UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
11-K
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934
x
|
Annual
Report pursuant to Section 15(d) of the Securities Exchange Act of
1934
|
For
the fiscal year ended December 31, 2007
Or
|
Transition
Report pursuant to Section 15(d) of the Securities Exchange Act of
1934
|
For the transition period from
to
Commission
File Number 333-11717, 333-136604 and 333-150571
A.
|
Full
title of the plan and the address of the plan, if different from that of
the issuer named below:
|
BorgWarner
Diversified Transmission Products Inc.,
Muncie
Plant Local 287 Retirement Investment Plan
B.
|
Name
of issuer of the securities held pursuant to the plan and the address of
its principal executive
office:
|
BorgWarner
Inc.
3850
Hamlin Road
Auburn
Hills, MI 48326
Required
Information
Item
4.
Financial
Statements as of December 31, 2007 and 2006 and for the Year Ended December
31, 2007, Supplemental Schedule as of December 31, 2007, and Report of
Independent Registered Public Accounting Firm
|
BorgWarner
Diversified Transmission Products Inc.
Muncie
Plant Local 287 Retirement Investment Plan
Financial
Statements as of December 31, 2007 and
2006
and for the Year Ended December 31, 2007,
Supplemental
Schedule as of December 31, 2007,
and
Report of Independent Registered Public Accounting
Firm
|
BORGWARNER
DIVERSIFIED TRANSMISSION PRODUCTS INC.,
MUNCIE
PLANT LOCAL 287 RETIREMENT INVESTMENT PLAN
Page
|
REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
|
1
|
Statements of Assets Available for Benefits as of December 31, 2007
and 2006
|
2
|
Statement of Changes in Assets Available for Benefits for the Year Ended
December 31, 2007
|
3
|
Notes to Financial Statements as of December 31, 2007 and 2006, and for
the Year Ended December 31, 2007
|
4–9
|
SUPPLEMENTAL
SCHEDULE:
|
10
|
Form 5500 - Schedule H, Part IV, Line 4i - Schedule of Assets (Held
at End of Year) as of December 31, 2007
|
11
|
NOTE:
|
All other
schedules required by section 2520.103-10 of the Department of
Labor’s Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974 have been omitted due to
the absence of conditions under which they are
required.
|
|
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
|
To
the Employee Benefits Committee and the
BorgWarner
Diversified Transmission Products Inc.,
Muncie Plant Local
287 Retirement Investment Plan
Auburn Hills,
MI
We
have audited the accompanying statements of assets available for benefits of the
BorgWarner Diversified Transmission Products Inc., Muncie Plant Local 287
Retirement Investment Plan (the “Plan”) as of December 31, 2007 and 2006, and
the related statement of changes in assets available for benefits for the year
ended December 31, 2007. These financial statements are the responsibility of
the Plan’s management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We
conducted our audits in accordance with standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Plan is not required to have,
nor were we engaged to perform, an audit of its internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Plan’s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In
our opinion, such financial statements present fairly, in all material respects,
the assets available for benefits of the Plan as of December 31, 2007 and 2006,
and the changes in assets available for benefits for the year ended December 31,
2007, in conformity with accounting principles generally accepted in the United
States of America.
Our audits were
conducted for the purpose of forming an opinion on the basic financial
statements taken as a whole. The supplemental schedule of assets (held at end of
year) as of December 31, 2007, is presented for the purpose of additional
analysis and is not a required part of the basic financial statements, but is
supplementary information required by the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This schedule is the responsibility of the Plan’s
management. Such schedule has been subjected to the auditing procedures applied
in our audit of the basic 2007 financial statements and, in our opinion, is
fairly stated in all material respects when considered in relation to the basic
financial statements taken as a whole.
