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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 | |
---|---|---|---|---|---|---|---|---|
0.82 | 2.47% | 34.00 | 34.025 | 33.04 | 33.26 | 206,566 | 15:25:07 |
(Mark One)
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þ
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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
June 30, 2014
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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
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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
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Identification No.)
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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
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þ
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Accelerated filer
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o
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Non-accelerated filer
|
o
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Smaller reporting company
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o
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Page No.
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(millions of dollars)
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June 30,
2014
|
|
December 31,
2013 |
||||
ASSETS
|
|
|
|
||||
Cash
|
$
|
771.4
|
|
|
$
|
939.5
|
|
Receivables, net
|
1,571.7
|
|
|
1,248.5
|
|
||
Inventories, net
|
528.0
|
|
|
458.1
|
|
||
Deferred income taxes
|
53.0
|
|
|
68.7
|
|
||
Prepayments and other current assets
|
113.2
|
|
|
83.7
|
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||
Total current assets
|
3,037.3
|
|
|
2,798.5
|
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||
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|
|
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|
|
||
Property, plant and equipment, net
|
2,089.3
|
|
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1,939.4
|
|
||
Investments and advances
|
469.9
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|
405.1
|
|
||
Goodwill
|
1,243.9
|
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|
1,197.0
|
|
||
Other non-current assets
|
616.6
|
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|
577.0
|
|
||
Total assets
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$
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7,457.0
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|
$
|
6,917.0
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LIABILITIES AND EQUITY
|
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Notes payable and other short-term debt
|
$
|
541.1
|
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$
|
201.6
|
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Accounts payable and accrued expenses
|
1,622.0
|
|
|
1,383.8
|
|
||
Income taxes payable
|
7.6
|
|
|
38.5
|
|
||
Total current liabilities
|
2,170.7
|
|
|
1,623.9
|
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||
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|
|
|
|
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||
Long-term debt
|
704.2
|
|
|
1,021.0
|
|
||
Other non-current liabilities:
|
|
|
|
|
|
||
Retirement-related liabilities
|
307.8
|
|
|
312.9
|
|
||
Other
|
380.6
|
|
|
326.8
|
|
||
Total other non-current liabilities
|
688.4
|
|
|
639.7
|
|
||
|
|
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|
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||
Common stock
|
2.5
|
|
|
2.5
|
|
||
Capital in excess of par value
|
1,097.1
|
|
|
1,121.9
|
|
||
Retained earnings
|
3,469.9
|
|
|
3,177.4
|
|
||
Accumulated other comprehensive loss
|
(18.6
|
)
|
|
(14.0
|
)
|
||
Common stock held in treasury
|
(722.1
|
)
|
|
(727.2
|
)
|
||
Total BorgWarner Inc. stockholders’ equity
|
3,828.8
|
|
|
3,560.6
|
|
||
Noncontrolling interest
|
64.9
|
|
|
71.8
|
|
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Total equity
|
3,893.7
|
|
|
3,632.4
|
|
||
Total liabilities and equity
|
$
|
7,457.0
|
|
|
$
|
6,917.0
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(in millions, except per share amounts)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net sales
|
$
|
2,197.0
|
|
|
$
|
1,893.9
|
|
|
$
|
4,281.1
|
|
|
$
|
3,745.0
|
|
Cost of sales
|
1,724.2
|
|
|
1,497.3
|
|
|
3,362.5
|
|
|
2,973.7
|
|
||||
Gross profit
|
472.8
|
|
|
396.6
|
|
|
918.6
|
|
|
771.3
|
|
||||
|
|
|
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|
|
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|
||||||||
Selling, general and administrative expenses
|
181.2
|
|
|
155.6
|
|
|
355.0
|
|
|
314.9
|
|
||||
Other expense (income), net
|
11.0
|
|
|
(2.4
|
)
|
|
49.8
|
|
|
14.5
|
|
||||
Operating income
|
280.6
|
|
|
243.4
|
|
|
513.8
|
|
|
441.9
|
|
||||
|
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||||||||
Equity in affiliates’ earnings, net of tax
|
(12.2
|
)
|
|
(11.1
|
)
|
|
(21.0
|
)
|
|
(20.8
|
)
|
||||
Interest income
|
(1.4
|
)
|
|
(1.0
|
)
|
|
(2.9
|
)
|
|
(2.0
|
)
|
||||
Interest expense and finance charges
|
9.0
|
|
|
8.8
|
|
|
17.2
|
|
|
18.5
|
|
||||
Earnings before income taxes and noncontrolling interest
|
285.2
|
|
|
246.7
|
|
|
520.5
|
|
|
446.2
|
|
||||
|
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|
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||||||||
Provision for income taxes
|
85.3
|
|
|
66.6
|
|
|
153.4
|
|
|
117.5
|
|
||||
Net earnings
|
199.9
|
|
|
180.1
|
|
|
367.1
|
|
|
328.7
|
|
||||
Net earnings attributable to the noncontrolling interest, net of tax
|
9.7
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|
6.0
|
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|
17.8
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|
|
12.6
|
|
||||
Net earnings attributable to BorgWarner Inc.
