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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 | |
---|---|---|---|---|---|---|---|---|
0.81 | 2.27% | 36.44 | 36.72 | 36.04 | 36.18 | 4,825,566 | 01:00:00 |
(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, 2017
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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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|
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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
|
þ
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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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Emerging growth company
|
o
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Page No.
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(in millions)
|
June 30,
2017
|
|
December 31,
2016 |
||||
ASSETS
|
|
|
|
||||
Cash
|
$
|
387.1
|
|
|
$
|
443.7
|
|
Receivables, net
|
1,939.3
|
|
|
1,689.3
|
|
||
Inventories, net
|
701.4
|
|
|
641.2
|
|
||
Prepayments and other current assets
|
165.4
|
|
|
137.4
|
|
||
Total current assets
|
3,193.2
|
|
|
2,911.6
|
|
||
|
|
|
|
|
|
||
Property, plant and equipment, net
|
2,663.8
|
|
|
2,501.8
|
|
||
Investments and other long-term receivables
|
528.6
|
|
|
502.2
|
|
||
Goodwill
|
1,734.7
|
|
|
1,702.2
|
|
||
Other intangible assets, net
|
453.8
|
|
|
463.5
|
|
||
Other non-current assets
|
714.4
|
|
|
753.4
|
|
||
Total assets
|
$
|
9,288.5
|
|
|
$
|
8,834.7
|
|
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|
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|
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||
LIABILITIES AND EQUITY
|
|
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|
|
||
Notes payable and other short-term debt
|
$
|
141.8
|
|
|
$
|
175.9
|
|
Accounts payable and accrued expenses
|
1,904.7
|
|
|
1,847.3
|
|
||
Income taxes payable
|
59.6
|
|
|
68.6
|
|
||
Total current liabilities
|
2,106.1
|
|
|
2,091.8
|
|
||
|
|
|
|
|
|
||
Long-term debt
|
2,077.9
|
|
|
2,043.6
|
|
||
|
|
|
|
||||
Other non-current liabilities:
|
|
|
|
||||
Asbestos-related liabilities
|
800.6
|
|
|
827.6
|
|
||
Retirement-related liabilities
|
290.8
|
|
|
294.1
|
|
||
Other
|
321.2
|
|
|
275.7
|
|
||
Total other non-current liabilities
|
1,412.6
|
|
|
1,397.4
|
|
||
|
|
|
|
||||
Commitments and contingencies
|
|
|
|
|
|||
|
|
|
|
|
|
||
Common stock
|
2.5
|
|
|
2.5
|
|
||
Capital in excess of par value
|
1,088.7
|
|
|
1,104.3
|
|
||
Retained earnings
|
4,557.3
|
|
|
4,215.2
|
|
||
Accumulated other comprehensive loss
|
(606.4
|
)
|
|
(722.1
|
)
|
||
Common stock held in treasury
|
(1,430.1
|
)
|
|
(1,381.6
|
)
|
||
Total BorgWarner Inc. stockholders’ equity
|
3,612.0
|
|
|
3,218.3
|
|
||
Noncontrolling interest
|
79.9
|
|
|
83.6
|
|
||
Total equity
|
3,691.9
|
|
|
3,301.9
|
|
||
Total liabilities and equity
|
$
|
9,288.5
|
|
|
$
|
8,834.7
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(in millions, except share and per share amounts)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net sales
|
$
|
2,389.7
|
|
|
$
|
2,329.2
|
|
|
$
|
4,796.7
|
|
|
$
|
4,597.8
|
|
Cost of sales
|
1,875.5
|
|
|
1,832.5
|
|
|
3,765.2
|
|
|
3,636.8
|
|
||||
Gross profit
|
514.2
|
|
|
496.7
|
|
|
1,031.5
|
|
|
961.0
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||
Selling, general and administrative expenses
|
215.0
|
|
|
202.3
|
|
|
433.8
|
|
|
390.7
|
|
||||
Other (income) expense, net
|
(0.3
|
)
|
|
25.0
|
|
|
5.5
|
|
|
36.7
|
|
||||
Operating income
|
299.5
|
|
|
269.4
|
|
|
592.2
|
|
|
533.6
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||
Equity in affiliates’ earnings, net of tax
|
(14.4
|
)
|
|
(10.1
|
)
|
|
(24.1
|
)
|
|
(19.2
|
)
|
||||
Interest income
|
(1.4
|
)
|
|
(1.5
|
)
|
|
(2.9
|
)
|
|
(3.1
|
)
|
||||
Interest expense and finance charges
|
18.0
|
|
|
21.4
|
|
|
36.0
|
|
|
42.7
|
|
||||
Earnings before income taxes and noncontrolling interest
|
297.3
|
|
|
259.6
|
|
|
583.2
|
|
|
513.2
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||
Provision for income taxes
|
76.2
|
|
|
84.2
|
|
|
162.5
|
|
|
164.6
|
|
||||
Net earnings
|
221.1
|
|
|
175.4
|
|
|
420.7
|
|
|
348.6
|
|
||||
Net earnings attributable to the noncontrolling interest, net of tax
|
9.1
|
|
|
11.0
|
|
|
19.5
|
|
|
20.1
|
|
||||
Net earnings attributable to BorgWarner Inc.
