Westinghouse Air Brake Technologies Corporation (NYSE:WAB) is looking for bolt-on M&A. John Olin, CFO said, "And with that, the next prioritized item would be M&A, provided the right M&A. And we're looking for bolt-on M&A that we can certainly drive synergies with and that complements our capabilities or our product lines. So M&A would be prioritized there, provided it's a right M&A. And then the last one is to return all excess cash to our shareholders in the form of share repurchases. So if we just look on a year-to-date basis, I think our operating cash at that point was $515 million.

Of that, I believe, $92 million was paid in dividends, $230 million of it was for L&M and another $250 million -- $252 million was in share repurchases. And cash has been pretty constant all year long. So we're not looking to build cash.

But any excess cash we have, we don't have good M&A, we'll return it in share repurchases".