AUBURN HILLS, Mich.,
Feb. 14, 2012 /PRNewswire/ --
BorgWarner Inc. (NYSE: BWA) today reported fourth quarter 2011 U.S.
GAAP earnings of $1.00 per diluted
share compared with U.S. GAAP earnings of $0.89 per diluted share in fourth quarter 2010.
Net sales were up 16% from fourth quarter 2010, while global
vehicle production was up approximately 1%.
Fourth Quarter Highlights:
- Net sales of $1,774 million, up
16% from fourth quarter 2010.
- U.S. GAAP earnings of $1.00 per
diluted share. For comparison with other periods, fourth quarter
2011 earnings were $1.19 per diluted
share, excluding non-recurring items, up 34% from fourth quarter
2010.
- Operating income of $191 million,
or 10.8% of net sales. Excluding non-recurring items, operating
income was 12.0% of net sales.
Full Year Highlights:
- Record net sales of $7,115
million, up 26% from 2010.
- U.S. GAAP earnings of $4.45 per
diluted share. For comparison with other periods, 2011 earnings
were $4.45 per diluted share,
excluding net non-recurring items, up 47% from 2010 comparable
results.
- Operating income was $798
million, or 11.2% of net sales. Excluding non-recurring
items, operating income was 11.1% of net sales.
Comment and Outlook: "The fourth quarter was a strong
finish to an exceptional year for our company," said Timothy Manganello, Chairman and CEO of
BorgWarner. "Our sales were up 16% in the fourth quarter of
2011 compared with fourth quarter 2010. Excluding the impact of
currency and sales related to the acquisition of the Traction
Systems division of Haldex, which closed in first quarter 2011, our
sales were up 12%. Global vehicle production was up 1% during the
same period. New business growth drove our fourth quarter results
as it did throughout the year. Adoption rates of our leading-edge
powertrain technology continued to outpace vehicle production in
every major region of the world. The continued focus on execution
at our operations resulted in a very strong operating income margin
of 12.0% in the fourth quarter, excluding non-recurring items. This
is sharply higher than the 10.3% operating income margin posted in
the fourth quarter of 2010."
"For the full year, our sales, earnings and operating income
margin set all-time records. In 2012, we expect 10% to 12% sales
growth compared with 2011, earnings of $5.35
to $5.65 per diluted share and an operating income margin of
11.5% or better. This should continue our record financial pace,"
said Manganello.
Financial Results: Net sales were $1,774 million in fourth quarter 2011, up 16%
from $1,533 million in fourth quarter
2010. Net earnings in the quarter were $122
million, or $1.00 per diluted
share, compared with $112 million, or
$0.89 per diluted share, in fourth
quarter 2010. Fourth quarter 2011 net earnings included
non-recurring items of $(0.19) per
diluted share. These items are listed in a table below as
reconciliations of non-U.S. GAAP measures, which are provided by
the company for comparison with other results, and the most
directly comparable U.S. GAAP measures. Excluding these
non-recurring items, fourth quarter 2011 earnings per diluted share
were up 34% compared with fourth quarter 2010. The impact of
foreign currencies, primarily the Euro, decreased net sales by
approximately $6 million in fourth
quarter 2011 compared with fourth quarter 2010. The impact of
foreign currencies on net earnings in fourth quarter 2011 compared
with fourth quarter 2010 was negligible.
Full year 2011 net sales were $7,115
million, up 26% compared with $5,653
million in 2010. Full year 2011 net earnings were
$550 million, or $4.45 per diluted share, compared with
$377 million, or $3.07 per diluted share, in 2010. Full year 2011
net earnings included non-recurring items which, when netted, had
no impact on reported earnings per diluted share. Full year 2010
net earnings included net non-recurring items of $0.05 per diluted share. These items are listed
in a table below as reconciliations of non-U.S. GAAP measures,
which are provided by the company for comparison with other
results, and the most directly comparable U.S. GAAP measures.