|
$
|
212.0
|
|
|
$
|
164.4
|
|
|
$
|
401.2
|
|
|
$
|
328.5
|
|
|
|
|
|
|
|
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||||||||
Earnings per share — basic
|
$
|
1.01
|
|
|
$
|
0.76
|
|
|
$
|
1.90
|
|
|
$
|
1.52
|
|
|
|
|
|
|
|
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|
||||||||
Earnings per share — diluted
|
$
|
1.00
|
|
|
$
|
0.76
|
|
|
$
|
1.89
|
|
|
$
|
1.51
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding (thousands):
|
|
|
|
|
|
|
|
||||||||
Basic
|
210,572
|
|
|
215,735
|
|
|
211,084
|
|
|
216,562
|
|
||||
Diluted
|
211,478
|
|
|
216,663
|
|
|
211,857
|
|
|
217,401
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Dividends declared per share
|
$
|
0.14
|
|
|
$
|
0.13
|
|
|
$
|
0.28
|
|
|
$
|
0.26
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net earnings attributable to BorgWarner Inc.
|
$
|
212.0
|
|
|
$
|
164.4
|
|
|
$
|
401.2
|
|
|
$
|
328.5
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
73.4
|
|
|
(54.5
|
)
|
|
122.4
|
|
|
13.9
|
|
||||
Hedge instruments*
|
(2.3
|
)
|
|
1.7
|
|
|
(3.5
|
)
|
|
3.4
|
|
||||
Defined benefit postretirement plans*
|
(4.5
|
)
|
|
0.6
|
|
|
(4.4
|
)
|
|
0.4
|
|
||||
Other*
|
1.2
|
|
|
(0.8
|
)
|
|
1.2
|
|
|
(1.3
|
)
|
||||
Total other comprehensive income (loss) attributable to BorgWarner Inc.
|
67.8
|
|
|
(53.0
|
)
|
|
115.7
|
|
|
16.4
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income attributable to BorgWarner Inc.
|
279.8
|
|
|
111.4
|
|
|
516.9
|
|
|
344.9
|
|
||||
Comprehensive (loss) income attributable to the noncontrolling interest
|
(0.6
|
)
|
|
(1.5
|
)
|
|
3.4
|
|
|
0.1
|
|
||||
Comprehensive income
|
$
|
279.2
|
|
|
$
|
109.9
|
|
|
$
|
520.3
|
|
|
$
|
345.0
|
|
*
|
Net of income taxes.
|
|
Six Months Ended
June 30,
|
||||||
(in millions)
|
2017
|
|
2016
|
||||
OPERATING
|
|
|
|
||||
Net earnings
|
$
|
420.7
|
|
|
$
|
348.6
|
|
Adjustments to reconcile net earnings to net cash flows from operations:
|
|
|
|
||||
Depreciation and amortization
|
197.1
|
|
|
193.4
|
|
||
Restructuring expense, net of cash paid
|
—
|
|
|
9.8
|
|
||
Stock-based compensation expense
|
24.3
|
|
|
20.3
|
|
||
Deferred income tax provision
|
38.8
|
|
|
23.5
|
|
||
Equity in affiliates’ earnings, net of dividends received, and other
|
(10.4
|
)
|
|
(24.3
|
)
|
||
Net earnings adjusted for non-cash charges to operations
|
670.5
|
|
|
571.3
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
||
Receivables
|
(174.0
|
)
|
|
(123.1
|
)
|
||
Inventories
|
(31.2
|
)
|
|
(14.1
|
)
|
||
Prepayments and other current assets
|
(13.4
|
)
|
|
(0.9
|
)
|
||
Accounts payable and accrued expenses
|
(0.7
|
)
|
|
(54.3
|
)
|
||
Income taxes payable
|
(20.2
|
)
|
|
(1.7
|
)
|
||
Other assets and liabilities
|
(31.8
|
)
|
|
(15.0
|
)
|
||
Net cash provided by operating activities
|
399.2
|
|
|
362.2
|
|
||
|
|
|
|
|
|
||
INVESTING
|
|
|
|
|
|
||
Capital expenditures, including tooling outlays
|
(254.2
|
)
|
|
(234.7
|
)
|
||
Proceeds from asset disposals and other
|
1.0
|
|
|
5.8
|
|
||
Payments for venture capital investment
|
(2.0
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(255.2
|
)
|
|
(228.9
|
)
|
||
|
|
|
|
|
|
||
FINANCING
|
|
|
|
|
|
||
Net (decrease) increase in notes payable
|
(32.0
|
)
|
|
65.2
|
|
||
Repayments of long-term debt, including current portion
|
(12.5
|
)
|
|
(9.3
|
)
|
||
Payments for debt issuance cost
|
(2.4
|
)
|
|
—
|
|
||
Payments for purchase of treasury stock
|
(84.7
|
)
|
|
(183.8
|
)
|
||
Payments for stock-based compensation items
|
(1.9
|
)
|
|
(3.3
|
)
|
||
Dividends paid to BorgWarner stockholders
|
(59.1
|
)
|
|
(56.2
|
)
|
||
Dividends paid to noncontrolling stockholders
|
(21.7
|
)
|
|
(23.5
|
)
|
||
Net cash used in financing activities
|
(214.3
|
)
|
|
(210.9
|
)
|
||
Effect of exchange rate changes on cash
|
13.7
|
|
|
(5.1
|
)
|
||
Net decrease in cash
|
(56.6
|
)
|
|
(82.7
|
)
|
||
Cash at beginning of year
|
443.7
|
|
|
577.7
|
|
||
Cash at end of period
|
$
|
387.1
|
|
|
$
|
495.0
|
|
|
|
|
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
|
|
|
|||
Cash paid during the period for:
|
|
|
|
|
|||
Interest
|
$
|
40.3
|
|
|
$
|
44.8
|
|
Income taxes, net of refunds
