and its $140,040,000 1995 term loan from the company was settled on June 3, 2002, with unallocated shares returned for a final settlement value of approximately $105,000,000.
  5. The Savings Plan's net assets were $103,696,081 at December 31, 2001, down from $105,124,834, with a 2001 net decrease of $1,428,753.
  6. Savings Plan employer contributions increased to $7,530,872 in 2001 from $726,207 in 2000.
  7. Savings Plan investment results included net depreciation in fair value of investments of $13,086,158 in 2001.

03—Questions

Frequently Asked Questions

  1. What does this filing actually contain?

    The filing consists of the cover page of the amended Form 10-K for fiscal year 2001, plus Exhibit 99.1 (the Westinghouse Air Brake Company Employee Stock Ownership Plan Form 11-K) and Exhibit 99.2 (the Westinghouse Air Brake Technologies Corporation Savings Plan Form 11-K). The exhibits contain audited plan financial statements, schedules of assets, and notes.

  2. What happened to the ESOP, and how much did it cost the company?

    The Board approved terminating the ESOP effective July 31, 2000, and the plan now uses liquidation-basis accounting. The plan's debt to the company was extinguished on June 3, 2002, when the unallocated shares were returned to the company, with a final settlement value of approximately $105,000,000. Beginning in August 2000, ESOP contributions were replaced with cash contributions into employees' savings plan accounts.

  3. How did the Savings Plan perform in 2001?

    Net assets available for plan benefits fell to $103,696,081 from $105,124,834. The plan recorded net depreciation in fair value of investments of $13,086,158, a net investment loss of $2,975,331, and benefit payments of $6,933,916, partly offset by employee contributions of $6,490,809 and employer contributions of $7,530,872.

  4. What was the company's market value and share count reported in the filing?

    As of March 27, 2002, 43,288,935 shares of common stock were issued and outstanding. The registrant estimated the aggregate market value of voting shares held by non-affiliates at approximately $488.4 million, based on the New York Stock Exchange closing price.

04—Continue

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