Excluding these net non-recurring items, full year 2011 earnings
per diluted share were up 47% compared with 2010. The impact of
foreign currencies, primarily the Euro, increased net sales by
approximately $237 million, and
increased net earnings by approximately $0.19 per diluted share, in 2011 compared with
2010.
The following table reconciles the company's non-U.S. GAAP
measures included in the press release, which are provided for
comparison with other results, and the most directly comparable
U.S. GAAP measures:
Net earnings per diluted
share
|
Fourth
Quarter
|
|
Full
Year
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
Non – U.S. GAAP
|
$
|
1.19
|
|
|
$
|
0.89
|
|
|
$
|
4.45
|
|
|
$
|
3.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliations:
|
|
|
|
|
|
|
|
|
|
Patent infringement settlement,
net of legal costs incurred
|
|
|
|
|
0.14
|
|
|
|
|
|
Tax adjustments
|
|
|
|
|
0.05
|
|
|
|
|
|
Environmental litigation
settlement
|
|
|
|
|
|
|
(0.14)
|
|
|
|
BERU-Eichenauer equity
investment gain
|
|
|
|
|
|
|
0.04
|
|
|
|
Medicare Part D tax law
change
|
|
|
|
|
|
|
(0.02)
|
|
|
|
Reversal of foreign tax credit
valuation allowance
|
|
|
|
|
|
|
0.17
|
|
|
|
Loss on
disposal activities
|
(0.19)
|
|
|
|
|
(0.19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. GAAP
|
$
|
1.00
|
|
|
$
|
0.89
|
|
|
$
|
4.45
|
|
|
$
|
3.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities was $708 million in 2011 compared with $539 million in 2010. Investments in capital
expenditures, including tooling outlays, totaled $394 million in 2011, compared with $277 million in 2010. Balance sheet debt
increased by $149 million and cash
decreased by $90 million compared
with the end of 2010, primarily due to the acquisition of the
Traction Systems division of Haldex and share repurchases. The
ratio of balance sheet debt (net of cash) to capital was 28.3% at
the end of 2011 compared with 24.0% at the end of 2010.
Engine Group Results: Engine segment net sales
were $1,245 million in fourth quarter
2011, up 11% from $1,118 million in
the prior year's quarter as a result of strong turbocharger, engine
timing system and fan and fan drive sales around the world.
Excluding the impact of currency, net sales were up approximately
12%. Adjusted earnings before interest, income taxes and
non-controlling interest ("Adjusted EBIT") were $203 million in fourth quarter 2011, up 25% from
$162 million in fourth quarter
2010.
Drivetrain Group Results: Drivetrain segment net sales
were $534 million in fourth quarter
2011, up 27% from $420 million in the
prior year's quarter as a result of strong traditional transmission
component sales in Korea, higher dual clutch transmission module
sales in Europe, and the
acquisition of the Traction Systems division of Haldex. Excluding
the impact of currency and the Traction Systems acquisition, net
sales were up approximately 14%. Adjusted EBIT was $47 million in fourth quarter 2011, up 47% from
$32 million in fourth quarter
2010.
Recent Highlights:
- In November, the company reported an expected backlog of
$2.5 billion of net new business for
the period 2012 through 2014, a 9% increase over the previous
three-year backlog of net new business.
- BorgWarner has elected to settle all conversions of its 3.50%
Convertible Senior Notes due 2012 by delivering solely shares of
the company's common stock to converting Noteholders. If all of the
outstanding Notes were converted at the initial conversion rate,
the company would deliver approximately 11.4 million shares of
common stock, all of which have been obtained through share
repurchases and are held in Treasury.
- BorgWarner BERU Systems' new double platinum spark plugs
feature an innovative high-voltage connection specifically designed
for the next generation of compact plug top ignition coils used in
Audi's 1.8- and 2.0-liter TFSI engines. Audi's new four-cylinder
engines will power the recently launched Audi A4 and A4 Avant
series, and will replace current engines in the Audi A5, A5
Sportback and A5 Cabrio. The engine is expected to power more
vehicle models for the VW group in the future.