|
$
|
152.0
|
|
|
$
|
143.7
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Gross R&D expenditures
|
$
|
119.7
|
|
|
$
|
104.4
|
|
|
$
|
231.7
|
|
|
$
|
205.0
|
|
Customer reimbursements
|
(14.8
|
)
|
|
(19.4
|
)
|
|
(30.4
|
)
|
|
(34.7
|
)
|
||||
Net R&D expenditures
|
$
|
104.9
|
|
|
$
|
85.0
|
|
|
$
|
201.3
|
|
|
$
|
170.3
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Lease termination settlement
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5.3
|
|
|
$
|
—
|
|
Merger and acquisition expense
|
—
|
|
|
7.2
|
|
|
—
|
|
|
13.0
|
|
||||
Restructuring expense
|
—
|
|
|
19.2
|
|
|
—
|
|
|
25.6
|
|
||||
Other (income) expense
|
(0.3
|
)
|
|
(1.4
|
)
|
|
0.2
|
|
|
(1.9
|
)
|
||||
Other expense, net
|
$
|
(0.3
|
)
|
|
$
|
25.0
|
|
|
$
|
5.5
|
|
|
$
|
36.7
|
|
|
June 30,
|
|
December 31,
|
||||
(in millions)
|
2017
|
|
2016
|
||||
Raw material and supplies
|
$
|
424.8
|
|
|
$
|
378.6
|
|
Work in progress
|
120.1
|
|
|
102.9
|
|
||
Finished goods
|
171.0
|
|
|
174.9
|
|
||
FIFO inventories
|
715.9
|
|
|
656.4
|
|
||
LIFO reserve
|
(14.5
|
)
|
|
(15.2
|
)
|
||
Inventories, net
|
$
|
701.4
|
|
|
$
|
641.2
|
|
|
June 30,
|
|
December 31,
|
||||
(in millions)
|
2017
|
|
2016
|
||||
Land, land use rights and buildings
|
$
|
838.4
|
|
|
$
|
781.6
|
|
Machinery and equipment
|
2,562.8
|
|
|
2,371.2
|
|
||
Capital leases
|
3.4
|
|
|
3.9
|
|
||
Construction in progress
|
378.5
|
|
|
338.2
|
|
||
Total property, plant and equipment, gross
|
3,783.1
|
|
|
3,494.9
|
|
||
Less: accumulated depreciation
|
(1,293.1
|
)
|
|
(1,137.5
|
)
|
||
Property, plant and equipment, net, excluding tooling
|
2,490.0
|
|
|
2,357.4
|
|
||
Tooling, net of amortization
|
173.8
|
|
|
144.4
|
|
||
Property, plant and equipment, net
|
$
|
2,663.8
|
|
|
$
|
2,501.8
|
|
(in millions)
|
2017
|
|
2016
|
||||
Beginning balance, January 1
|
$
|
95.3
|
|
|
$
|
107.9
|
|
Provisions
|
43.9
|
|
|
34.7
|
|
||
Acquisitions
|
—
|
|
|
3.9
|
|
||
Payments
|
(32.2
|
)
|
|
(30.8
|
)
|
||
Translation adjustment
|
3.9
|
|
|
1.2
|
|
||
Ending balance, June 30
|
$
|
110.9
|
|
|
$
|
116.9
|
|
|
June 30,
|
|
December 31,
|
||||
(in millions)
|
2017
|
|
2016
|
||||
Accounts payable and accrued expenses
|
$
|
67.1
|
|
|
$
|
63.9
|
|
Other non-current liabilities
|
43.8
|
|
|
31.4
|
|
||
Total product warranty liability
|
$
|
110.9
|
|
|
$
|
95.3
|
|
|
June 30,
|
|
December 31,
|
||||
(in millions)
|
2017
|
|
2016
|
||||
Short-term debt
|
|
|
|
|
|
||
Short-term borrowings
|
$
|
125.0
|
|
|
$
|
156.5
|
|
|
|
|
|
|
|
||
Long-term debt
|
|
|
|
|
|
||
8.00% Senior notes due 10/01/19 ($134 million par value)
|
138.2
|
|
|
139.1
|
|
||
4.625% Senior notes due 09/15/20 ($250 million par value)
|
251.7
|
|
|
251.9
|
|
||
1.80% Senior notes due 11/7/22 (€500 million par value)
|
566.4
|
|
|
520.7
|
|
||
3.375% Senior notes due 03/15/25 ($500 million par value)
|
495.8
|
|
|
495.6
|
|
||
7.125% Senior notes due 02/15/29 ($121 million par value)
|
118.9
|
|
|
118.8
|
|
||
4.375% Senior notes due 03/15/45 ($500 million par value)
|
493.4
|
|
|
493.3
|
|
||
Term loan facilities and other
|
30.3
|
|
|
43.6
|
|
||
Total long-term debt
|
2,094.7
|
|
|
2,063.0
|
|
||
Less: current portion
|
16.8
|
|
|
19.4
|
|
||
Long-term debt, net of current portion
|
$
|
2,077.9
|
|
|
$
|
2,043.6
|
|
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
|
|
|
||||||||||||
(in millions)
|
Balance at
June 30, 2017
|
|
Quoted prices in active markets for identical items
(Level 1)
|
|
Significant other observable inputs
(Level 2)
|
|
Significant unobservable inputs
(Level 3)
|
|
Valuation technique
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
A
|
Foreign currency contracts
|
$
|
4.6
|
|
|
$
|
—
|
|
|
$
|
4.6
|
|
|
$
|
—
|
|
|
A
|
Other long-term receivables (insurance settlement agreement note receivable)
|
$
|
72.7
|
|
|
$
|
—
|
|
|
$
|
72.7
|
|
|
$
|
—
|
|
|
C
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
$
|
8.6
|
|
|
$
|
—
|
|
|
$
|
8.6
|
|
|
$
|
—
|
|
|
A
|
|
|
|
Basis of fair value measurements
|
|
|
||||||||||||
(in millions)
|
Balance at
December 31, 2016
|
|
Quoted prices in active markets for identical items
(Level 1)
|
|