|
$
|
190.2
|
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$
|
174.1
|
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|
$
|
349.3
|
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$
|
316.1
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||||||||
Earnings per share — basic
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$
|
0.84
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$
|
0.76
|
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$
|
1.54
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$
|
1.37
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||||||||
Earnings per share — diluted
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$
|
0.83
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$
|
0.75
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$
|
1.52
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$
|
1.36
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||||||||
Weighted average shares outstanding:
|
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|
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||||||||
Basic
|
227.678
|
|
|
229.496
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227.554
|
|
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229.934
|
|
||||
Diluted
|
229.670
|
|
|
232.202
|
|
|
229.499
|
|
|
232.666
|
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||||
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||||||||
Dividends declared per share
|
$
|
0.125
|
|
|
$
|
—
|
|
|
$
|
0.25
|
|
|
$
|
—
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(millions of dollars)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Net earnings attributable to BorgWarner Inc.
|
$
|
190.2
|
|
|
$
|
174.1
|
|
|
$
|
349.3
|
|
|
$
|
316.1
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
(a)
|
(1.1
|
)
|
|
(5.0
|
)
|
|
(3.8
|
)
|
|
(89.8
|
)
|
||||
Hedge instruments
(a)
|
0.7
|
|
|
2.5
|
|
|
(0.6
|
)
|
|
13.6
|
|
||||
Defined benefit postretirement plans
(a)
|
(1.3
|
)
|
|
3.4
|
|
|
(0.1
|
)
|
|
9.2
|
|
||||
Other
(a)
|
(0.1
|
)
|
|
0.5
|
|
|
(0.1
|
)
|
|
0.5
|
|
||||
Total other comprehensive income (loss) attributable to BorgWarner Inc.
|
(1.8
|
)
|
|
1.4
|
|
|
(4.6
|
)
|
|
(66.5
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income attributable to BorgWarner Inc.
|
188.4
|
|
|
175.5
|
|
|
344.7
|
|
|
249.6
|
|
||||
Comprehensive income (loss) attributable to the noncontrolling interest
|
2.3
|
|
|
(1.1
|
)
|
|
1.2
|
|
|
(2.3
|
)
|
||||
Comprehensive income
|
$
|
190.7
|
|
|
$
|
174.4
|
|
|
$
|
345.9
|
|
|
$
|
247.3
|
|
(a)
|
Net of income taxes.
|
|
Six Months Ended
June 30,
|
||||||
(millions of dollars)
|
2014
|
|
2013
|
||||
OPERATING
|
|
|
|
||||
Net earnings
|
$
|
367.1
|
|
|
$
|
328.7
|
|
Adjustments to reconcile net earnings to net cash flows from operations:
|
|
|
|
||||
Non-cash charges (credits) to operations:
|
|
|
|
||||
Depreciation and tooling amortization
|
151.4
|
|
|
137.5
|
|
||
Amortization of intangible assets and other
|
13.8
|
|
|
13.4
|
|
||
Restructuring expense, net of cash paid
|
38.9
|
|
|
—
|
|
||
Stock-based compensation expense
|
15.8
|
|
|
22.4
|
|
||
Deferred income tax provision (benefit)
|
37.6
|
|
|
(10.3
|
)
|
||
Equity in affiliates’ earnings, net of dividends received, and other
|
(20.8
|
)
|
|
(26.0
|
)
|
||
Net earnings adjusted for non-cash charges to operations
|
603.8
|
|
|
465.7
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
||
Receivables
|
(265.8
|
)
|
|
(220.7
|
)
|
||
Inventories
|
(18.0
|
)
|
|
(8.9
|
)
|
||
Prepayments and other current assets
|
(17.0
|
)
|
|
(26.7
|
)
|
||
Accounts payable and accrued expenses
|
120.0
|
|
|
102.6
|
|
||
Income taxes payable
|
(37.0
|
)
|
|
(27.5
|
)
|
||
Other non-current assets and liabilities
|
(59.8
|
)
|
|
15.5
|
|
||
Net cash provided by operating activities
|
326.2
|
|
|
300.0
|
|
||
|
|
|
|
|
|
||
INVESTING
|
|
|
|
|
|
||
Capital expenditures, including tooling outlays
|
(257.3
|
)
|
|
(194.8
|
)
|
||
Net proceeds from asset disposals