- BorgWarner's award-winning regulated two-stage (R2S®)
turbocharging technology boosts performance while helping improve
fuel efficiency and lower emissions for the first four-cylinder
engine in the history of the Mercedes S-Class. The 2.2-liter diesel
S 250 CDI Blue Efficiency is the first car in the luxury segment to
consume less than 6 liters of fuel per 100 kilometers.
- BorgWarner's Engine Group supplies systems and components for
five engines named in Ward's "10 Best Engines 2012," including
turbochargers, engine timing systems and variable cam timing
systems with Cam Torque Actuated technology.
- BorgWarner supplies its B-series turbochargers for the new
Mercedes-Benz 12.8-liter six-cylinder in-line Blue Efficiency Power
engine, the first in its class to meet upcoming Euro VI emissions
standards.
At 9:30 a.m. ET today, a brief
conference call concerning fourth quarter and full year results
will be webcast at:
http://www.borgwarner.com/en/Investors/Webcasts/default.aspx.
Auburn Hills, Michigan-based
BorgWarner Inc. (NYSE: BWA) is a product leader in highly
engineered components and systems for vehicle powertrain
applications worldwide. The company operates manufacturing and
technical facilities in 60 locations in 19 countries. Customers
include VW/Audi, Ford, Toyota, Renault/Nissan, General Motors,
Hyundai/Kia, Daimler, Chrysler, Fiat, BMW, Honda, John Deere, PSA,
and MAN. The Internet address for BorgWarner is:
http://www.borgwarner.com.
Statements contained in this news release may contain
forward-looking statements as contemplated by the 1995 Private
Securities Litigation Reform Act that are based on management's
current expectations, estimates and projections. Words such as
"outlook," "expects," "anticipates," "intends," "plans,"
"believes," "estimates," variations of such words and similar
expressions are intended to identify such forward-looking
statements. Forward-looking statements are subject to risks and
uncertainties, many of which are difficult to predict and generally
beyond our control, that could cause actual results to differ
materially from those expressed, projected or implied in or by the
forward-looking statements. Such risks and uncertainties include:
fluctuations in domestic or foreign vehicle production, the
continued use of outside suppliers, fluctuations in demand for
vehicles containing our products, changes in general economic
conditions, and other risks detailed in our filings with the
Securities and Exchange Commission, including the Risk Factors,
identified in our most recently filed Annual Report on Form 10-K.
We do not undertake any obligation to update any forward-looking
statements.
BorgWarner Inc.
|
|
|
|
|
|
|
|
|
Condensed Consolidated
Statements of Operations (Unaudited)
|
|
|
|
|
|
(millions, except per share
amounts)
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Twelve
Months Ended
December 31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Net sales
|
$
|
1,773.7
|
|
|
$
|
1,533.4
|
|
|
$
|
7,114.7
|
|
|
$
|
5,652.8
|
|
|
Cost of sales
|
1,414.0
|
|
|
1,227.3
|
|
|
5,704.3
|
|
|
4,559.5
|
|
|
Gross profit
|
359.7
|
|
|
306.1
|
|
|
1,410.4
|
|
|
1,093.3
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
146.8
|
|
|
148.3
|
|
|
621.0
|
|
|
566.6
|
|
|
Other (income)
expense
|
21.8
|
|
|
0.4
|
|
|
(8.1)
|
|
|
22.4
|
|
|
Operating income
|
191.1
|
|
|
157.4
|
|
|
797.5
|
|
|
504.3
|
|
|
|
|
|
|
|
|
|
|
|
Equity in affiliates' earnings,
net of tax
|
(10.2)
|
|
|
(9.8)
|
|
|
(38.2)
|
|
|
(39.6)
|
|
|
Interest income
|
(1.3)
|
|
|
(1.0)
|
|
|
(4.8)
|
|
|
(2.8)
|
|
|
Interest expense and finance
charges
|
17.2
|
|
|
22.0
|
|
|
74.6
|
|
|
68.8
|
|
|
Earnings before income taxes and
noncontrolling interest
|
185.4
|
|
|
146.2
|
|
|
765.9
|
|
|
477.9
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
58.2
|
|
|
30.6
|
|
|
195.3
|
|
|
81.7
|
|
|
Net earnings
|
127.2
|
|
|
115.6
|
|
|
570.6
|
|
|
396.2
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to the
noncontrolling interest, net of tax
|
5.2
|
|
|
3.9
|
|
|
20.5
|
|
|
18.8
|
|
|
Net earnings attributable to
BorgWarner Inc.