Significant other observable inputs
(Level 2)
|
|
Significant unobservable inputs
(Level 3)
|
|
Valuation
technique
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
A
|
Foreign currency contracts
|
$
|
7.2
|
|
|
$
|
—
|
|
|
$
|
7.2
|
|
|
$
|
—
|
|
|
A
|
Other long-term receivables (insurance settlement agreement note receivable)
|
$
|
71.5
|
|
|
$
|
—
|
|
|
$
|
71.5
|
|
|
$
|
—
|
|
|
C
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
$
|
1.1
|
|
|
$
|
—
|
|
|
$
|
1.1
|
|
|
$
|
—
|
|
|
A
|
|
Commodity derivative contracts
|
||||||||
Commodity
|
Volume hedged June 30, 2017
|
|
Volume hedged December 31, 2016
|
|
Units of measure
|
|
Duration
|
||
Copper
|
100.0
|
|
|
213.8
|
|
|
Metric Tons
|
|
Dec -17
|
|
|
Assets
|
|
Liabilities
|
||||||||||||||||
(in millions)
|
|
Location
|
|
June 30,
2017
|
|
December 31, 2016
|
|
Location
|
|
June 30,
2017
|
|
December 31, 2016
|
||||||||
Foreign currency
|
|
Prepayments and other current assets
|
|
$
|
4.6
|
|
|
$
|
7.2
|
|
|
Accounts payable and accrued expenses
|
|
$
|
8.6
|
|
|
$
|
1.1
|
|
Commodity
|
|
Prepayments and other current assets
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
Accounts payable and accrued expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
(in millions)
|
|
Deferred gain (loss) in AOCI at
|
|
Gain (loss) expected to be reclassified to income in one year or less
|
||||||||
Contract Type
|
|
June 30, 2017
|
|
December 31, 2016
|
|
|||||||
Foreign currency
|
|
$
|
1.4
|
|
|
$
|
5.6
|
|
|
$
|
1.4
|
|
Commodity
|
|
0.1
|
|
|
(0.1
|
)
|
|
0.1
|
|
|||
Net investment hedges
|
|
(22.2
|
)
|
|
29.5
|
|
|
—
|
|
|||
Total
|
|
$
|
(20.7
|
)
|
|
$
|
35.0
|
|
|
$
|
1.5
|
|
|
|
|
|
Gain (loss) reclassified
from AOCI to income
(effective portion)
|
|
|
|
Gain (loss)
recognized in income
(ineffective portion)
|
||||||||||||
(in millions)
|
|
|
|
Three Months Ended
|
|
|
|
Three Months Ended
|
||||||||||||
Contract Type
|
|
Location
|
|
June 30,
2017
|
|
June 30,
2016
|
|
Location
|
|
June 30,
2017
|
|
June 30,
2016
|
||||||||
Foreign currency
|
|
Sales
|
|
$
|
0.9
|
|
|
$
|
0.2
|
|
|
SG&A expense
|
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
Foreign currency
|
|
Cost of goods sold
|
|
$
|
0.5
|
|
|
$
|
0.3
|
|
|
SG&A expense
|
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
Commodity
|
|
Cost of goods sold
|
|
$
|
0.1
|
|
|
$
|
(1.0
|
)
|
|
Cost of goods sold
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
Gain (loss) reclassified
from AOCI to income
(effective portion)
|
|
|
|
Gain (loss)
recognized in income
(ineffective portion)
|
||||||||||||
(in millions)
|
|
|
|
Six Months Ended
|
|
|
|
Six Months Ended
|
||||||||||||
Contract Type
|
|
Location
|
|
June 30,
2017
|
|
June 30,
2016
|
|
Location
|
|
June 30,
2017
|
|
June 30,
2016
|
||||||||
Foreign currency
|
|
Sales
|
|
$
|
2.0
|
|
|
$
|
0.2
|
|
|
SG&A expense
|
|
$
|
—
|
|
|
$
|
—
|
|
Foreign currency
|
|
Cost of goods sold
|
|
$
|
1.3
|
|
|
$
|
(0.2
|
)
|
|
SG&A expense
|
|
$
|
—
|
|
|
$
|
0.1
|
|
Commodity
|
|
Cost of goods sold
|
|
$
|
0.3
|
|
|
$
|
(1.1
|
)
|
|
Cost of goods sold
|
|
$
|
—
|
|
|
$
|
—
|
|
(in millions)
|
|
|
|
Three Months Ended
June 30, 2017
|
|
Three Months Ended
June 30, 2016
|
||||||||||||
Contract Type
|
|
Location
|
|
Gain (loss) on swaps
|
|
Gain (loss) on borrowings
|
|
Gain (loss) on swaps
|
|
Gain (loss) on borrowings
|
||||||||
Interest rate swap
|
|
Interest expense and finance charges
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2.6
|
|
|
$
|
(2.6
|
)
|
(in millions)
|
|
|
|
Six Months Ended
June 30, 2017
|
|
Six Months Ended
June 30, 2016
|
||||||||||||
Contract Type
|
|
Location
|
|
Gain (loss) on swaps
|
|
Gain (loss) on borrowings
|
|
Gain (loss) on swaps
|
|
Gain (loss) on borrowings
|
||||||||
Interest rate swap
|
|
Interest expense and finance charges
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11.3
|
|
|
$
|
(11.3
|
)
|
|
|
|
|
Gain (loss) recognized in income
|
|
Gain (loss) recognized in income
|
||||||||||||
(in millions)
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
Contract Type
|
|
Location
|
|
June 30, 2017
|
|
June 30, 2016
|
|
June 30, 2017
|
|
June 30, 2016
