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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BorgWarner Inc | NYSE:BWA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.16 | 3.50% | 34.34 | 34.41 | 33.04 | 33.26 | 1,143,763 | 19:11:26 |
(Mark One)
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R
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the quarterly period ended
September 30, 2012
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o
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
|
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For the transition period from
to
|
Delaware
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13-3404508
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State or other jurisdiction of
|
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(I.R.S. Employer
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Incorporation or organization
|
|
Identification No.)
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|
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3850 Hamlin Road, Auburn Hills, Michigan
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48326
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(Address of principal executive offices)
|
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(Zip Code)
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Large accelerated filer
|
R
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Accelerated filer
|
o
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Non-accelerated filer
|
o
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Smaller reporting company
|
o
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|
Page No.
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(millions of dollars)
|
September 30,
2012
|
|
December 31,
2011
|
||||
ASSETS
|
|
|
|
||||
Cash
|
$
|
621.5
|
|
|
$
|
359.6
|
|
Receivables, net
|
1,261.4
|
|
|
1,183.0
|
|
||
Inventories, net
|
475.3
|
|
|
454.3
|
|
||
Deferred income taxes
|
33.8
|
|
|
58.5
|
|
||
Prepayments and other current assets
|
101.6
|
|
|
82.4
|
|
||
Total current assets
|
2,493.6
|
|
|
2,137.8
|
|
||
|
|
|
|
|
|
||
Property, plant and equipment, net
|
1,698.7
|
|
|
1,664.3
|
|
||
Investments and advances
|
380.7
|
|
|
345.3
|
|
||
Goodwill
|
1,172.3
|
|
|
1,186.2
|
|
||
Other non-current assets
|
601.2
|
|
|
625.0
|
|
||
Total assets
|
$
|
6,346.5
|
|
|
$
|
5,958.6
|
|
|
|
|
|
|
|
||
LIABILITIES AND EQUITY
|
|
|
|
|
|
||
Notes payable and other short-term debt
|
$
|
231.0
|
|
|
$
|
196.3
|
|
Current portion of long-term debt
|
5.5
|
|
|
381.5
|
|
||
Accounts payable and accrued expenses
|
1,276.5
|
|
|
1,297.8
|
|
||
Income taxes payable
|
55.4
|
|
|
29.8
|
|
||
Total current liabilities
|
1,568.4
|
|
|
1,905.4
|
|
||
|
|
|
|
|
|
||
Long-term debt
|
866.3
|
|
|
751.3
|
|
||
Other non-current liabilities:
|
|
|
|
|
|
||
Retirement-related liabilities
|
449.3
|
|
|
457.0
|
|
||
Other
|
357.0
|
|
|
391.9
|
|
||
Total other non-current liabilities
|
806.3
|
|
|
848.9
|
|
||
|
|
|
|
|
|
||
Common stock
|
1.2
|
|
|
1.2
|
|
||
Capital in excess of par value
|
1,185.0
|
|
|
1,134.3
|
|
||
Retained earnings
|
2,490.0
|
|
|
2,110.3
|
|
||
Accumulated other comprehensive loss
|
(120.6
|
)
|
|
(150.8
|
)
|
||
Common stock held in treasury
|
(510.8
|
)
|
|
(707.1
|
)
|
||
Total BorgWarner Inc. stockholders’ equity
|
3,044.8
|
|
|
2,387.9
|
|
||
Noncontrolling interest
|
60.7
|
|
|
65.1
|
|
||
Total equity
|
3,105.5
|
|
|
2,453.0
|
|
||
Total liabilities and equity
|
$
|
6,346.5
|
|
|
$
|
5,958.6
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
||||||||||||
(in millions, except per share amounts)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net sales
|
$
|
1,695.2
|
|
|
$
|
1,791.8
|
|
|
$
|
5,464.1
|
|
|
$
|
5,341.0
|
|
Cost of sales
|
1,351.5
|
|
|
1,441.0
|
|
|
4,341.4
|
|
|
4,290.3
|
|
||||
Gross profit
|
343.7
|
|
|
350.8
|
|
|
1,122.7
|
|
|
1,050.7
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
151.0
|
|
|
151.4
|
|
|
473.1
|
|
|
474.2
|
|
||||
Other (income) expense
|
29.7
|
|
|
0.6
|
|
|
67.4
|
|
|
(29.9
|
)
|
||||
Operating income
|
163.0
|
|
|
198.8
|
|
|
582.2
|
|
|
606.4
|
|
||||
|
|
|
|
|
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|
|
||||||||
Equity in affiliates’ earnings, net of tax
|
(11.1
|
)
|
|
(11.5
|
)
|
|
(32.8
|
)
|
|
(28.0
|
)
|
||||
Interest income
|
(1.0
|
)
|
|
(1.3
|
)
|
|
(3.7
|
)
|
|
(3.5
|
)
|
||||
Interest expense and finance charges
|
5.0
|
|
|
18.5
|
|
|
32.7
|
|
|
57.4
|
|
||||
Earnings before income taxes and noncontrolling interest
|
170.1
|
|
|
193.1
|
|
|
586.0
|
|
|
580.5
|
|
||||
|
|
|
|
|
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|
||||||||
Provision for income taxes
|
64.2
|
|
|
46.4
|
|
|
190.2
|
|
|
137.1
|
|
||||
Net earnings
|
105.9
|
|
|
146.7
|
|
|
395.8
|
|
|
443.4
|
|
||||
Net earnings attributable to the noncontrolling interest, net of tax
|
4.8
|
|
|
5.1
|
|
|
16.1
|
|
|
15.3
|
|
||||
Net earnings attributable to BorgWarner Inc.