|
2.0
|
|
|
15.7
|
|
||
Payments for business acquired, net of cash acquired
|
(106.4
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(361.7
|
)
|
|
(179.1
|
)
|
||
|
|
|
|
|
|
||
FINANCING
|
|
|
|
|
|
||
Net increase in notes payable
|
304.5
|
|
|
77.4
|
|
||
Additions to long-term debt, net of debt issuance costs
|
97.8
|
|
|
165.7
|
|
||
Repayments of long-term debt, including current portion
|
(420.2
|
)
|
|
(76.8
|
)
|
||
Payments for purchase of treasury stock
|
(25.0
|
)
|
|
(150.5
|
)
|
||
Proceeds from stock options exercised, including the tax benefit
|
12.8
|
|
|
20.0
|
|
||
Taxes paid on employees' restricted stock award vestings
|
(23.4
|
)
|
|
(29.0
|
)
|
||
Dividends paid to BorgWarner stockholders
|
(56.8
|
)
|
|
—
|
|
||
Dividends paid to noncontrolling stockholders
|
(18.8
|
)
|
|
(9.0
|
)
|
||
Net cash used in financing activities
|
(129.1
|
)
|
|
(2.2
|
)
|
||
Effect of exchange rate changes on cash
|
(3.5
|
)
|
|
(17.4
|
)
|
||
Net (decrease) increase in cash
|
(168.1
|
)
|
|
101.3
|
|
||
Cash at beginning of year
|
939.5
|
|
|
715.7
|
|
||
Cash at end of period
|
$
|
771.4
|
|
|
$
|
817.0
|
|
|
|
|
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
|
|
|
|||
Net cash paid during the period for:
|
|
|
|
|
|||
Interest
|
$
|
25.3
|
|
|
$
|
24.9
|
|
Income taxes
|
124.8
|
|
|
142.8
|
|
||
Non-cash investing transactions
|
|
|
|
||||
Liabilities assumed from business acquired
|
3.2
|
|
|
—
|
|
||
Non-cash financing transactions
|
|
|
|
||||
Debt assumed from business acquired
|
40.3
|
|
|
—
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(millions of dollars)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Gross R&D expenditures
|
$
|
101.5
|
|
|
$
|
84.0
|
|
|
$
|
196.0
|
|
|
$
|
166.2
|
|
Customer reimbursements
|
(11.4
|
)
|
|
(11.4
|
)
|
|
(23.9
|
)
|
|
(21.8
|
)
|
||||
Net R&D expenditures
|
$
|
90.1
|
|
|
$
|
72.6
|
|
|
$
|
172.1
|
|
|
$
|
144.4
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
(millions of dollars)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Restructuring expense
|
$
|
15.0
|
|
|
$
|
—
|
|
|
$
|
54.5
|
|
|
$
|
—
|
|
Program termination agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
11.3
|
|
||||
Retirement related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
5.9
|
|
||||
Other income
|
(4.0
|
)
|
|
(2.4
|
)
|
|
(4.7
|
)
|
|
(2.7
|
)
|
||||
Other expense (income), net
|
$
|
11.0
|
|
|
$
|
(2.4
|
)
|
|
$
|
49.8
|
|
|
$
|
14.5
|
|
|
June 30,
|
|
December 31,
|
||||
(millions of dollars)
|
2014
|
|
2013
|
||||
Raw material and supplies
|
$
|
324.4
|
|
|
$
|
279.8
|
|
Work in progress
|
92.2
|
|
|
78.0
|
|
||
Finished goods
|
128.2
|
|
|
116.3
|
|
||
FIFO inventories
|
544.8
|
|
|
474.1
|
|
||
LIFO reserve
|
(16.8
|
)
|
|
(16.0
|
)
|
||
Inventories, net
|
$
|
528.0
|
|
|
$
|
458.1
|
|
|
June 30,
|
|
December 31,
|
||||
(millions of dollars)
|
2014
|
|
2013
|
||||
Land, land use rights and buildings
|
$
|
786.1
|
|
|
$
|
753.9
|
|
Machinery and equipment
|
1,997.1
|
|
|
1,897.5
|
|
||
Capital leases
|
9.4
|
|
|
2.4
|
|
||
Construction in progress
|
310.7
|
|
|
272.3
|
|
||
Total property, plant and equipment, gross
|
3,103.3
|
|
|
2,926.1
|
|
||
Less: accumulated depreciation
|
(1,141.6
|
)
|
|
(1,099.3
|
)
|
||
Property, plant and equipment, net, excluding tooling
|
1,961.7
|
|
|
1,826.8
|
|
||
Tooling, net of amortization
|
127.6
|
|
|
112.6
|
|
||
Property, plant and equipment, net
|
$
|
2,089.3
|
|
|
$
|
1,939.4
|
|
(millions of dollars)
|
2014
|
|
2013
|
||||
Beginning balance, January 1
|
$
|
72.7
|
|
|
$
|
64.9
|
|
Provisions
|
15.9
|
|
|
21.0
|
|
||
Acquisition
(a)
|
22.8
|
|
|
—
|
|
||
Payments
|
(16.9
|
)
|
|
(18.2
|
)
|
||
Translation adjustment
|
—
|
|
|
(1.2
|
)
|
||
Ending balance, June 30
|
$
|
94.5
|
|
|
$
|
66.5
|
|
(a)
|
The Company has recorded a
$12.4 million
insurance receivable related to the
$22.8 million
liability, which is classified in the Condensed Consolidated Balance Sheet in Investments and advances.