|
||||||||
Foreign currency
|
|
SG&A expense
|
|
$
|
1.1
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
|
Pension benefits
|
|
Other postretirement
employee benefits
|
||||||||||||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
|||||||||||||||||||
Three Months Ended June 30,
|
|
US
|
|
Non-US
|
|
US
|
|
Non-US
|
|
2017
|
|
2016
|
||||||||||||
Service cost
|
|
$
|
—
|
|
|
$
|
4.5
|
|
|
$
|
—
|
|
|
$
|
4.2
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
Interest cost
|
|
2.2
|
|
|
2.6
|
|
|
2.4
|
|
|
3.3
|
|
|
0.8
|
|
|
0.9
|
|
||||||
Expected return on plan assets
|
|
(3.2
|
)
|
|
(5.8
|
)
|
|
(3.8
|
)
|
|
(6.3
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization of unrecognized prior service credit
|
|
(0.2
|
)
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
(1.0
|
)
|
|
(1.2
|
)
|
||||||
Amortization of unrecognized loss
|
|
1.0
|
|
|
1.9
|
|
|
1.3
|
|
|
1.5
|
|
|
0.3
|
|
|
0.6
|
|
||||||
Net periodic benefit (income) cost
|
|
$
|
(0.2
|
)
|
|
$
|
3.2
|
|
|
$
|
(0.3
|
)
|
|
$
|
2.7
|
|
|
$
|
0.2
|
|
|
$
|
0.3
|
|
|
|
Pension benefits
|
|
Other postretirement
employee benefits
|
||||||||||||||||||||
(in millions)
|
|
2017
|
|
2016
|
|
|||||||||||||||||||
Six Months Ended June 30,
|
|
US
|
|
Non-US
|
|
US
|
|
Non-US
|
|
2017
|
|
2016
|
||||||||||||
Service cost
|
|
$
|
—
|
|
|
$
|
8.8
|
|
|
$
|
—
|
|
|
$
|
8.2
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Interest cost
|
|
4.4
|
|
|
5.2
|
|
|
4.8
|
|
|
6.5
|
|
|
1.6
|
|
|
1.9
|
|
||||||
Expected return on plan assets
|
|
(6.5
|
)
|
|
(11.4
|
)
|
|
(7.5
|
)
|
|
(12.6
|
)
|
|
—
|
|
|
—
|
|
||||||
Amortization of unrecognized prior service credit
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(2.0
|
)
|
|
(2.4
|
)
|
||||||
Amortization of unrecognized loss
|
|
2.1
|
|
|
3.8
|
|
|
2.5
|
|
|
3.1
|
|
|
0.6
|
|
|
1.1
|
|
||||||
Net periodic benefit (income) cost
|
|
$
|
(0.4
|
)
|
|
$
|
6.4
|
|
|
$
|
(0.6
|
)
|
|
$
|
5.2
|
|
|
$
|
0.3
|
|
|
$
|
0.7
|
|
|
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, 2016
|
473
|
|
|
$
|
17.47
|
|
|
0.1
|
|
$
|
10.4
|
|
Exercised
|
(473
|
)
|
|
$
|
17.47
|
|
|
|
|
|
||
Outstanding and exercisable at June 30, 2017
|
—
|
|
|
|
|
|
|
|
|
|
|
Shares subject to restriction
(thousands)
|
|
Weighted average price
|
|||
Nonvested at December 31, 2016
|
1,429
|
|
|
$
|
44.12
|
|
Granted
|
777
|
|
|
$
|
40.07
|
|
Vested
|
(453
|
)
|
|
$
|
57.35
|
|
Forfeited
|
(28
|
)
|
|
$
|
41.87
|
|
Nonvested at March 31, 2017
|
1,725
|
|
|
$
|
39.27
|
|
Granted
|
27
|
|
|
$
|
41.13
|
|
Vested
|
(61
|
)
|
|
$
|
51.71
|
|
Forfeited
|
(28
|
)
|
|
$
|
38.06
|
|
Nonvested at June 30, 2017
|
1,663
|
|
|
$
|
38.86
|
|
(in millions)
|
|
Foreign currency translation adjustments
|
|
Hedge instruments
|
|
Defined benefit postretirement plans
|
|
Other
|
|
Total
|
||||||||||
Beginning balance, March 31, 2017
|
|
$
|
(481.3
|
)
|
|
$
|
3.8
|
|
|
$
|
(198.0
|
)
|
|
$
|
1.3
|
|
|
$
|
(674.2
|
)
|
Comprehensive income (loss) before reclassifications
|
|
73.4
|
|
|
(1.4
|
)
|
|
(8.7
|
)
|
|
1.2
|
|
|
64.5
|
|
|||||
Income taxes associated with comprehensive income (loss) before reclassifications
|
|
—
|
|
|
(0.3
|
)
|
|
2.7
|
|
|
—
|
|
|
2.4
|
|
|||||
Reclassification from accumulated other comprehensive loss
|
|
—
|
|
|
(1.5
|
)
|
|
2.0
|
|
|
—
|
|
|
0.5
|
|
|||||
Income taxes reclassified into net earnings
|
|
—
|
|
|
0.9
|
|
|
(0.5
|
)
|
|
—
|
|
|
0.4
|
|
|||||
Ending balance, June 30, 2017
|
|
$
|
(407.9
|
)
|
|
$
|
1.5
|
|
|
$
|
(202.5
|
)
|
|
$
|
2.5
|
|
|
$
|
(606.4
|
)
|
(in millions)
|
|
Foreign currency translation adjustments
|
|
Hedge instruments
|
|
Defined benefit postretirement plans
|
|
Other
|
|
Total
|
||||||||||
Beginning balance, March 31, 2016
|
|
$
|
(352.8
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(190.1
|
)
|
|
$
|
2.4
|
|
|
$
|
(540.8
|
)
|
Comprehensive income (loss) before reclassifications
|
|
(54.5
|
)
|
|
0.4
|
|
|
0.1
|
|
|
(0.8
|
)
|
|
(54.8
|
)
|
|||||
Income taxes associated with comprehensive income (loss) before reclassifications
|
|
—
|
|
|
0.8
|
|
|
(1.1
|
)
|
|
—
|
|
|
(0.3
|
)
|
|||||
Reclassification from accumulated other comprehensive loss