/s/ Deloitte & Touche
LLP
Detroit,
MI
June 3,
2008
BORGWARNER
DIVERSIFIED TRANSMISSION
|
|
|
|
|
|
|
PRODUCTS
INC., MUNCIE PLANT LOCAL 287
|
|
|
|
|
|
|
RETIREMENT
INVESTMENT PLAN
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STATEMENTS
OF ASSETS AVAILABLE FOR BENEFITS
|
|
|
|
|
|
|
AS
OF DECEMBER 31, 2007 AND 2006
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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2007
|
|
|
2006
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
|
|
Participant-directed
investments in BorgWarner Inc. Retirement
|
|
|
|
|
|
|
Savings
Master Trust (“Master Trust”)
|
|
$
|
64,384
|
|
|
$
|
60,452
|
|
Participant
loans
|
|
|
1,333
|
|
|
|
1,482
|
|
|
|
|
|
|
|
|
|
|
ASSETS
AVAILABLE FOR BENEFITS AT FAIR VALUE
|
|
|
65,717
|
|
|
|
61,934
|
|
|
|
|
|
|
|
|
|
|
Adjustments
from fair value to contract value for fully
|
|
|
|
|
|
|
|
|
benefit-responsive
investment contracts
|
|
|
(62
|
)
|
|
|
88
|
|
|
|
|
|
|
|
|
|
|
ASSETS
AVAILABLE FOR BENEFITS
|
|
$
|
65,655
|
|
|
$
|
62,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to
financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BORGWARNER
DIVERSIFIED TRANSMISSION
|
|
|
|
PRODUCTS
INC., MUNCIE PLANT LOCAL 287
|
|
|
|
RETIREMENT
INVESTMENT PLAN
|
|
|
|
|
|
|
|
STATEMENT
OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS
|
|
|
|
FOR
THE YEAR ENDED DECEMBER 31, 2007
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
ADDITIONS TO
ASSETS:
|
|
|
|
Investment
income from the Master Trust
|
|
$
|
6,235
|
|
Loan
interest repayments
|
|
|
107
|
|
Contributions
from participants
|
|
|
1,492
|
|
Contributions
from the Company
|
|
|
592
|
|
Net
transfers from other BorgWarner Inc. plans
|
|
|
4
|
|
|
|
|
|
|
Total
additions
|
|
|
8,430
|
|
|
|
|
|
|
DEDUCTIONS
FROM ASSETS:
|
|
|
|
|
Participants’
withdrawals
|
|
|
4,751
|
|
Administrative
expenses
|
|
|
46
|
|
|
|
|
|
|
Total
deductions
|
|
|
4,797
|
|
|
|
|
|
|
NET
INCREASE
|
|
|
3,633
|
|
|
|
|
|
|
ASSETS
AVAILABLE FOR BENEFITS — Beginning of year
|
|
|
62,022
|
|
|
|
|
|
|
ASSETS
AVAILABLE FOR BENEFITS — End of year
|
|
$
|
65,655
|
|
|
|
|
|
|
|
|
|
|
|
See notes to
financial statements.
|
|
|
|
|
|
|
|
|
|
BORGWARNER
DIVERSIFIED TRANSMISSION
PRODUCTS
INC., MUNCIE PLANT LOCAL 287
RETIREMENT
INVESTMENT PLAN
NOTES
TO FINANCIAL STATEMENTS
AS
OF DECEMBER 31, 2007 AND 2006 AND FOR THE YEAR ENDED DECEMBER 31,
2007
The following
description of the BorgWarner Diversified Transmission Products Inc., Muncie
Plant Local 287 Retirement Investment Plan (the “Plan”) provides only general
information. Participants should refer to the Plan document for a more complete
description of the Plan’s provisions.
General
—
The Plan was established on January 1, 1987 and is a participating plan
under the BorgWarner Inc. Retirement Savings Master Trust (the “Master Trust”).
The Plan sponsor is BorgWarner Diversified Transmission Products Inc. (the
“Company”), a subsidiary of BorgWarner Inc. (the
“Corporation”).
The Plan was
established as a defined contribution plan under Section 401(a) of the
Internal Revenue Code (“IRC"), designed to provide eligible employees of the
Company with systematic savings and tax-advantaged long-term savings for
retirement. The Corporation has assigned the Employee Benefit Committee (the
“Committee”) to oversee the Plan and the Master Trust.
The Committee
appointed T. Rowe Price Retirement Plan Services, Inc. and T. Rowe Price Trust
Co. (the “Trustee”) to perform the administrative, investment, and trustee
services for the Plan and the Master Trust.
The Plan is subject
to the provisions of the Employee Retirement Income Security Act of 1974
(ERISA).