|
|
June 30,
|
|
December 31,
|
||||
(millions of dollars)
|
2014
|
|
2013
|
||||
Accounts payable and accrued expenses
|
$
|
35.9
|
|
|
$
|
38.4
|
|
Other non-current liabilities
|
58.6
|
|
|
34.3
|
|
||
Total product warranty liability
|
$
|
94.5
|
|
|
$
|
72.7
|
|
|
June 30,
|
|
December 31,
|
||||
(millions of dollars)
|
2014
|
|
2013
|
||||
Short-term debt
|
|
|
|
|
|
||
Short-term borrowings
|
$
|
414.9
|
|
|
$
|
84.8
|
|
Receivables securitization
|
110.0
|
|
|
110.0
|
|
||
Total short-term debt
|
$
|
524.9
|
|
|
$
|
194.8
|
|
|
|
|
|
|
|
||
Long-term debt
|
|
|
|
|
|
||
5.75% Senior notes due 11/01/16 ($150 million par value)
|
$
|
149.7
|
|
|
$
|
149.7
|
|
8.00% Senior notes due 10/01/19 ($134 million par value)
|
134.0
|
|
|
133.9
|
|
||
4.625% Senior notes due 09/15/20 ($250 million par value)
|
248.3
|
|
|
248.2
|
|
||
7.125% Senior notes due 02/15/29 ($121 million par value)
|
119.4
|
|
|
119.4
|
|
||
Multi-currency revolving credit facility
|
—
|
|
|
320.0
|
|
||
Term loan facilities and other
|
54.8
|
|
|
40.4
|
|
||
Unamortized portion of debt derivatives
|
14.2
|
|
|
16.2
|
|
||
Total long-term debt
|
720.4
|
|
|
1,027.8
|
|
||
Less: current portion
|
16.2
|
|
|
6.8
|
|
||
Long-term debt, net of current portion
|
$
|
704.2
|
|
|
$
|
1,021.0
|
|
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
June 30, 2014
|
|
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
|
$
|
3.7
|
|
|
$
|
—
|
|
|
$
|
3.7
|
|
|
$
|
—
|
|
|
A
|
Other non-current assets (insurance settlement agreement note receivable)
|
$
|
29.0
|
|
|
$
|
—
|
|
|
$
|
29.0
|
|
|
$
|
—
|
|
|
C
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
$
|
2.8
|
|
|
$
|
—
|
|
|
$
|
2.8
|
|
|
$
|
—
|
|
|
A
|
Net investment hedge contracts
|
$
|
26.0
|
|
|
$
|
—
|
|
|
$
|
26.0
|
|
|
$
|
—
|
|
|
A
|
|
|
|
Basis of fair value measurements
|
|
|
||||||||||||
(millions of dollars)
|
Balance at
December 31, 2013
|
|
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
|
$
|
3.4
|
|
|
$
|
—
|
|
|
$
|
3.4
|
|
|
$
|
—
|
|
|
A
|
Other non-current assets (insurance settlement agreement note receivable)
|
$
|
35.6
|
|
|
$
|
—
|
|
|
$
|
35.6
|
|
|
$
|
—
|
|
|
C
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
$
|
7.4
|
|
|
$
|
—
|
|
|
$
|
7.4
|
|
|
$
|
—
|
|
|
A
|
Net investment hedge contracts
|
$
|
24.3
|
|
|
$
|
—
|
|
|
$
|
24.3
|
|
|
$
|
—
|
|
|
A
|
|
|
Assets
|
|
Liabilities
|
||||||||||||||||
(millions of dollars)
|
|
Location
|
|
June 30, 2014
|
|
December 31, 2013
|
|
Location
|
|
June 30, 2014
|
|
December 31, 2013
|
||||||||
Foreign currency contracts
|
|
Prepayments and other current assets
|
|
$
|
3.5
|
|
|
$
|
3.4
|
|
|
Accounts payable and accrued expenses
|
|
$
|
2.8
|
|
|
$
|
7.4
|
|
|
|
Other non-current assets
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
Other non-current liabilities
|
|
$
|
—
|
|
|
$
|
—
|
|
Net investment hedge contracts
|
|
Other non-current assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Other non-current liabilities
|
|
$
|
26.0
|
|
|
$
|
24.3
|
|
(millions of dollars)
|
|
Deferred gain (loss) in AOCI at
|
|
Gain (loss) expected to be reclassified to income in one year or less
|
||||||||
Contract Type
|
|
June 30, 2014
|
|
December 31, 2013
|
|
|||||||
Foreign currency
|
|
$
|
0.4
|
|
|
$
|
(3.7
|
)
|
|
$
|
0.1
|
|
Net investment hedges
|
|
(28.1
|
)
|
|
(22.1
|
)
|
|
—
|
|