|
|
—
|
|
|
0.5
|
|
|
2.0
|
|
|
—
|
|
|
2.5
|
|
|||||
Income taxes reclassified into net earnings
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
|||||
Ending balance, June 30, 2016
|
|
$
|
(407.3
|
)
|
|
$
|
1.4
|
|
|
$
|
(189.5
|
)
|
|
$
|
1.6
|
|
|
$
|
(593.8
|
)
|
(in millions)
|
|
Foreign currency translation adjustments
|
|
Hedge instruments
|
|
Defined benefit postretirement plans
|
|
Other
|
|
Total
|
||||||||||
Beginning balance, December 31, 2016
|
|
$
|
(530.3
|
)
|
|
$
|
5.0
|
|
|
$
|
(198.1
|
)
|
|
$
|
1.3
|
|
|
$
|
(722.1
|
)
|
Comprehensive income (loss) before reclassifications
|
|
122.4
|
|
|
(0.9
|
)
|
|
(11.0
|
)
|
|
1.2
|
|
|
111.7
|
|
|||||
Income taxes associated with comprehensive income (loss) before reclassifications
|
|
—
|
|
|
(0.5
|
)
|
|
3.7
|
|
|
—
|
|
|
3.2
|
|
|||||
Reclassification from accumulated other comprehensive loss
|
|
—
|
|
|
(3.6
|
)
|
|
4.1
|
|
|
—
|
|
|
0.5
|
|
|||||
Income taxes reclassified into net earnings
|
|
—
|
|
|
1.5
|
|
|
(1.2
|
)
|
|
—
|
|
|
0.3
|
|
|||||
Ending balance, June 30, 2017
|
|
$
|
(407.9
|
)
|
|
$
|
1.5
|
|
|
$
|
(202.5
|
)
|
|
$
|
2.5
|
|
|
$
|
(606.4
|
)
|
(in millions)
|
|
Foreign currency translation adjustments
|
|
Hedge instruments
|
|
Defined benefit postretirement plans
|
|
Other
|
|
Total
|
||||||||||
Beginning balance, December 31, 2015
|
|
$
|
(421.2
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
(189.9
|
)
|
|
$
|
2.9
|
|
|
$
|
(610.2
|
)
|
Comprehensive income (loss) before reclassifications
|
|
13.9
|
|
|
1.9
|
|
|
(2.0
|
)
|
|
(1.3
|
)
|
|
12.5
|
|
|||||
Income taxes associated with comprehensive income (loss) before reclassifications
|
|
—
|
|
|
0.4
|
|
|
(0.2
|
)
|
|
—
|
|
|
0.2
|
|
|||||
Reclassification from accumulated other comprehensive loss
|
|
—
|
|
|
1.1
|
|
|
3.9
|
|
|
—
|
|
|
5.0
|
|
|||||
Income taxes reclassified into net earnings
|
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
|
—
|
|
|
(1.3
|
)
|
|||||
Ending balance, June 30, 2016
|
|
$
|
(407.3
|
)
|
|
$
|
1.4
|
|
|
$
|
(189.5
|
)
|
|
$
|
1.6
|
|
|
$
|
(593.8
|
)
|
|
|
|
|
||
|
2017
|
|
2016
|
||
Beginning Claims January 1
|
9,385
|
|
|
10,061
|
|
New Claims Received
|
1,116
|
|
|
1,041
|
|
Dismissed Claims
|
(965
|
)
|
|
(1,623
|
)
|
Settled Claims
|
(244
|
)
|
|
(195
|
)
|
Ending Claims June 30
|
9,292
|
|
|
9,284
|
|
|
June 30,
|
|
December 31,
|
||||
(in millions)
|
2017
|
|
2016
|
||||
Assets:
|
|
|
|
||||
Non-current assets
|
$
|
386.4
|
|
|
$
|
386.4
|
|
Total insurance assets
|
$
|
386.4
|
|
|
$
|
386.4
|
|
Liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
52.1
|
|
|
$
|
51.7
|
|
Other non-current liabilities
|
800.6
|
|
|
827.6
|
|
||
Total accrued liabilities
|
$
|
852.7
|
|
|
$
|
879.3
|
|
|
|
Severance Accruals
|
||||||||||
(in millions)
|
|
Drivetrain
|
|
Engine
|
|
Total
|
||||||
Balance at December 31, 2016
|
|
$
|
3.7
|
|
|
$
|
2.7
|
|
|
$
|
6.4
|
|
Cash payments
|
|
(1.6
|
)
|
|
(2.1
|
)
|
|
(3.7
|
)
|
|||
Translation adjustment
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
|||
Balance at March 31, 2017
|
|
$
|
2.1
|
|
|
$
|
0.7
|
|
|
$
|
2.8
|
|
Cash payments
|
|
(0.2
|
)
|
|
(0.4
|
)
|
|
(0.6
|
)
|
|||
Translation adjustment
|
|
0.1
|
|
|
—
|
|
|
0.1
|
|
|||
Balance at June 30, 2017
|
|
$
|
2.0
|
|
|
$
|
0.3
|
|
|
$
|
2.3
|
|
|
|
Severance Accruals
|
||||||||||
(in millions)
|
|
Drivetrain
|
|
Engine
|
|
Total
|
||||||
Balance at December 31, 2015
|
|
$
|
25.3
|
|
|
$
|
4.1
|
|
|
$
|
29.4
|
|
Provision
|
|
2.3
|
|
|
1.0
|
|
|
3.3
|
|
|||
Cash payments
|
|
(17.3
|
)
|
|
(2.3
|
)
|
|
(19.6
|
)
|
|||
Translation adjustment
|
|
0.7
|
|
|
0.2
|
|
|
0.9
|
|
|||
Balance at March 31, 2016
|
|
$
|
11.0
|
|
|
$
|
3.0
|
|
|
$
|
14.0
|
|
Provision
|
|
2.4
|
|
|
4.6
|
|
|
7.0
|
|
|||
Cash payments
|
|
(5.3
|
)
|
|
(2.2
|
)
|
|
(7.5
|
)
|
|||
Translation adjustment
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|
(0.3
|
)
|
|||
Balance at June 30, 2016
|
|
$
|
7.9
|
|
|
$
|
5.3
|
|
|
$
|
13.2
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(in millions, except per share amounts)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net earnings attributable to BorgWarner Inc.