Eligibility
—
Hourly employees of the Company’s Muncie Plant covered by the collective
bargaining agreement between the Company and UAW Local 287 may participate in
the Plan if they: (i) were employed on September 7, 1989; (ii) had attained
the earlier of (a) seniority as defined in the collective bargaining
agreement or (b) one year of vested service with the Company; and
(iii) are not participants in the BorgWarner Inc. Retirement Savings Plan
of BorgWarner Diversified Transmission Products, Inc. Muncie
Plant.
Participants’
Accounts
— Individual accounts are maintained for each Plan
participant. Each participant’s account is credited with the participant’s
contributions, the Company’s matching contributions and an allocation of Plan
earnings, and charged with withdrawals and an allocation of Plan losses.
Allocations are based on participant earnings or account balances. The benefit
to which a participant is entitled is the benefit that can be provided from the
participant’s vested account, including:
Savings
Account
— is established for each Plan participant. Participants may
voluntarily contribute from 1% to 28% of their eligible compensation to this
account, subject to IRC limitations. The Company matches 55% of the first 6% of
pre-tax participant contributions.
Investment
Options
— Participants elect to invest their account balances
(including current and accumulated contributions, current and accumulated
Company contributions on behalf of participants and earnings) into various
investment options offered by the Plan, including collective-trust funds,
investment contracts, mutual funds and the BorgWarner Inc. Stock
Fund.
Vesting
—
Fund assets attributable to voluntary participant contributions are fully vested
at all times. Fund assets attributable to Company contributions vest 100% upon:
three years of vested service; or permanent disability, death or attaining age
65 provided the participant is employed by the Company on that
date.
Withdrawals
—
While participants are employed, hardship withdrawals may be made from the
Savings Account at participants’ discretion subject to certain limitations.
Distribution of benefits is made upon retirement, death or other termination of
employment as permitted by the Plan and by ERISA regulations. Participants may
elect to receive distributions in installments or a lump
sum.
Loans
—
Participants may borrow from their Savings Account a minimum of $500 and a
maximum of the lesser of (a) 50% of the vested balance or (b) $50,000 reduced by
the highest outstanding loan balance in the last
12 months.
Loan terms range
from six months to five years, with interest charged at the rate established by
the Trustee for similar loans on the origination date. Interest rates on loans
outstanding as of December 31, 2007 range from 5.0% to 9.3%. Loans are
secured by the remaining balance in the participant’s Savings Account. Principal
and interest are paid ratably through payroll deductions.
Priorities
Upon Termination
— Though the Company has expressed no intent to
discontinue the Plan, it has the right to do so at any time, subject to
provisions set forth in ERISA. In the event of termination, the interests of
affected participants shall become fully vested. The Plan assets then remaining
shall be used to pay administrative expenses and benefits equal to the balance
in participant accounts.
Forfeited
Accounts
— At December 31, 2007 and 2006, there were no
forfeited nonvested accounts.
2.
|
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
|
Basis
of Presentation
— The financial statements of the Plan are prepared
under the accrual method of accounting and in accordance with accounting
principles generally accepted in the United States of America
(GAAP).
Adoption
of New Accounting Guidance
—
In
September 2006, the FASB issued Statement on Financial Accounting Standards No.
157, Fair Value Measurements (“FAS 157”). FAS 157 defines fair value,
establishes a framework for measuring fair value in GAAP and expands disclosures
about fair value measurement. FAS 157 is effective for the Plan beginning
with its year ending December 31, 2008. The adoption of FAS 157 is
not expected to have a material impact on the Plan’s statement of assets
available for benefits or statement of changes in assets available for
benefits.
Investments
—
The contract value of the Investment Contracts Fund (ICF) of the Master Trust
was approximately $144,248,000 and $147,596,000 at December 31, 2007 and
2006. The fair value of the ICF was approximately $145,106,000 and
$146,403,000 at December 31, 2007 and 2006. In 2006, the ICF of
the Master Trust contains guaranteed investment contracts (“GIC’s”) which are
stated at contract value (cost plus interest earned to date, less withdrawals
and administrative expenses) as reported by the Trustee. The fair value of the
GIC’s were approximately $14,000,000 and were calculated by discounting the
related cash flows based on current yields of similar instruments with
comparable durations. The GIC’s in the ICF are fully benefit-responsive, meaning
participants may ordinarily direct the withdrawal or transfer of all or a
portion of their investment at contract value. The average yield for the GIC’s
in the ICF was between 3.6% and 5.7% for the year ended December 31, 2006.
