Westinghouse Air Brake Technologies Corporation (NYSE:WAB) will look for M&A. During the company?s fourth quarter and year-end 2023 earnings conference call and webcast, John Olin, Chief Financial Officer said that ?When we look forward, as you know, we will prioritize M&A over share repurchases as long as we have good strategic bolt-on M&A. And if not, we will return excess cash to our shareholders in the form of share repurchases?. ?In relationship to the authorization, it replaced the old authorization that we had. So we've got the ability to spend up to $1 billion in share repurchases.

And again, that will be determined throughout the year as far as what we have in M&A opportunities?.