|
$
|
212.0
|
|
|
$
|
164.4
|
|
|
$
|
401.2
|
|
|
$
|
328.5
|
|
Weighted average shares of common stock outstanding
|
210.572
|
|
|
215.735
|
|
|
211.084
|
|
|
216.562
|
|
||||
Basic earnings per share of common stock
|
$
|
1.01
|
|
|
$
|
0.76
|
|
|
$
|
1.90
|
|
|
$
|
1.52
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net earnings attributable to BorgWarner Inc.
|
$
|
212.0
|
|
|
$
|
164.4
|
|
|
$
|
401.2
|
|
|
$
|
328.5
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares of common stock outstanding
|
210.572
|
|
|
215.735
|
|
|
211.084
|
|
|
216.562
|
|
||||
Effect of stock-based compensation
|
0.906
|
|
|
0.928
|
|
|
0.773
|
|
|
0.839
|
|
||||
Weighted average shares of common stock outstanding including dilutive shares
|
211.478
|
|
|
216.663
|
|
|
211.857
|
|
|
217.401
|
|
||||
Diluted earnings per share of common stock
|
$
|
1.00
|
|
|
$
|
0.76
|
|
|
$
|
1.89
|
|
|
$
|
1.51
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Engine
|
$
|
1,481.8
|
|
|
$
|
1,444.2
|
|
|
$
|
2,977.2
|
|
|
$
|
2,843.4
|
|
Drivetrain
|
921.0
|
|
|
895.4
|
|
|
1,845.9
|
|
|
1,774.6
|
|
||||
Inter-segment eliminations
|
(13.1
|
)
|
|
(10.4
|
)
|
|
(26.4
|
)
|
|
(20.2
|
)
|
||||
Net sales
|
$
|
2,389.7
|
|
|
$
|
2,329.2
|
|
|
$
|
4,796.7
|
|
|
$
|
4,597.8
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Engine
|
$
|
244.3
|
|
|
$
|
238.1
|
|
|
$
|
491.3
|
|
|
$
|
474.8
|
|
Drivetrain
|
109.6
|
|
|
95.3
|
|
|
214.4
|
|
|
181.6
|
|
||||
Adjusted EBIT
|
353.9
|
|
|
333.4
|
|
|
705.7
|
|
|
656.4
|
|
||||
Lease termination settlement
|
—
|
|
|
—
|
|
|
5.3
|
|
|
—
|
|
||||
Merger and acquisition expense
|
—
|
|
|
7.2
|
|
|
—
|
|
|
13.0
|
|
||||
Restructuring expense
|
—
|
|
|
19.2
|
|
|
—
|
|
|
25.6
|
|
||||
Contract expiration gain
|
—
|
|
|
(7.5
|
)
|
|
—
|
|
|
(7.5
|
)
|
||||
Corporate, including equity in affiliates' earnings and stock-based compensation
|
40.0
|
|
|
35.0
|
|
|
84.1
|
|
|
72.5
|
|
||||
Interest income
|
(1.4
|
)
|
|
(1.5
|
)
|
|
(2.9
|
)
|
|
(3.1
|
)
|
||||
Interest expense and finance charges
|
18.0
|
|
|
21.4
|
|
|
36.0
|
|
|
42.7
|
|
||||
Earnings before income taxes and noncontrolling interest
|
297.3
|
|
|
259.6
|
|
|
583.2
|
|
|
513.2
|
|
||||
Provision for income taxes
|
76.2
|
|
|
84.2
|
|
|
162.5
|
|
|
164.6
|
|
||||
Net earnings
|
221.1
|
|
|
175.4
|
|
|
420.7
|
|
|
348.6
|
|
||||
Net earnings attributable to the noncontrolling interest, net of tax
|
9.1
|
|
|
11.0
|
|
|
19.5
|
|
|
20.1
|
|
||||
Net earnings attributable to BorgWarner Inc.