The GIC’s in
the ICF of the Master Trust matured in 2007. Therefore, all ICF
assets as of December 31, 2007 were invested in the T. Rowe Price Stable Value
Common Trust Fund.
The crediting
interest rate was 4.7% and 4.8% at December 31, 2007 and 2006,
respectively. Crediting interest rates are influenced by the yield and any gain
or loss on investment contracts underlying the ICF. The yield on the ICF is an
average of the crediting rates of interest for the underlying investment
contracts and the blended yields of the T. Rowe Price Stable Value Common Trust
Fund and the Putnam Stable Value Fund. The crediting interest rates for
investment contracts held directly by the ICF are expected to be fixed for the
duration of the contracts. Yields for the T. Rowe Price Stable Value Common
Trust Fund and the Putnam Stable Value Fund change daily.
The fair value of
the T. Rowe Price Stable Value Common Trust Fund
and Putnam Stable
Value Fund
is determined
based
on the fair value of the underlying assets in the funds
on the close of
business on the valuation date
. Employer-directed withdrawals
may result in limits on book-value payments based on corridors listed in
individual contracts. There are no reserves against contract value for credit
risk of the contract issuer or otherwise.
The Loan Fund is
valued at cost plus accrued interest, which approximates fair
value.
Investments in all
other funds of the Master Trust, except collective trust funds, are stated at
fair value, based on quoted market prices as reported by the Trustee. Collective
trust funds are stated at estimated fair value, based on the fair values of the
underlying assets, as reported by the Trustee.
Estimates
—
The preparation of financial statements in conformity with GAAP requires Plan
management to make estimates and assumptions that affect the reported amounts of
assets available for benefits as of the date of the financial statements, and
the reported amounts of changes in assets available for benefits during the
reporting period. Actual results could differ from those
estimates.
Risks
and Uncertainties —
The Plan utilizes various investment
instruments, including mutual funds, collective trusts and investment contracts.
Investment securities, in general, are exposed to various risks, such as
interest rate, credit, and overall market volatility. Due to the level of risk
associated with certain investment securities, it is reasonably possible that
changes in the values of investment securities will occur in the near term and
that such change could materially affect the amounts reported in the financial
statements.
Administrative
Expenses
— Transfer taxes and brokerage expenses attributable to the
Master Trust assets are charged to the applicable fund as a reduction of the
return on that fund. Any other expenses incurred with respect to Master Trust
income or property are charged to participant accounts, where applicable, or are
paid in such manner as the Company determines, and is in accordance with the
plan documents.
Payment
of Benefits
— Benefits are recorded when paid. There were no amounts
allocated to accounts of persons who had elected to withdraw from the Plan but
had not yet been paid at December 31, 2007 and 2006.
Transfers
—
Other entities of the Corporation sponsor defined contribution plans, besides
the Plan. When an employee transfers to any other BorgWarner entity covered by a
different BorgWarner-sponsored plan, that participant’s account balance is
transferred to the corresponding plan.
3.
|
EXEMPT
PARTIES-IN-INTEREST TRANSACTIONS
|
The Master Trust
invests in BorgWarner Inc. common stock and makes loans to participants, which
are permitted party-in-interest transactions. Certain Master Trust investments
are shares of mutual funds and other investments managed by the Trustee and,
therefore, these transactions qualify as party-in-interest transactions. Fees
paid by the Plan to the Trustee for administrative services amounted to
approximately
$46,000 for the
year ended December 31, 2007, and are included in administrative expenses.
Fees paid by the Plan to the Trustee for investment management services were
included as a reduction of return earned on each fund.
On November 14,
2007, the Company’s Board of Directors approved a two-for-one stock split
effected in the form of a stock dividend on its common stock. To
implement this stock split, shares of common stock were issued on December 17,
2007 to stockholders of record as of the close of business on December 6,
2007. All prior year share amounts disclosed in this document have
been restated to reflect the two-for-one stock split.