|
$
|
101.1
|
|
|
$
|
141.6
|
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$
|
379.7
|
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$
|
428.1
|
|
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|
|
|
|
|
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|
||||||||
Earnings per share — basic
|
$
|
0.88
|
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|
$
|
1.30
|
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$
|
3.40
|
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$
|
3.91
|
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||||||||
Earnings per share — diluted
|
$
|
0.85
|
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|
$
|
1.15
|
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$
|
3.15
|
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$
|
3.45
|
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|
||||||||
Weighted average shares outstanding:
|
|
|
|
|
|
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|
||||||||
Basic
|
114.299
|
|
|
108.779
|
|
|
111.619
|
|
|
109.391
|
|
||||
Diluted
|
118.499
|
|
|
127.940
|
|
|
122.571
|
|
|
128.769
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
||||||||||||
(millions of dollars)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Net earnings attributable to BorgWarner Inc.
|
$
|
101.1
|
|
|
$
|
141.6
|
|
|
$
|
379.7
|
|
|
$
|
428.1
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
47.4
|
|
|
(147.5
|
)
|
|
1.5
|
|
|
(16.2
|
)
|
||||
Foreign currency loss reclassified into net earnings related to disposal activities
|
16.8
|
|
|
—
|
|
|
16.8
|
|
|
—
|
|
||||
Net change in foreign currency translation adjustments
|
64.2
|
|
|
(147.5
|
)
|
|
18.3
|
|
|
(16.2
|
)
|
||||
|
|
|
|
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|
|
|
||||||||
Hedge instrument adjustments
|
|
|
|
|
|
|
|
||||||||
Market value change of hedge instruments
|
3.1
|
|
|
(4.4
|
)
|
|
16.8
|
|
|
(19.7
|
)
|
||||
Income taxes associated with the market value change of hedge instruments
|
(0.6
|
)
|
|
1.1
|
|
|
(4.9
|
)
|
|
5.5
|
|
||||
(Gain) loss reclassified into net earnings
|
(9.0
|
)
|
|
0.6
|
|
|
(6.4
|
)
|
|
1.4
|
|
||||
Income taxes reclassified into net earnings
|
2.8
|
|
|
(0.4
|
)
|
|
1.8
|
|
|
(0.9
|
)
|
||||
Net change in hedge instruments
|
(3.7
|
)
|
|
(3.1
|
)
|
|
7.3
|
|
|
(13.7
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Defined benefit post employment plans
|
|
|
|
|
|
|
|
||||||||
Net unrecognized loss arising during the period
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
||||
Income taxes associated with net unrecognized loss arising during the period
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
||||
Amortization of prior service benefit and unrecognized loss into net earnings
|
2.4
|
|
|
2.0
|
|
|
6.8
|
|
|
5.8
|
|
||||
Income taxes reclassified into net earnings
|
(0.9
|
)
|
|
(0.7
|
)
|
|
(2.3
|
)
|
|
(2.0
|
)
|
||||
Acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
(5.4
|
)
|
||||
Income taxes associated with acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
1.4
|
|
||||
Net change in defined benefit post employment plans
|
1.5
|
|
|
1.3
|
|
|
4.1
|
|
|
(0.2
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other changes in comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
0.5
|
|
|
0.2
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income (loss)
|
163.1
|
|
|
(7.7
|
)
|
|
409.9
|
|
|
398.2
|
|
||||
Comprehensive income (loss) attributable to the noncontrolling interest
|
1.3
|
|
|
(4.1
|
)
|
|
1.4
|
|
|
(1.4
|
)
|
||||
Comprehensive income (loss) attributable to BorgWarner Inc.
|
$
|
164.4
|
|
|
$
|
(11.8
|
)
|
|
$
|
411.3
|
|
|
$
|
396.8
|
|
|
Nine Months Ended September 30,
|
||||||
(millions of dollars)
|
2012
|
|
2011
|
||||
OPERATING
|
|
|
|
||||
Net earnings
|
$
|
395.8
|
|
|
$
|
443.4
|
|
Adjustments to reconcile net earnings to net cash flows from operations:
|
|
|
|
||||
Non-cash charges (credits) to operations:
|
|
|
|
||||
Depreciation and tooling amortization
|
189.8
|
|
|
187.0
|
|
||
Amortization of intangible assets and other
|
21.5
|
|
|
23.1
|
|
||
Loss from disposal activities, net of cash paid
|
31.7
|
|
|
—
|
|
||
Restructuring expense, net of cash paid
|
25.5
|
|
|
—
|
|
||
Bond amortization
|
5.3
|
|
|
15.1
|
|
||
Stock-based compensation expense
|
41.0
|
|
|
16.4
|
|
||
Deferred income tax benefit
|
(0.4
|
)
|
|