|||
Total
|
|
$
|
(27.7
|
)
|
|
$
|
(25.8
|
)
|
|
$
|
0.1
|
|
|
|
|
|
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
|
|
June 30, 2014
|
|
June 30, 2013
|
|
Location
|
|
June 30, 2014
|
|
June 30, 2013
|
||||||||
Foreign currency
|
|
Sales
|
|
$
|
1.0
|
|
|
$
|
(0.3
|
)
|
|
SG&A expense
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Foreign currency
|
|
Cost of goods sold
|
|
$
|
(1.0
|
)
|
|
$
|
(4.6
|
)
|
|
SG&A expense
|
|
$
|
—
|
|
|
$
|
(0.4
|
)
|
Foreign currency
|
|
SG&A expense
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
SG&A expense
|
|
$
|
—
|
|
|
$
|
—
|
|
Cross-currency swap
|
|
N/A
|
|
|
|
|
|
Interest expense
|
|
$
|
—
|
|
|
$
|
0.4
|
|
|
|
|
|
Gain (loss) reclassified
from AOCI to income
(effective portion)
|
|
|
|
Gain (loss)
recognized in income
(ineffective portion)
|
||||||||||||
(millions of dollars)
|
|
|
|
Six Months Ended
|
|
|
|
Six Months Ended
|
||||||||||||
Contract Type
|
|
Location
|
|
June 30, 2014
|
|
June 30, 2013
|
|
Location
|
|
June 30, 2014
|
|
June 30, 2013
|
||||||||
Foreign currency
|
|
Sales
|
|
$
|
1.3
|
|
|
$
|
0.9
|
|
|
SG&A expense
|
|
$
|
0.1
|
|
|
$
|
0.2
|
|
Foreign currency
|
|
Cost of goods sold
|
|
$
|
(1.8
|
)
|
|
$
|
(6.0
|
)
|
|
SG&A expense
|
|
$
|
0.1
|
|
|
$
|
(0.7
|
)
|
Foreign currency
|
|
SG&A expense
|
|
$
|
(0.4
|
)
|
|
$
|
(0.1
|
)
|
|
SG&A expense
|
|
$
|
—
|
|
|
$
|
—
|
|
Cross-currency swap
|
|
N/A
|
|
|
|
|
|
Interest expense
|
|
$
|
0.7
|
|
|
$
|
(0.3
|
)
|
|
|
Pension benefits
|
|
Other post-
retirement benefits
|
||||||||||||||||||||
(millions of dollars)
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||||||||||
Three Months Ended June 30,
|
|
US
|
|
Non-US
|
|
US
|
|
Non-US
|
|
|
||||||||||||||
Service cost
|
|
$
|
—
|
|
|
$
|
3.2
|
|
|
$
|
—
|
|
|
$
|
3.1
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Interest cost
|
|
3.1
|
|
|
4.7
|
|
|
2.9
|
|
|
4.0
|
|
|
1.7
|
|
|
1.7
|
|
||||||
Expected return on plan assets
|
|
(4.4
|
)
|
|
(5.4
|
)
|
|
(4.5
|
)
|
|
(2.7
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization of unrecognized prior service benefit
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(1.6
|
)
|
|
(1.6
|
)
|
||||||
Amortization of unrecognized loss
|
|
1.7
|
|
|
1.3
|
|
|
2.0
|
|
|
1.3
|
|
|
0.6
|
|
|
1.3
|
|
||||||
Net periodic benefit cost
|
|
$
|
0.2
|
|
|
$
|
3.8
|
|
|
$
|
0.2
|
|
|
$
|
5.7
|
|
|
$
|
0.8
|
|
|
$
|
1.5
|
|
|
|
Pension benefits
|
|
Other post-
retirement benefits
|
||||||||||||||||||||
(millions of dollars)
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||||||||||
Six Months Ended June 30,
|
|
US
|
|
Non-US
|
|
US
|
|
Non-US
|
|
|
||||||||||||||
Service cost
|
|
$
|
—
|
|
|
$
|
6.5
|
|
|
$
|
—
|
|
|
$
|
6.2
|
|
|
$
|
0.1
|
|
|
$
|
0.2
|
|
Interest cost
|
|
6.2
|
|
|
9.3
|
|
|
5.8
|
|
|
8.2
|
|
|
3.4
|
|
|
3.4
|
|
||||||
Expected return on plan assets
|
|
(8.8
|
)
|
|
(10.8
|
)
|
|
(9.1
|
)
|
|
(5.4
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization of unrecognized prior service benefit
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(3.2
|
)
|
|
(3.2
|
)
|
||||||
Amortization of unrecognized loss
|
|
3.3
|
|
|
2.5
|
|
|
4.1
|
|
|
2.6
|
|
|
1.3
|
|
|
2.5
|
|
||||||
Net periodic benefit cost
|
|
$
|
0.3
|
|
|
$
|
7.5
|
|
|
$
|
0.4
|
|
|
$
|
11.6
|
|
|
$
|
1.6
|
|
|
$
|
2.9
|
|
|
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, 2013