At
December 31, 2007 and 2006, the Master Trust held approximately 153,000 and
182,000 shares, respectively, of BorgWarner Inc. common stock, the sponsoring
employer, on behalf of the Plan. These shares had a fair value of approximately
$7,416,000 and $5,369,000 at December 31, 2007 and 2006,
respectively. During the year ended December 31, 2007, the Master
Trust recorded dividends of approximately $51,000 on BorgWarner Inc. common
stock on behalf of the Plan.
The costs and
expenses incurred by the Trustee under the Plan and the fee charged by the
Trustee shall be charged to the Plan. The Company shall have the right to be
reimbursed each year from the Plan for the cost to the Company of bank fees and
auditing fees.
The Plan obtained a
determination letter, dated February 8, 2002, in which the Internal Revenue
Service (IRS) stated the Plan complied with applicable requirements of the IRC.
The Plan has been amended since receiving the determination letter; however, the
Plan’s management believes the Plan is currently designed and being operated in
accordance with the applicable rules and regulations of the IRC; therefore, no
provision for income taxes has been made in the Plan’s financial
statements.
5.
|
RECONCILIATION
OF FINANCIAL STATEMENTS TO FORM
5500
|
The following is a
reconciliation of assets available for benefits per the financial statements to
the Form 5500 as of December 31, 2007 (in thousands):
|
2007
|
2006
|
|
|
|
Assets
available for benefits per the financial statements
|
$ 65,655
|
$ 62,022
|
Adjustment
from contract value to fair value for fully
|
|
|
benefit-responsive
investment contracts
|
62
|
(88)
|
|
|
|
Assets
available for benefits per the Form 5500
|
$ 65,717
|
$ 61,934
|
|
|
|
For the year ended
December 31, 2007, the following is a reconciliation of net investment income
per the financial statements to the Form 5500 (in thousands):
Total net
investment income per the financial statements
|
$ 6,342
|
Change in
adjustment from contract value to fair value for fully
|
|
benefit-responsive
investment contracts
|
150
|
|
|
Total
earnings on investments per the Form 5500
|
$ 6,492
|
|
|
6.
|
MASTER
TRUST INFORMATION
|
Use of the Master
Trust permits commingling of trust assets of a number of defined contribution
plans of the Corporation for investment and administrative purposes. Although
assets are commingled in the Master Trust, the Trustee maintains supporting
records for the purpose of allocating the
total investment
income
of the
Master Trust
to the various participating plans.
Purchases and sales
of securities in the Master Trust are recorded on a trade-date basis. Interest
income is recorded on an accrual basis. Dividends are recorded on the
ex-dividend date.
At
December 31, 2007 and 2006, the Master Trust consisted of the investments
of five defined contribution plans sponsored by entities of the Corporation. The
investments held by the Master Trust are valued at fair value at the end of each
business day, with the exception of Investment Contracts held in the ICF, which
are valued at contract value. The
total
investment
income
in the Master Trust is allocated by the Trustee to each
participating plan based on the relationship of the interest of each plan to the
total of the interests of all participating plans.
At
December 31, 2007 and 2006, the Plan’s interest in the assets of the Master
Trust was 7.20% and 7.39%, respectively.