(24.1
|
)
|
||
Equity in affiliates’ earnings, net of dividends received, and other
|
(15.9
|
)
|
|
(21.8
|
)
|
||
Net earnings adjusted for non-cash charges to operations
|
694.3
|
|
|
639.1
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
||
Receivables
|
(81.5
|
)
|
|
(192.3
|
)
|
||
Inventories
|
(38.5
|
)
|
|
(47.5
|
)
|
||
Prepayments and other current assets
|
(18.9
|
)
|
|
(12.1
|
)
|
||
Accounts payable and accrued expenses
|
(2.1
|
)
|
|
84.8
|
|
||
Income taxes payable
|
25.7
|
|
|
9.1
|
|
||
Other non-current assets and liabilities
|
(36.4
|
)
|
|
(8.0
|
)
|
||
Net cash provided by operating activities
|
542.6
|
|
|
473.1
|
|
||
|
|
|
|
|
|
||
INVESTING
|
|
|
|
|
|
||
Capital expenditures, including tooling outlays
|
(283.0
|
)
|
|
(274.1
|
)
|
||
Net proceeds from asset disposals
|
3.9
|
|
|
6.9
|
|
||
Payments for business acquired, net of cash acquired
|
—
|
|
|
(203.7
|
)
|
||
Net proceeds from sale of business
|
56.8
|
|
|
2.1
|
|
||
Net cash used in investing activities
|
(222.3
|
)
|
|
(468.8
|
)
|
||
|
|
|
|
|
|
||
FINANCING
|
|
|
|
|
|
||
Net increase in notes payable
|
34.7
|
|
|
29.4
|
|
||
Additions to long-term debt, net of debt issuance costs
|
313.9
|
|
|
357.9
|
|
||
Repayments of long-term debt, including current portion
|
(203.6
|
)
|
|
(196.3
|
)
|
||
Payments for purchase of treasury stock
|
(200.3
|
)
|
|
(268.8
|
)
|
||
Proceeds from stock options exercised, including the tax benefit
|
49.9
|
|
|
43.7
|
|
||
Taxes paid on employees' restricted stock award vestings
|
(17.8
|
)
|
|
(14.4
|
)
|
||
Purchase of noncontrolling interest
|
(7.4
|
)
|
|
(29.4
|
)
|
||
Capital contribution from noncontrolling interest
|
—
|
|
|
19.5
|
|
||
Dividends paid to noncontrolling stockholders
|
(20.5
|
)
|
|
(10.1
|
)
|
||
Net cash used in financing activities
|
(51.1
|
)
|
|
(68.5
|
)
|
||
Effect of exchange rate changes on cash
|
(7.3
|
)
|
|
(8.7
|
)
|
||
Net increase (decrease) in cash
|
261.9
|
|
|
(72.9
|
)
|
||
Cash at beginning of year
|
359.6
|
|
|
449.9
|
|
||
Cash at end of period
|
$
|
621.5
|
|
|
$
|
377.0
|
|
|
|
|
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
|
|
|
|||
Net cash paid during the period for:
|
|
|
|
|
|||
Interest
|
$
|
44.7
|
|
|
$
|
49.2
|
|
Income taxes
|
122.0
|
|
|
116.6
|
|
||
Non-cash investing transactions:
|
|
|
|
|
|
||
Liabilities assumed from business acquired
|
—
|
|
|
5.3
|
|
||
Non-cash financing transactions:
|
|
|
|
|
|
||
Debt assumed from business acquired
|
—
|
|
|
5.9
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
||||||||||||
(millions of dollars)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Gross R&D expenditures
|
$
|
75.6
|
|
|
$
|
69.5
|
|
|
$
|
228.5
|
|
|
$
|
214.7
|
|
Customer reimbursements
|
(11.2
|
)
|
|
(11.1
|
)
|
|
(29.8
|
)
|
|
(30.6
|
)
|
||||
Net R&D expenditures
|
$
|
64.4
|
|
|
$
|
58.4
|
|
|
$
|
198.7
|
|
|
$
|
184.1
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
(millions of dollars)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Loss from disposal activities
|
$
|
1.8
|
|
|
$
|
—
|
|
|
$
|
39.7
|
|
|
$
|
—
|
|
Restructuring expense
|
27.4
|
|
|
—
|
|
|
27.4
|
|
|
—
|
|
||||
Patent infringement settlement, net of legal costs incurred
|
—
|
|
|
—
|
|
|
—
|
|
|
(29.1
|
)
|
||||
Other
|
0.5
|
|
|
0.6
|
|
|
0.3
|
|
|
(0.8
|
)
|
||||
Other (income) expense
|
$
|
29.7
|
|
|
$
|
0.6
|
|
|
$
|
67.4
|
|
|
$
|
(29.9
|
)
|
|
September 30,
|
|
December 31,
|
||||
(millions of dollars)
|
2012
|
|
2011
|
||||
Raw material and supplies
|
$
|
276.6
|
|
|
$
|
254.4
|
|
Work in progress
|
85.1
|
|
|
90.9
|
|
||
Finished goods
|
131.9
|
|
|
124.3
|
|
||
FIFO inventories
|
493.6
|
|
|
469.6
|
|
||
LIFO reserve
|
(18.3
|
)
|
|
(15.3
|
)
|
||
Inventories, net
|
$
|
475.3
|
|
|
$
|
454.3
|
|
|
September 30,
|
|
December 31,
|
||||
(millions of dollars)
|
2012
|
|
2011
|
||||
Land and buildings
|
$
|
695.9
|
|
|
$
|
687.9
|
|
Machinery and equipment
|
2,201.6
|
|
|
2,006.9
|
|
||
Capital leases
|
2.4
|
|
|
2.3
|
|
||
Construction in progress
|
229.1
|
|
|
206.8
|
|
||
Total property, plant and equipment, gross
|
3,129.0
|
|
|
2,903.9
|
|
||
Less: accumulated depreciation
|
(1,534.4
|
)
|
|
(1,343.9
|
)
|
||
Property, plant and equipment, net, excluding tooling
|
1,594.6
|
|
|
1,560.0
|
|
||
Tooling, net of amortization
|
104.1
|
|
|
104.3
|
|
||
Property, plant and equipment, net
|
$
|
1,698.7
|
|
|
$
|
1,664.3