|
1,997
|
|
|
$
|
15.82
|
|
|
2.6
|
|
$
|
80.0
|
|
Exercised
|
(54
|
)
|
|
$
|
14.41
|
|
|
|
|
|
||
Outstanding and exercisable at March 31, 2014
|
1,943
|
|
|
$
|
15.86
|
|
|
2.4
|
|
$
|
88.6
|
|
Exercised
|
(101
|
)
|
|
$
|
14.03
|
|
|
|
|
|
||
Outstanding and exercisable at June 30, 2014
|
1,842
|
|
|
$
|
15.96
|
|
|
2.2
|
|
$
|
90.7
|
|
|
Shares subject to restriction
(thousands)
|
|
Weighted average price
|
|||
Nonvested at December 31, 2013
|
1,411
|
|
|
$
|
37.86
|
|
Granted
|
420
|
|
|
$
|
53.90
|
|
Vested
|
(498
|
)
|
|
$
|
37.38
|
|
Forfeited
|
(16
|
)
|
|
$
|
39.54
|
|
Nonvested at March 31, 2014
|
1,317
|
|
|
$
|
43.08
|
|
Granted
|
22
|
|
|
$
|
62.04
|
|
Vested
|
(31
|
)
|
|
$
|
37.84
|
|
Forfeited
|
(15
|
)
|
|
$
|
41.77
|
|
Nonvested at June 30, 2014
|
1,293
|
|
|
$
|
43.54
|
|
(millions of dollars)
|
|
Foreign currency translation adjustments
|
|
Hedge instruments
|
|
Defined benefit postretirement plans
|
|
Other
|
|
Total
|
||||||||||
Beginning Balance, December 31, 2013
|
|
$
|
181.1
|
|
|
$
|
(16.0
|
)
|
|
$
|
(181.5
|
)
|
|
$
|
2.4
|
|
|
$
|
(14.0
|
)
|
Comprehensive loss before reclassifications
|
|
(3.8
|
)
|
|
(2.8
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(6.7
|
)
|
|||||
Income taxes associated with comprehensive income (loss) before reclassifications
|
|
—
|
|
|
1.4
|
|
|
—
|
|
|
—
|
|
|
1.4
|
|
|||||
Reclassification from accumulated other comprehensive income
|
|
—
|
|
|
0.9
|
|
|
0.8
|
|
|
—
|
|
|
1.7
|
|
|||||
Income taxes reclassified into net earnings
|
|
—
|
|
|
(0.1
|
)
|
|
(0.9
|
)
|
|
—
|
|
|
(1.0
|
)
|
|||||
Ending Balance June 30, 2014
|
|
$
|
177.3
|
|
|
$
|
(16.6
|
)
|
|
$
|
(181.6
|
)
|
|
$
|
2.3
|
|
|
$
|
(18.6
|
)
|
(millions of dollars)
|
June 30,
2014
|
|
December 31, 2013
|
||||
Assets:
|
|
|
|
||||
Other non-current assets
|
$
|
112.4
|
|
|
$
|
96.7
|
|
Total insurance assets
|
$
|
112.4
|
|
|
$
|
96.7
|
|
Liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
46.8
|
|
|
$
|
41.1
|
|
Other non-current liabilities
|
65.6
|
|
|
55.6
|
|
||
Total accrued liabilities
|
$
|
112.4
|
|
|
$
|
96.7
|
|
|
|
Employee Related Accruals
|
|||||||||||
(millions of dollars)
|
|
Drivetrain
|
|
Engine
|
|
|
Total
|
||||||
Balance at December 31, 2013
|
|
$
|
8.4
|
|
|
$
|
2.8
|
|
|
|
$
|
11.2
|
|
Provision
|
|
32.1
|
|
|
0.7
|
|
|
|
32.8
|
|
|||
Cash payments
|
|
(1.2
|
)
|
|
(1.6
|
)
|
|
|
(2.8
|
)
|
|||
Translation adjustment
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|||
Balance at March 31, 2014
|
|
$
|
39.3
|
|
|
$
|
1.9
|
|
|
|
$
|
41.2
|
|
Provision
|
|
6.4
|
|
|
3.6
|
|
|
|
10.0
|
|
|||
Cash payments
|
|
(2.7
|
)
|
|
(3.9
|
)
|
|
|
(6.6
|
)
|
|||
Translation adjustment
|
|
(0.2
|
)
|
|
—
|
|
|
|
(0.2
|
)
|
|||
Balance at June 30, 2014
|
|
$
|
42.8
|
|
|
$
|
1.6
|
|
|
|
$
|
44.4
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(in millions, except per share amounts)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net earnings attributable to BorgWarner Inc.
|
$
|
190.2
|
|
|
$
|
174.1
|
|
|
$
|
349.3
|
|
|
$
|
316.1
|
|
Weighted average shares of common stock outstanding
|
227.678
|
|
|
229.496
|
|
|
227.554
|
|
|
229.934
|
|
||||
Basic earnings per share of common stock
|
$
|
0.84
|
|
|
0.76
|
|
|
$
|
1.54
|
|
|
$
|
1.37
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net earnings attributable to BorgWarner Inc.