|
$
|
122.0
|
|
|
$
|
111.7
|
|
|
$
|
550.1
|
|
|
$
|
377.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to diluted
earnings per share:
|
|
|
|
|
|
|
|
|
Net earnings attributable to
BorgWarner Inc.
|
$
|
122.0
|
|
|
$
|
111.7
|
|
|
$
|
550.1
|
|
|
$
|
377.4
|
|
|
Adjustment for net interest
expense on convertible notes
|
5.5
|
|
|
5.2
|
|
|
21.5
|
|
|
20.4
|
|
|
Diluted net earnings
attributable to BorgWarner Inc.
|
$
|
127.5
|
|
|
$
|
116.9
|
|
|
$
|
571.6
|
|
|
$
|
397.8
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share —
diluted
|
$
|
1.00
|
|
|
$
|
0.89
|
|
|
$
|
4.45
|
|
|
$
|
3.07
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding — diluted
|
127.6
|
|
|
130.7
|
|
|
128.5
|
|
|
129.6
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Information
(Unaudited)
|
|
|
|
|
|
|
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Twelve
Months Ended
December 31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Capital expenditures, including
tooling outlays
|
$
|
119.6
|
|
|
$
|
88.8
|
|
|
$
|
393.7
|
|
|
$
|
276.6
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization:
|
|
|
|
|
|
|
|
|
Fixed assets and
tooling
|
$
|
65.2
|
|
|
$
|
53.3
|
|
|
$
|
252.2
|
|
|
$
|
224.5
|
|
|
Intangible assets and
other
|
7.7
|
|
|
7.4
|
|
|
30.8
|
|
|
28.4
|
|
|
|
$
|
72.9
|
|
|
$
|
60.7
|
|
|
$
|
283.0
|
|
|
$
|
252.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BorgWarner Inc.
|
|
|
|
|
|
|
|
|
Net Sales by Reporting Segment
(Unaudited)
|
|
|
|
|
|
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Twelve
Months Ended
December 31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Engine
|
$
|
1,245.1
|
|
|
$
|
1,118.4
|
|
|
$
|
5,050.6
|
|
|
$
|
4,060.8
|
|
|
Drivetrain
|
533.7
|
|
|
419.8
|
|
|
2,084.5
|
|
|
1,611.4
|
|
|
Inter-segment
eliminations
|
(5.1)
|
|
|
(4.8)
|
|
|
(20.4)
|
|
|
(19.4)
|
|
|
Net sales
|
$
|
1,773.7
|
|
|
$
|
1,533.4
|
|
|
$
|
7,114.7
|
|
|
$
|
5,652.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Before
Interest, Income Taxes and Noncontrolling Interest ("Adjusted
EBIT") (Unaudited)
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Twelve
Months Ended
December 31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Engine
|
$
|
202.8
|
|
|
$
|
162.0
|
|
|
$
|
774.3
|
|
|
$
|
537.9
|
|
|
Drivetrain
|
46.8
|
|
|
31.9
|
|
|
161.2
|
|
|
137.0
|
|
|
Adjusted EBIT
|
249.6
|
|
|
193.9
|
|
|
935.5
|
|
|
674.9
|
|
|
Patent infringement settlement
gain, net of legal costs incurred
|
—
|
|
|
—
|
|
|
(29.1)
|
|
|
—
|
|
|
Loss from disposal
activities
|
21.5
|
|
|
—
|
|
|
21.5
|
|
|
—
|
|
|