|
|
(millions of dollars)
|
2012
|
|
2011
|
||||
Beginning balance, January 1
|
$
|
72.7
|
|
|
$
|
66.8
|
|
Acquisition
|
—
|
|
|
4.5
|
|
||
Provisions
|
23.1
|
|
|
38.6
|
|
||
Payments
|
(31.9
|
)
|
|
(33.2
|
)
|
||
Translation adjustment
|
0.2
|
|
|
(1.2
|
)
|
||
Ending balance, September 30
|
$
|
64.1
|
|
|
$
|
75.5
|
|
|
September 30,
|
|
December 31,
|
||||
(millions of dollars)
|
2012
|
|
2011
|
||||
Accounts payable and accrued expenses
|
$
|
32.5
|
|
|
$
|
38.6
|
|
Other non-current liabilities
|
31.6
|
|
|
34.1
|
|
||
Total product warranty liability
|
$
|
64.1
|
|
|
$
|
72.7
|
|
|
September 30,
|
|
December 31,
|
||||
(millions of dollars)
|
2012
|
|
2011
|
||||
Short-term debt
|
|
|
|
|
|
||
Short-term borrowings
|
$
|
151.0
|
|
|
$
|
116.3
|
|
Receivables securitization
|
80.0
|
|
|
80.0
|
|
||
Total short-term debt
|
$
|
231.0
|
|
|
$
|
196.3
|
|
|
|
|
|
|
|
||
Long-term debt
|
|
|
|
|
|
||
3.50% Convertible senior notes due 04/15/12
|
$
|
—
|
|
|
$
|
368.5
|
|
5.75% Senior notes due 11/01/16 ($150 million par value)
|
149.5
|
|
|
149.5
|
|
||
8.00% Senior notes due 10/01/19 ($134 million par value)
|
133.9
|
|
|
133.9
|
|
||
4.625% Senior notes due 09/15/20 ($250 million par value)
|
247.9
|
|
|
247.7
|
|
||
7.125% Senior notes due 02/15/29 ($121 million par value)
|
119.4
|
|
|
119.3
|
|
||
Multi-currency revolving credit facility
|
180.0
|
|
|
70.0
|
|
||
Term loan facilities and other
|
19.9
|
|
|
19.8
|
|
||
Unamortized portion of debt derivatives
|
21.2
|
|
|
24.1
|
|
||
Total long-term debt
|
871.8
|
|
|
1,132.8
|
|
||
Less: current portion
|
5.5
|
|
|
381.5
|
|
||
Long-term debt, net of current portion
|
$
|
866.3
|
|
|
$
|
751.3
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
||||||||||||
(millions of dollars)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Interest expense
|
$
|
—
|
|
|
$
|
8.3
|
|
|
$
|
9.0
|
|
|
$
|
24.6
|
|
Non-cash portion
|
$
|
—
|
|
|
$
|
5.0
|
|
|
$
|
5.3
|
|
|
$
|
14.8
|
|
Level 1:
|
Observable inputs such as quoted prices for identical assets or liabilities in active markets;
|
Level 2:
|
Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and
|
Level 3:
|
Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
|
A.
|
Market approach:
Prices and other relevant information generated by market transactions involving identical or comparable assets, liabilities or a group of assets or liabilities, such as a business.
|
B.
|
Cost approach:
Amount that would be required to replace the service capacity of an asset (replacement cost).
|
C.
|
Income approach:
Techniques to convert future amounts to a single present amount based upon market expectations (including present value techniques, option-pricing and excess earnings models).
|
|
|
|
Basis of fair value measurements
|
|
|
||||||||||||
(millions of dollars)
|
Balance at
September 30, 2012
|
|
Quoted prices in active markets for identical items
(Level 1)
|
|
Significant other observable inputs
(Level 2)
|
|
Significant unobservable inputs
(Level 3)
|
|
Valuation technique
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
$
|
8.1
|
|
|
$
|
—
|
|
|
$
|
8.1
|
|
|
$
|
—
|
|
|
A
|
Other non-current assets (insurance settlement agreement note receivable)
|
$
|
39.3
|
|
|
$
|
—
|
|
|
$
|
39.3
|
|
|
$
|
—
|
|
|
C
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
$
|
0.5
|
|
|
$
|
—
|
|
|
$
|
0.5
|
|
|
$
|
—
|
|
|
A
|
Commodity contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
A
|
Net investment hedge contracts
|
$
|
79.7
|
|
|
$
|
—
|
|
|
$
|
79.7
|
|
|
$
|
—
|
|
|
A
|
|
|
|
Basis of fair value measurements
|
|
|
||||||||||||
(millions of dollars)
|
Balance at
December 31, 2011
|
|
Quoted prices in active markets for identical items
(Level 1)
|
|
Significant other observable inputs
(Level 2)
|
|
Significant unobservable inputs
(Level 3)
|
|
Valuation
technique
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
$
|
2.7
|
|
|
$
|
—
|
|
|
$
|
2.7
|
|
|
$
|
—
|
|
|
A
|
Other non-current assets (insurance settlement agreement note receivable)
|
$
|
21.3
|
|
|
$
|
—
|
|
|
$
|
21.3
|
|
|
$
|
—
|
|
|
C
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
$
|
2.9
|
|
|
$
|
—
|
|
|
$
|
2.9
|
|
|
$
|
—
|
|
|
A
|
Net investment hedge contracts
|
$
|
85.0
|
|
|
$
|
—
|
|
|
$
|
85.0
|
|
|
$
|
—
|
|
|
A
|
|
Cross-currency swaps
|
||||||||
(in millions)
|
Notional in
USD
|
|
Notional in
local currency
|
|
Duration