|
$
|
190.2
|
|
|
$
|
174.1
|
|
|
$
|
349.3
|
|
|
$
|
316.1
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of common stock outstanding
|
227.678
|
|
|
229.496
|
|
|
227.554
|
|
|
229.934
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Effect of stock-based compensation
|
1.992
|
|
|
2.706
|
|
|
1.945
|
|
|
2.732
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of common stock outstanding including dilutive shares
|
229.670
|
|
|
232.202
|
|
|
229.499
|
|
|
232.666
|
|
||||
Diluted earnings per share of common stock
|
$
|
0.83
|
|
|
$
|
0.75
|
|
|
$
|
1.52
|
|
|
$
|
1.36
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(millions of dollars)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Engine
|
$
|
1,497.5
|
|
|
$
|
1,288.3
|
|
|
$
|
2,909.6
|
|
|
$
|
2,545.8
|
|
Drivetrain
|
708.7
|
|
|
613.5
|
|
|
1,389.4
|
|
|
1,214.9
|
|
||||
Inter-segment eliminations
|
(9.2
|
)
|
|
(7.9
|
)
|
|
(17.9
|
)
|
|
(15.7
|
)
|
||||
Net sales
|
$
|
2,197.0
|
|
|
$
|
1,893.9
|
|
|
$
|
4,281.1
|
|
|
$
|
3,745.0
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(millions of dollars)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Engine
|
$
|
241.7
|
|
|
$
|
220.3
|
|
|
$
|
473.4
|
|
|
$
|
422.6
|
|
Drivetrain
|
89.1
|
|
|
59.8
|
|
|
169.6
|
|
|
115.8
|
|
||||
Adjusted EBIT
|
330.8
|
|
|
280.1
|
|
|
643.0
|
|
|
538.4
|
|
||||
Restructuring expense
|
15.0
|
|
|
—
|
|
|
54.5
|
|
|
—
|
|
||||
Program termination agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
11.3
|
|
||||
Retirement related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
5.9
|
|
||||
Corporate, including equity in affiliates' earnings and stock-based compensation
|
23.0
|
|
|
25.6
|
|
|
53.7
|
|
|
58.5
|
|
||||
Interest income
|
(1.4
|
)
|
|
(1.0
|
)
|
|
(2.9
|
)
|
|
(2.0
|
)
|
||||
Interest expense and finance charges
|
9.0
|
|
|
8.8
|
|
|
17.2
|
|
|
18.5
|
|
||||
Earnings before income taxes and noncontrolling interest
|
285.2
|
|
|
246.7
|
|
|
520.5
|
|
|
446.2
|
|
||||
Provision for income taxes
|
85.3
|
|
|
66.6
|
|
|
153.4
|
|
|
117.5
|
|
||||
Net earnings
|
199.9
|
|
|
180.1
|
|
|
367.1
|
|
|
328.7
|
|
||||
Net earnings attributable to the noncontrolling interest, net of tax
|
9.7
|
|
|
6.0
|
|
|
17.8
|
|
|
12.6
|
|
||||
Net earnings attributable to BorgWarner Inc.
|
$
|
190.2
|
|
|
$
|
174.1
|
|
|
$
|
349.3
|
|
|
$
|
316.1
|
|
(millions of dollars)
|
June 30,
2014
|
|
December 31, 2013
|
||||
Engine
|
$
|
4,091.4
|
|
|
$
|
3,519.1
|
|
Drivetrain
|
1,828.6
|
|
|
1,786.6
|
|
||
Total
|
5,920.0
|
|
|
5,305.7
|
|
||
Corporate (a)
|
1,537.0
|
|
|
1,611.3
|
|
||
Total assets
|
$
|
7,457.0
|
|
|
$
|
6,917.0
|
|
(a)
|
Corporate assets include investments and advances and deferred income taxes.
|
(millions of dollars)
|
|
|
||
Receivables, net
|
|
$
|
55.2
|
|
Inventories, net
|
|
50.9
|
|
|
Property, plant and equipment, net
|
|
55.7
|
|
|
Goodwill
|
|
51.0
|
|
|
Other intangible assets
|
|
42.7
|
|
|
Other assets and liabilities
|
|
(31.4
|
)
|
|
Accounts payable and accrued expenses
|
|
(74.2
|
)
|
|
Total consideration, net of cash acquired
|
|
149.9
|
|
|
|
|
|
||
Less: Assumed retirement-related liabilities
|
|
3.2
|
|
|
Less: Assumed debt
|
|
40.3
|
|
|
Cash paid, net of cash acquired
|
|
$
|
106.4
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended
June 30, 2014 |
|
Three Months Ended
June 30, 2013
|
||||
Non-comparable items:
|
|
|
|
||||
Restructuring expense
|
$
|
(0.06
|
)
|
|
$
|
—
|
|
Total impact of non-comparable items per share — diluted
|
$
|
(0.06
|
)
|
|
$
|
—
|
|
|
Six Months Ended
June 30, 2014 |
|
Six Months Ended
June 30, 2013
|
||||
Non-comparable items:
|
|
|
|
||||
Restructuring expense
|
$
|
(0.19
|
)
|
|
$
|
—
|
|
Program termination agreement
|
—
|
|
|
(0.03
|
)
|
||
Retirement related obligations
|
—
|
|
|
(0.02
|
)
|
||
Tax adjustments
|
—
|
|
|
0.01
|
|
||
Total impact of non-comparable items per share — diluted
|
$
|
(0.19
|
)
|
|
$
|
(0.04
|
)
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(millions of dollars)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Engine