The following
tables present the carrying value of investments of the Master Trust as of
December 31, 2007 and 2006, and the components of investment income for the
Master Trust for the year ended December 31, 2007 (in
thousands):
|
|
2007
|
|
|
2006
|
|
|
|
|
|
|
|
|
Fair value of
investments:
|
|
|
|
|
|
|
Collective
trust funds
|
|
$
|
223,663
|
|
|
$
|
202,545
|
|
Barclay’s
Equity Index
|
|
|
201,659
|
|
|
|
204,485
|
|
BorgWarner
Inc. Stock Fund
|
|
|
152,733
|
|
|
|
108,196
|
|
Investment
Contracts Fund
|
|
|
145,106
|
|
|
|
146,403
|
|
Harbor
International Fund
|
|
|
75,250
|
|
|
|
56,785
|
|
Vanguard
Mid-Cap Index
|
|
|
51,681
|
|
|
|
52,840
|
|
Buffalo
Small Cap
|
|
|
43,267
|
|
|
|
47,026
|
|
Cash
and other
|
|
|
485
|
|
|
|
160
|
|
|
|
|
|
|
|
|
|
|
Assets
reflecting all investments at fair value
|
|
|
893,844
|
|
|
|
818,440
|
|
|
|
|
|
|
|
|
|
|
Adjustments
from fair value to contract value
|
|
|
(858
|
)
|
|
|
1,193
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
|
892,986
|
|
|
$
|
819,633
|
|
|
|
|
|
|
|
|
|
|
Investment
income:
|
|
|
|
Net
appreciation (depreciation) in fair
|
|
|
|
value
of investments:
|
|
|
|
Collective
trust funds
|
|
$
|
9,593
|
|
Barclay's
Equity Index
|
|
|
10,915
|
|
BorgWarner
Inc. Stock Fund
|
|
|
62,150
|
|
Investment
Contracts Fund
|
|
|
108
|
|
Harbor
International Fund
|
|
|
9,082
|
|
Vanguard
Mid-Cap Index
|
|
|
2,429
|
|
Buffalo
Small Cap
|
|
|
(4,275
|
)
|
|
|
|
|
|
Net
appreciation in fair value of investments
|
|
|
90,002
|
|
|
|
|
|
|
Dividend
income:
|
|
|
|
|
BorgWarner
Inc. Stock Fund
|
|
|
1,075
|
|
Investment
Contracts Fund
|
|
|
6,772
|
|
Harbor
International Fund
|
|
|
4,053
|
|
Vanguard
Mid-Cap Index
|
|
|
735
|
|
Buffalo
Small Cap
|
|
|
4,273
|
|
|
|
|
|
|
Total
dividend income
|
|
|
16,908
|
|
|
|
|
|
|
Total
investment income
|
|
$
|
106,910
|
|
|
|
|
|
|
SUPPLEMENTAL
SCHEDULE
BORGWARNER
DIVERSIFIED TRANSMISSION
|
|
PRODUCTS
INC., MUNCIE PLANT LOCAL 287
|
|
RETIREMENT
INVESTMENT PLAN
|
|
|
|
|
|
FORM
5500 — SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS
|
|
(HELD
AT END OF YEAR)
|
|
|
AS
OF DECEMBER 31, 2007
|
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Identity
of Issues,
|
Description
of Investment Including
|
|
|
Borrower,
Lessor, or
|
Maturity
Date, Rate of Interest,
|
Current
|
|
Similar
Party
|
Collateral,
Par, or Maturity Value
|
Value
|
|
|
|
|
*
|
Participants
Loans
|
Loans to
participants, interest rates
|
|
|
|
ranging
from 5.00% to 9.25%;
|
|
|
|
maturities
ranging from 6 months to 5 years
|
$ 1,333
|
|
|
|
|
*
|
Denotes
party-in-interest.
|
|
|
|
|
|
|
SIGNATURE
Pursuant to the
requirements of the Securities Exchange Act of 1934, the committee has duly
caused this annual report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
|
|
Plan Name:
BorgWarner Diversified Transmission Products Inc., Muncie Plant Local 287
Retirement Investment Plan
|
|
|
By:
|
|
/s/ Timothy
M. Manganello
|
Name:
|
|
Timothy M.
Manganello
|
Title:
|
|
Member
Retirement Savings Plan Committee
|
By:
|
|
/s/ Robin J.
Adams
|
Name:
|
|
Robin J.
Adams
|
Title:
|
|
Member
Retirement Savings Plan Committee
|
By:
|
|
/s/ Jeffrey
L. Obermayer
|
Name:
|
|
Jeffrey L.
Obermayer
|
Title:
|
|
Member
Retirement Savings Plan Committee
|
By:
|
|
/s/ Angela J.
D’Aversa
|
Name:
|
|
Angela J.
D’Aversa
|
Title:
|
|
Member
Retirement Savings Plan Committee
|
Date: June 3,
2008
EXHIBIT
INDEX
|
|
|
Exhibit
Number
|
|
Exhibit
Description
|
23.1
|
|
Consent of
Independent Registered Public Accounting
Firm
|