|
||||
Floating $ to floating €
|
$
|
75.0
|
|
|
€
|
58.5
|
|
|
Oct - 19
|
Floating $ to floating ¥
|
$
|
150.0
|
|
|
¥
|
17,581.5
|
|
|
Nov - 16
|
|
Commodity derivative contracts
|
||||||||
Commodity
|
Volume hedged
September 30, 2012
|
|
Volume hedged
December 31, 2011
|
|
Units of measure
|
|
Duration
|
||
Natural gas
|
113,406
|
|
|
—
|
|
|
MMBtu
|
|
Dec - 12
|
|
|
Assets
|
|
Liabilities
|
||||||||||||||||
(millions of dollars)
|
|
Location
|
|
September 30,
2012
|
|
December 31, 2011
|
|
Location
|
|
September 30,
2012
|
|
December 31, 2011
|
||||||||
Foreign currency contracts
|
|
Prepayments and other current assets
|
|
$
|
6.9
|
|
|
$
|
2.6
|
|
|
Accounts payable and accrued expenses
|
|
$
|
0.4
|
|
|
$
|
2.4
|
|
|
|
Other non-current assets
|
|
$
|
1.2
|
|
|
$
|
0.1
|
|
|
Other non-current liabilities
|
|
$
|
0.1
|
|
|
$
|
0.5
|
|
Commodity contracts
|
|
Prepayments and other current assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Accounts payable and accrued expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
Net investment hedge contracts
|
|
Other non-current assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other non-current liabilities
|
|
$
|
79.7
|
|
|
$
|
85.0
|
|
(millions of dollars)
|
|
Deferred gain (loss) in AOCI at
|
|
Gain (loss) expected to be reclassified to income in one year or less
|
||||||||
Contract Type
|
|
September 30,
2012
|
|
December 31, 2011
|
|
|||||||
Foreign currency
|
|
$
|
6.3
|
|
|
$
|
(0.6
|
)
|
|
$
|
5.2
|
|
Commodity
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net investment hedges
|
|
(75.4
|
)
|
|
(78.9
|
)
|
|
—
|
|
|||
Total
|
|
$
|
(69.1
|
)
|
|
$
|
(79.5
|
)
|
|
$
|
5.2
|
|
|
|
|
|
Gain (loss) reclassified
from AOCI to income
(effective portion)
|
|
|
|
Gain (loss) recognized
in income
(ineffective portion)
|
||||||||||||
(millions of dollars)
|
|
|
|
Three Months Ended
|
|
|
|
Three Months Ended
|
||||||||||||
Contract Type
|
|
Location
|
|
September 30,
2012
|
|
September 30,
2011
|
|
Location
|
|
September 30,
2012
|
|
September 30,
2011
|
||||||||
Cross-currency swap
|
|
Interest expense
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Interest expense
|
|
$
|
3.9
|
|
|
$
|
0.3
|
|
|
|
|
|
Gain (loss) reclassified
from AOCI to income
(effective portion)
|
|
|
|
Gain (loss) recognized
in income
(ineffective portion)
|
||||||||||||
(millions of dollars)
|
|
|
|
Nine Months Ended
|
|
|
|
Nine Months Ended
|
||||||||||||
Contract Type
|
|
Location
|
|
September 30,
2012
|
|
September 30,
2011
|
|
Location
|
|
September 30,
2012
|
|
September 30,
2011
|
||||||||
Cross-currency swap
|
|
Interest expense
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Interest expense
|
|
$
|
1.7
|
|
|
$
|
2.1
|
|
|
|
|
|
Gain (loss) reclassified
from AOCI to income
(effective portion)
|
|
|
|
Gain (loss)
recognized in income
(ineffective portion)
|
||||||||||||
(millions of dollars)
|
|
|
|
Three Months Ended
|
|
|
|
Three Months Ended
|
||||||||||||
Contract Type
|
|
Location
|
|
September 30,
2012
|
|
September 30,
2011
|
|
Location
|
|
September 30,
2012
|
|
September 30,
2011
|
||||||||
Foreign currency
|
|
Sales
|
|
$
|
2.4
|
|
|
$
|
(0.8
|
)
|
|
SG&A expense
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency
|
|
Cost of goods sold
|
|
1.4
|
|
|
(0.1
|
)
|
|
SG&A expense
|
|
—
|
|
|
—
|
|
||||
Foreign currency
|
|
SG&A expense
|
|
—
|
|
|
0.4
|
|
|
SG&A expense
|
|
—
|
|
|
—
|
|
||||
Commodity
|
|
Cost of goods sold
|
|
—
|
|
|
(0.1
|
)
|
|
Cost of goods sold
|
|
—
|
|
|
—
|
|
|
|
|
|
Gain (loss) reclassified
from AOCI to income
(effective portion)
|
|
|
|
Gain (loss)
recognized in income
(ineffective portion)
|
||||||||||||
(millions of dollars)
|
|
|
|
Nine Months Ended
|
|
|
|
Nine Months Ended
|
||||||||||||
Contract Type
|
|
Location
|
|
September 30,
2012
|
|
September 30,
2011
|
|
Location
|
|
September 30,
2012
|
|
September 30,
2011
|
||||||||
Foreign currency
|
|
Sales
|
|
$
|
3.9
|
|
|
$
|
(1.6
|
)
|
|
SG&A expense
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency
|
|
Cost of goods sold
|
|
2.5
|
|
|
(0.7
|
)
|
|
SG&A expense
|
|
—
|
|
|
—
|
|
||||
Foreign currency
|
|
SG&A expense
|
|
—
|
|
|
1.0
|
|
|
SG&A expense
|
|
—
|
|
|
—
|
|
||||
Commodity
|
|
Cost of goods sold
|
|
—
|
|
|
(0.1
|
)
|
|
Cost of goods sold
|
|
—
|
|
|
—
|
|
|
Pension benefits
|
|
Other post
employment benefits
|
||||||||||||||||||||