|
$
|
1,497.5
|
|
|
$
|
1,288.3
|
|
|
$
|
2,909.6
|
|
|
$
|
2,545.8
|
|
Drivetrain
|
708.7
|
|
|
613.5
|
|
|
1,389.4
|
|
|
1,214.9
|
|
||||
Inter-segment eliminations
|
(9.2
|
)
|
|
(7.9
|
)
|
|
(17.9
|
)
|
|
(15.7
|
)
|
||||
Net sales
|
$
|
2,197.0
|
|
|
$
|
1,893.9
|
|
|
$
|
4,281.1
|
|
|
$
|
3,745.0
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(millions of dollars)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
||||||||
Engine
|
$
|
241.7
|
|
|
$
|
220.3
|
|
|
$
|
473.4
|
|
|
$
|
422.6
|
|
Drivetrain
|
89.1
|
|
|
59.8
|
|
|
169.6
|
|
|
115.8
|
|
||||
Adjusted EBIT
|
330.8
|
|
|
280.1
|
|
|
643.0
|
|
|
538.4
|
|
||||
Restructuring expense
|
15.0
|
|
|
—
|
|
|
54.5
|
|
|
—
|
|
||||
Program termination agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
11.3
|
|
||||
Retirement related obligations
|
—
|
|
|
—
|
|
|
—
|
|
|
5.9
|
|
||||
Corporate, including equity in affiliates' earnings and stock-based compensation
|
23.0
|
|
|
25.6
|
|
|
53.7
|
|
|
58.5
|
|
||||
Interest income
|
(1.4
|
)
|
|
(1.0
|
)
|
|
(2.9
|
)
|
|
(2.0
|
)
|
||||
Interest expense and finance charges
|
9.0
|
|
|
8.8
|
|
|
17.2
|
|
|
18.5
|
|
||||
Earnings before income taxes and noncontrolling interest
|
285.2
|
|
|
246.7
|
|
|
520.5
|
|
|
446.2
|
|
||||
Provision for income taxes
|
85.3
|
|
|
66.6
|
|
|
153.4
|
|
|
117.5
|
|
||||
Net earnings
|
199.9
|
|
|
180.1
|
|
|
367.1
|
|
|
328.7
|
|
||||
Net earnings attributable to the noncontrolling interest, net of tax
|
9.7
|
|
|
6.0
|
|
|
17.8
|
|
|
12.6
|
|
||||
Net earnings attributable to BorgWarner Inc.
|
$
|
190.2
|
|
|
$
|
174.1
|
|
|
$
|
349.3
|
|
|
$
|
316.1
|
|
(millions of dollars)
|
June 30,
2014
|
|
December 31, 2013
|
||||
Assets:
|
|
|
|
||||
Other non-current assets
|
$
|
112.4
|
|
|
$
|
96.7
|
|
Total insurance assets
|
$
|
112.4
|
|
|
$
|
96.7
|
|
Liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
46.8
|
|
|
$
|
41.1
|
|
Other non-current liabilities
|
65.6
|
|
|
55.6
|
|
||
Total accrued liabilities
|
$
|
112.4
|
|
|
$
|
96.7
|
|
Item 1.
|
Legal Proceedings
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
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 April 30, 2014
|
|
|
|
|
|
|
|
|
|||||
Common Stock Repurchase Program
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
11,018,390
|
|
Employee transactions
|
|
17,619
|
|
|
$
|
61.34
|
|
|
—
|
|
|
|
|
Month Ended May 31, 2014
|
|
|
|
|
|
|
|
|
|||||
Common Stock Repurchase Program
|
|
297,600
|
|
|
$
|
59.66
|
|
|
297,600
|
|
|
10,720,790
|
|
Employee transactions
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
Month Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|||||
Common Stock Repurchase Program
|
|
113,793
|
|
|
$
|
63.63
|
|
|
113,793
|
|
|
10,606,997
|
|
Employee transactions
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
Item 6.
|
Exhibits
|
|
Exhibit 3.1/4.1
|
|
Restated Certificate of Incorporation of the Company, as amended.*
|
|
|
|
|
|
Exhibit 10.1
|
|
BorgWarner Inc. 2014 Stock Incentive Plan (incorporated by reference to Annex A to the Company’s Definitive Proxy Statement filed March 21, 2014).
|
|
|
|
|
|
Exhibit 10.2
|
|
Second Amended and Restated Credit Agreement dated as of June 30, 2014 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed June 30, 2014).
|
|
|
|
|
|
Exhibit 10.3
|
|
Form of 2014 BorgWarner Inc. Amended and Restated 2004 Stock Incentive Plan Stock Units Award Agreement Non-U.S. Employees.*
|
|
|
|
|
|
Exhibit 10.4
|
|
Form of 2014 BorgWarner Inc. Amended and Restated 2014 Stock Incentive Plan Restricted Stock Agreement Non-Employee Directors.*
|
|
|
|
|
|
Exhibit 10.5
|
|
Form of 2014 BorgWarner Inc. Amended and Restated 2014 Stock Incentive Plan Stock Units Award Agreement Non-US Directors.*
|
|
|
|
|
|
Exhibit 10.6
|
|
Form of 2014 BorgWarner Inc. Amended and Restated 2004 Stock Incentive Plan Performance Share Award Agreement.*
|
|
|
|
|
|
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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