|
$
|
212.0
|
|
|
$
|
164.4
|
|
|
$
|
401.2
|
|
|
$
|
328.5
|
|
|
June 30,
|
|
December 31,
|
||||
(in millions)
|
2017
|
|
2016
|
||||
Engine
|
$
|
4,429.6
|
|
|
$
|
4,134.6
|
|
Drivetrain
|
3,408.6
|
|
|
3,212.4
|
|
||
Total
|
7,838.2
|
|
|
7,347.0
|
|
||
Corporate *
|
1,450.3
|
|
|
1,487.7
|
|
||
Total assets
|
$
|
9,288.5
|
|
|
$
|
8,834.7
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended
June 30, |
||||||
|
2017
|
|
2016
|
||||
Non-comparable items:
|
|
|
|
||||
Merger and acquisition expense
|
—
|
|
|
(0.03
|
)
|
||
Restructuring expense
|
—
|
|
|
(0.07
|
)
|
||
Contract expiration gain
|
—
|
|
|
0.02
|
|
||
Tax adjustments
|
0.05
|
|
|
—
|
|
||
Total impact of non-comparable items per share — diluted
|
$
|
0.05
|
|
|
$
|
(0.08
|
)
|
|
Six Months Ended
June 30, |
||||||
|
2017
|
|
2016
|
||||
Non-comparable items:
|
|
|
|
||||
Merger and acquisition expense
|
—
|
|
|
(0.06
|
)
|
||
Restructuring expense
|
—
|
|
|
(0.09
|
)
|
||
Contract expiration gain
|
—
|
|
|
0.02
|
|
||
Tax adjustments
|
0.03
|
|
|
0.01
|
|
||
Total impact of non-comparable items per share — diluted
|
$
|
0.03
|
|
|
$
|
(0.12
|
)
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Engine
|
$
|
1,481.8
|
|
|
$
|
1,444.2
|
|
|
$
|
2,977.2
|
|
|
$
|
2,843.4
|
|
Drivetrain
|
921.0
|
|
|
895.4
|
|
|
1,845.9
|
|
|
1,774.6
|
|
||||
Inter-segment eliminations
|
(13.1
|
)
|
|
(10.4
|
)
|
|
(26.4
|
)
|
|
(20.2
|
)
|
||||
Net sales
|
$
|
2,389.7
|
|
|
$
|
2,329.2
|
|
|
$
|
4,796.7
|
|
|
$
|
4,597.8
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
||||||||||||
(in millions)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Engine
|
$
|
244.3
|
|
|
$
|
238.1
|
|
|
$
|
491.3
|
|
|
$
|
474.8
|
|
Drivetrain
|
109.6
|
|
|
95.3
|
|
|
214.4
|
|
|
181.6
|
|
||||
Adjusted EBIT
|
353.9
|
|
|
333.4
|
|
|
705.7
|
|
|
656.4
|
|
||||
Lease termination settlement
|
—
|
|
|
—
|
|
|
5.3
|
|
|
—
|
|
||||
Merger and acquisition expense
|
—
|
|
|
7.2
|
|
|
—
|
|
|
13.0
|
|
||||
Restructuring expense
|
—
|
|
|
19.2
|
|
|
—
|
|
|
25.6
|
|
||||
Contract expiration gain
|
—
|
|
|
(7.5
|
)
|
|
—
|
|
|
(7.5
|
)
|
||||
Corporate, including equity in affiliates' earnings and stock-based compensation
|
40.0
|
|
|
35.0
|
|
|
84.1
|
|
|
72.5
|
|
||||
Interest income
|
(1.4
|
)
|
|
(1.5
|
)
|
|
(2.9
|
)
|
|
(3.1
|
)
|
||||
Interest expense and finance charges
|
18.0
|
|
|
21.4
|
|
|
36.0
|
|
|
42.7
|
|
||||
Earnings before income taxes and noncontrolling interest
|
297.3
|
|
|
259.6
|
|
|
583.2
|
|
|
513.2
|
|
||||
Provision for income taxes
|
76.2
|
|
|
84.2
|
|
|
162.5
|
|
|
164.6
|
|
||||
Net earnings
|
221.1
|
|
|
175.4
|
|
|
420.7
|
|
|
348.6
|
|
||||
Net earnings attributable to the noncontrolling interest, net of tax
|
9.1
|
|
|
11.0
|
|
|
19.5
|
|
|
20.1
|
|
||||
Net earnings attributable to BorgWarner Inc.
|
$
|
212.0
|
|
|
$
|
164.4
|
|
|
$
|
401.2
|
|
|
$
|
328.5
|
|
Item 1.
|
Legal Proceedings
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Issuer Purchases of Equity Securities
|
|||||||||||||
Period
|
|
Total number of shares purchased
|
|
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 under the plans or programs
|
|||||
Month Ended April 30, 2017
|
|
|
|
|
|
|
|
|
|||||
Common Stock Repurchase Program
|
|
642,481
|
|
|
$
|
39.23
|
|
|
642,481
|
|
|
10,807,617
|
|
Employee transactions
|
|
14,673
|
|
|
$
|
42.10
|
|
|
—
|
|
|
|
|
Month Ended May 31, 2017
|
|
|
|
|
|
|
|
|
|||||
Common Stock Repurchase Program
|
|
340,134
|
|
|
$
|
41.27
|
|
|
340,134
|
|
|
10,467,483
|
|
Month Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|||||
Common Stock Repurchase Program
|
|
311,565
|
|
|
$
|
42.36
|
|
|
311,565
|
|
|
10,155,918
|
|
Item 6.
|
Exhibits
|
|
|
|
|
|
Exhibit 3.1
|
|
|
|
|
|
|
|
Exhibit 10.1
|
|
|
|
|
|
|
|
Exhibit 10.2
|
|
|
|
|
|
|
|
Exhibit 10.3
|
|
|
|
|
|
|
|
Exhibit 31.1
|
|
|
|
|
|
|
|
Exhibit 31.2
|
|
|
|
|
|
|
|
Exhibit 32.1
|
|
|
|
|
|
|
|
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/ Anthony D. Hensel
|
|
|
|
|
(Signature)
|
|
|
|
|
|
|
|
|
|
Anthony D. Hensel
|
|
|
|
|
|
|
|
|
|
Vice President and Controller
|
|
|
|
|
(Principal Accounting Officer)
|
|
|
|
|
|
|
1 Year BorgWarner Chart |
1 Month BorgWarner Chart |
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