(millions of dollars)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||
Three Months Ended September 30,
|
US
|
|
Non-US
|
|
US
|
|
Non-US
|
|
|
||||||||||||||
Service cost
|
$
|
—
|
|
|
$
|
2.2
|
|
|
$
|
—
|
|
|
$
|
2.7
|
|
|
$
|
0.1
|
|
|
$
|
0.2
|
|
Interest cost
|
3.6
|
|
|
4.2
|
|
|
4.0
|
|
|
4.3
|
|
|
2.5
|
|
|
2.9
|
|
||||||
Expected return on plan assets
|
(4.7
|
)
|
|
(2.3
|
)
|
|
(5.2
|
)
|
|
(2.8
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization of unrecognized prior service benefit
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(1.6
|
)
|
|
(1.7
|
)
|
||||||
Amortization of unrecognized loss
|
2.0
|
|
|
0.4
|
|
|
1.7
|
|
|
0.2
|
|
|
1.8
|
|
|
2.0
|
|
||||||
Net periodic benefit cost
|
$
|
0.7
|
|
|
$
|
4.5
|
|
|
$
|
0.3
|
|
|
$
|
4.4
|
|
|
$
|
2.8
|
|
|
$
|
3.4
|
|
|
Pension benefits
|
|
Other post
employment benefits
|
||||||||||||||||||||
(millions of dollars)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||||||
Nine Months Ended September 30,
|
US
|
|
Non-US
|
|
US
|
|
Non-US
|
|
|
||||||||||||||
Service cost
|
$
|
—
|
|
|
$
|
6.8
|
|
|
$
|
—
|
|
|
$
|
7.9
|
|
|
$
|
0.4
|
|
|
$
|
0.5
|
|
Interest cost
|
10.8
|
|
|
12.9
|
|
|
12.1
|
|
|
13.3
|
|
|
7.6
|
|
|
8.8
|
|
||||||
Expected return on plan assets
|
(14.1
|
)
|
|
(6.9
|
)
|
|
(15.6
|
)
|
|
(8.5
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization of unrecognized prior service benefit
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(4.8
|
)
|
|
(5.1
|
)
|
||||||
Amortization of unrecognized loss
|
6.1
|
|
|
0.9
|
|
|
4.9
|
|
|
0.6
|
|
|
5.2
|
|
|
6.0
|
|
||||||
Net periodic benefit cost
|
$
|
2.2
|
|
|
$
|
13.7
|
|
|
$
|
0.8
|
|
|
$
|
13.3
|
|
|
$
|
8.4
|
|
|
$
|
10.2
|
|
|
Shares under option
(thousands)
|
|
Weighted average exercise price
|
|
Weighted average remaining contractual life
(in years)
|
|
Aggregate intrinsic value
(in millions)
|
|||||
Outstanding and exercisable at December 31, 2011
|
2,220
|
|
|
$
|
29.36
|
|
|
4.1
|
|
$
|
76.3
|
|
Exercised
|
(602
|
)
|
|
$
|
26.97
|
|
|
|
|
|
||
Outstanding and exercisable at March 31, 2012
|
1,618
|
|
|
$
|
30.19
|
|
|
4.0
|
|
$
|
87.6
|
|
Exercised
|
(31
|
)
|
|
$
|
28.14
|
|
|
|
|
|
||
Outstanding and exercisable at June 30, 2012
|
1,587
|
|
|
$
|
30.23
|
|
|
3.7
|
|
$
|
56.1
|
|
Exercised
|
(105
|
)
|
|
$
|
27.26
|
|
|
|
|
|
||
Outstanding and exercisable at September 30, 2012
|
1,482
|
|
|
$
|
30.43
|
|
|
3.6
|
|
$
|
57.3
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
||||||||||||
(millions of dollars)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Restricted stock compensation expense
|
$
|
5.0
|
|
|
$
|
3.4
|
|
|
$
|
14.9
|
|
|
$
|
11.0
|
|
Restricted stock compensation expense, net of tax
|
$
|
3.7
|
|
|
$
|
2.6
|
|
|
$
|
10.9
|
|
|
$
|
8.4
|
|
|
Shares subject to restriction
(thousands)
|
|
Weighted average price
|
|||
Nonvested at December 31, 2011
|
1,430
|
|
|
$
|
39.02
|
|
Granted
|
327
|
|
|
$
|
78.27
|
|
Vested
|
(631
|
)
|
|
$
|
26.42
|
|
Forfeited
|
(23
|
)
|
|
$
|
42.49
|
|
Nonvested at March 31, 2012
|
1,103
|
|
|
$
|
57.79
|
|
Granted
|
11
|
|
|
$
|
82.33
|
|
Vested
|
(25
|
)
|
|
$
|
38.82
|
|
Forfeited
|
(4
|
)
|
|
$
|
58.72
|
|
Nonvested at June 30, 2012
|
1,085
|
|
|
$
|
58.47
|
|
Vested
|
(8
|
)
|
|
$
|
45.88
|
|
Forfeited
|
(21
|
)
|
|
$
|
55.83
|
|
Nonvested at September 30, 2012
|
1,056
|
|
|
$
|
58.62
|
|
(millions of dollars)
|
September 30,
2012
|
|
December 31,
2011
|
||||
Assets:
|
|
|
|
||||
Prepayments and other current assets
|
$
|
31.5
|
|
|
$
|
28.8
|
|
Other non-current assets
|
42.1
|
|
|
32.9
|
|
||
Total insurance assets
|
$
|
73.6
|
|
|
$
|
61.7
|
|
Liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
31.5
|
|
|
$
|
28.8
|
|
Other non-current liabilities
|
42.1
|
|
|
32.9
|
|
||
Total accrued liabilities
|
$
|
73.6
|
|
|
$
|
61.7
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
||||||||||||
(in millions, except per share amounts)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net earnings attributable to BorgWarner Inc.
|
$
|
101.1
|
|
|
$
|
141.6
|
|
|
$
|
379.7
|
|
|
$
|
428.1
|
|
Weighted average shares of common stock outstanding
|
114.299
|
|
|
108.779
|
|
|
111.619
|
|
|
109.391
|
|
||||
Basic earnings per share of common stock
|
$
|
0.88
|
|
|
$
|
1.30
|
|
|
$
|
3.40
|
|
|
$
|
3.91
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net earnings attributable to BorgWarner Inc.
|
$
|
101.1
|
|
|
$
|
141.6
|
|
|
$
|
379.7
|
|
|
$
|
428.1
|
|
Adjustment for net interest expense on convertible notes
|
—
|
|
|
5.4
|
|
|
5.8
|
|
|
16.0
|
|
||||
Diluted net earnings attributable to BorgWarner Inc.
|
$
|
101.1
|
|
|
$
|
147.0
|
|
|
$
|
385.5
|
|
|
$
|
444.1
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of common stock outstanding
|
114.299
|
|
|
108.779
|
|
|
111.619
|
|
|
109.391
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Effect of 3.50% convertible senior notes
|
—
|
|
|
11.389
|
|
|
4.429
|
|
|
11.389
|
|
||||
Effect of warrant
|
2.208
|
|
|
5.158
|
|
|
4.507
|
|
|
5.332
|
|
||||
Effect of stock-based compensation
|
1.992
|
|
|
2.614
|
|
|
2.016
|
|
|
2.657
|
|
||||
Total dilutive effect on weighted average shares of common stock outstanding
|
4.200
|
|
|
19.161
|
|
|
10.952
|
|
|
19.378
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of common stock outstanding including dilutive shares
|
118.499
|
|
|
127.940
|
|
|
122.571
|
|
|
128.769
|
|
||||
Diluted earnings per share of common stock
|
$
|
0.85
|
|
|
$
|
1.15
|
|
|
$
|
3.15
|
|
|
$
|
3.45
|
|
|
|
|
|
|
|
|
|
||||||||
Total anti-dilutive shares:
|
|
|
|
|
|
|
|
||||||||
Call options
|
—
|
|
|
6.092
|
|
|
2.586
|
|
|
6.240
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
||||||||||||
(millions of dollars)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Engine
|
$
|
1,168.0
|
|
|
$
|
1,258.2
|
|
|
$
|
3,745.8
|
|
|
$
|
3,805.5
|
|
Drivetrain
|
534.4
|
|
|
538.7
|
|
|
1,739.7
|
|
|
1,550.8
|
|
||||
Inter-segment eliminations
|
(7.2
|
)
|
|
(5.1
|
)
|
|
(21.4
|
)
|
|
(15.3
|
)
|
||||
Net sales
|
$
|
1,695.2
|
|
|
$
|
1,791.8
|
|
|
$
|
5,464.1
|
|
|
$
|
5,341.0
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
||||||||||||
(millions of dollars)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Engine
|
$
|
184.1
|
|
|
$
|
188.2
|
|
|
$
|
604.4
|
|
|
$
|
571.5
|
|
Drivetrain
|
44.1
|
|
|
43.5
|
|
|
159.9
|
|
|
114.4
|
|
||||
Adjusted EBIT
|
228.2
|
|
|
231.7
|
|
|
764.3
|
|
|
685.9
|
|
||||
Loss from disposal activities
|
1.8
|
|
|
—
|
|
|
39.7
|
|
|
—
|
|
||||
Restructuring expense
|
27.4
|
|
|
—
|
|
|
27.4
|
|
|
—
|
|
||||
Patent infringement settlement, net of legal costs incurred
|
—
|
|
|
—
|
|
|
—
|
|
|
(29.1
|
)
|
||||
Corporate, including equity in affiliates' earnings and stock-based compensation
|
24.9
|
|
|
21.4
|
|
|
82.2
|
|
|
80.6
|
|
||||
Interest income
|
(1.0
|
)
|
|
(1.3
|
)
|
|
(3.7
|
)
|
|
(3.5
|
)
|
||||
Interest expense and finance charges
|
5.0
|
|
|
18.5
|
|
|
32.7
|
|
|
57.4
|
|
||||
Earnings before income taxes and noncontrolling interest
|
170.1
|
|
|
193.1
|
|
|
586.0
|
|
|
580.5
|
|
||||
Provision for income taxes
|
64.2
|
|
|
46.4
|
|
|
190.2
|
|
|
137.1
|
|
||||
Net earnings
|
105.9
|
|
|
146.7
|
|
|
395.8
|
|
|
443.4
|
|
||||
Net earnings attributable to the noncontrolling interest, net of tax
|
4.8
|
|
|
5.1
|
|
|
16.1
|
|
|
15.3
|
|
||||
Net earnings attributable to BorgWarner Inc.
|
$
|
101.1
|
|
|
$
|
141.6
|
|
|
$
|
379.7
|
|
|
$
|
428.1
|
|
(millions of dollars)
|
September 30,
2012
|
|
December 31,
2011
|
||||
Engine
|
$
|
3,343.8
|
|
|
$
|
3,329.0
|
|
Drivetrain
|
1,628.3
|
|
|
1,562.8
|
|
||
Total
|
4,972.1
|
|
|
4,891.8
|
|
||
Corporate (a)
|
1,374.4
|
|
|
1,066.8
|
|
||
Total assets
|
$
|
6,346.5
|
|
|
$
|
5,958.6
|
|
(a)
|
Corporate assets include investments and advances and deferred income taxes.
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended
September 30,
|
||||||
|
2012
|
|
2011
|
||||
Non-comparable items:
|
|
|
|
||||
Loss from disposal activities
|
$
|
(0.11
|
)
|
|
$
|
—
|
|
Restructuring expense
|
(0.17
|
)
|
|
—
|
|
||
Tax adjustments
|
(0.06
|
)
|
|
—
|
|
||
Total impact of non-comparable items per share — diluted
|
$
|
(0.34
|
)
|
|
$
|
—
|
|
|
Nine Months Ended
September 30,
|
||||||
|
2012
|
|
2011
|
||||
Non-comparable items:
|
|
|
|
||||
Loss from disposal activities
|
$
|
(0.37
|
)
|
|
$
|
—
|
|
Restructuring expense
|
(0.17
|
)
|
|
—
|
|
||
Patent infringement settlement, net of legal costs incurred
|
—
|
|
|
0.14
|
|
||
Tax adjustments
|
(0.13
|
)
|
|
0.05
|
|
||
Total impact of non-comparable items per share — diluted
|
$
|
(0.67
|
)
|
|
$
|
0.19
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
||||||||||||
(millions of dollars)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Engine
|
$
|
1,168.0
|
|
|
$
|
1,258.2
|
|
|
$
|
3,745.8
|
|
|
$
|
3,805.5
|
|
Drivetrain
|
534.4
|
|
|
538.7
|
|
|
1,739.7
|
|
|
1,550.8
|
|
||||
Inter-segment eliminations
|
(7.2
|
)
|
|
(5.1
|
)
|
|
(21.4
|
)
|
|
(15.3
|
)
|
||||
Net sales
|
$
|
1,695.2
|
|
|
$
|
1,791.8
|
|
|
$
|
5,464.1
|
|
|
$
|
5,341.0
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
||||||||||||
(millions of dollars)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Engine
|
$
|
184.1
|
|
|
$
|
188.2
|
|
|
$
|
604.4
|
|
|
$
|
571.5
|
|
Drivetrain
|
44.1
|
|
|
43.5
|
|
|
159.9
|
|
|
114.4
|
|
||||
Adjusted EBIT
|
228.2
|
|
|
231.7
|
|
|
764.3
|
|
|
685.9
|
|
||||
Loss from disposal activities
|
1.8
|
|
|
—
|
|
|
39.7
|
|
|
—
|
|
||||
Restructuring expense
|
27.4
|
|
|
—
|
|
|
27.4
|
|
|
—
|
|
||||
Patent infringement settlement, net of legal costs incurred
|
—
|
|
|
—
|
|
|
—
|
|
|
(29.1
|
)
|
||||
Corporate, including equity in affiliates' earnings and stock-based compensation
|
24.9
|
|
|
21.4
|
|
|
82.2
|
|
|
80.6
|
|
||||
Interest income
|
(1.0
|
)
|
|
(1.3
|
)
|
|
(3.7
|
)
|
|
(3.5
|
)
|
||||
Interest expense and finance charges
|
5.0
|
|
|
18.5
|
|
|
32.7
|
|
|
57.4
|
|
||||
Earnings before income taxes and noncontrolling interest
|
170.1
|
|
|
193.1
|
|
|
586.0
|
|
|
580.5
|
|
||||
Provision for income taxes
|
64.2
|
|
|
46.4
|
|
|
190.2
|
|
|
137.1
|
|
||||
Net earnings
|
105.9
|
|
|
146.7
|
|
|
395.8
|
|
|
443.4
|
|
||||
Net earnings attributable to the noncontrolling interest, net of tax
|
4.8
|
|
|
5.1
|
|
|
16.1
|
|
|
15.3
|
|
||||
Net earnings attributable to BorgWarner Inc.
|
$
|
101.1
|
|
|
$
|
141.6
|
|
|
$
|
379.7
|
|
|
$
|
428.1
|
|
(millions of dollars)
|
September 30,
2012
|
|
December 31,
2011
|
||||
Assets:
|
|
|
|
||||
Prepayments and other current assets
|
$
|
31.5
|
|
|
$
|
28.8
|
|
Other non-current assets
|
42.1
|
|
|
32.9
|
|
||
Total insurance assets
|
$
|
73.6
|
|
|
$
|
61.7
|
|
Liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
31.5
|
|
|
$
|
28.8
|
|
Other non-current liabilities
|
42.1
|
|
|
32.9
|
|
||
Total accrued liabilities
|
$
|
73.6
|
|
|
$
|
61.7
|
|
Item 1.
|
Legal Proceedings
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds (Repurchases and Authorization of Equity Securities)
|
Issuer Repurchases of Equity Securities
|
|||||||||||||
Period
|
|
Total number of shares repurchased
|
|
Average price per share
|
|
Total number of shares purchased as part of publicly announced plans or programs
|
|
Maximum number of shares that may yet be purchased
|
|||||
Month Ended July 31, 2012
|
|
|
|
|
|
|
|
|
|||||
Common Stock Repurchase Program
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
Employee transactions
|
|
2,228
|
|
|
$
|
65.63
|
|
|
—
|
|
|
—
|
|
Month Ended September 30, 2012
|
|
|
|
|
|
|
|
|
|||||
Common Stock Repurchase Program
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
Employee transactions
|
|
471
|
|
|
$
|
67.29
|
|
|
—
|
|
|
—
|
|
Item 6.
|
Exhibits
|
|
Exhibit 31.1
|
|
Rule 13a-14(a)/15d-14(a) Certification of the Principal Executive Officer.*
|
|
|
|
|
|
Exhibit 31.2
|
|
Rule 13a-14(a)/15d-14(a) Certification of the Principal Financial Officer.*
|
|
|
|
|
|
Exhibit 32.1
|
|
Section 1350 Certifications.*
|
|
|
|
|
|
Exhibit 101.INS
|
|
XBRL Instance Document.**
|
|
|
|
|
|
Exhibit 101.SCH
|
|
XBRL Taxonomy Extension Schema Document.**
|
|
|
|
|
|
Exhibit 101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.**
|
|
|
|
|
|
Exhibit 101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.**
|
|
|
|
|
|
Exhibit 101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.**
|
|
|
|
|
|
Exhibit 101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.**
|
|
|
|
|
|
|
|
|
BorgWarner Inc.
|
|
|
|
|
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By
|
|
/s/ Steven G. Carlson
|
|
|
|
|
(Signature)
|
|
|
|
|
|
|
|
|
|
Steven G. Carlson
|
|
|
|
|
|
|
|
|
|
Vice President and Controller
|
|
|
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
1 Year BorgWarner Chart |
1 Month BorgWarner Chart |
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