Environmental litigation
settlement
|
—
|
|
|
—
|
|
|
—
|
|
|
28.0
|
|
|
BERU-Eichenauer equity
investment gain
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.0)
|
|
|
Corporate, including equity in
affiliates' earnings and stock-based compensation
|
26.8
|
|
|
26.7
|
|
|
107.4
|
|
|
111.0
|
|
|
Interest income
|
(1.3)
|
|
|
(1.0)
|
|
|
(4.8)
|
|
|
(2.8)
|
|
|
Interest expense and finance
charges
|
17.2
|
|
|
22.0
|
|
|
74.6
|
|
|
68.8
|
|
|
Earnings before income taxes and
noncontrolling interest
|
185.4
|
|
|
146.2
|
|
|
765.9
|
|
|
477.9
|
|
|
Provision for income
taxes
|
58.2
|
|
|
30.6
|
|
|
195.3
|
|
|
81.7
|
|
|
Net earnings
|
127.2
|
|
|
115.6
|
|
|
570.6
|
|
|
396.2
|
|
|
Net earnings attributable to the
noncontrolling interest, net of tax
|
5.2
|
|
|
3.9
|
|
|
20.5
|
|
|
18.8
|
|
|
Net earnings attributable to
BorgWarner Inc.
|
$
|
122.0
|
|
|
$
|
111.7
|
|
|
$
|
550.1
|
|
|
$
|
377.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BorgWarner Inc.
|
|
|
|
|
Condensed Consolidated Balance
Sheets (Unaudited)
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
December
31,
2011
|
|
December
31,
2010
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash
|
$
|
359.6
|
|
|
$
|
449.9
|
|
|
Receivables, net
|
1,183.0
|
|
|
1,023.9
|
|
|
Inventories, net
|
454.3
|
|
|
430.6
|
|
|
Other current assets
|
140.9
|
|
|
155.5
|
|
|
Total current assets
|
2,137.8
|
|
|
2,059.9
|
|
|
|
|
|
|
|
Property, plant and equipment,
net
|
1,664.3
|
|
|
1,542.6
|
|
|
Other non-current
assets
|
2,156.5
|
|
|
1,952.5
|
|
|
Total assets
|
$
|
5,958.6
|
|
|
$
|
5,555.0
|
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
|
|
|
|
Notes payable and other
short-term debt
|
$
|
196.3
|
|
|
$
|
122.4
|
|
|
Current portion of long-term
debt
|
381.5
|
|
|
6.1
|
|
|
Accounts payable and accrued
expenses
|
1,297.8
|
|
|
1,224.1
|
|
|
Income taxes payable
|
29.8
|
|
|
39.7
|
|
|
Total current
liabilities
|
1,905.4
|
|
|
1,392.3
|
|
|
|
|
|
|
|
Long-term debt
|
751.3
|
|
|
1,051.9
|
|
|
Other non-current
liabilities
|
848.9
|
|
|
801.0
|
|
|
|
|
|
|
|
Total BorgWarner Inc.
stockholders' equity
|
2,387.9
|
|
|
2,258.6
|
|
|
Noncontrolling
interest
|
65.1
|
|
|
51.2
|
|
|
Total equity
|
2,453.0
|
|
|
2,309.8
|
|
|
|
|
|
|
|
Total liabilities and
equity
|
$
|
5,958.6
|
|
|
$
|
5,555.0
|
|
|
|
|
|
|
|
|
|
|
|
|
BorgWarner Inc.
|
|
|
|
|
Condensed Consolidated
Statements of Cash Flows (Unaudited)
|
|
(millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
Twelve
Months Ended
December
31,
|
|
|
2011
|
|
2010
|
|
Operating
|
|
|
|
|
Net earnings
|
$
|
570.6
|
|
|
$
|
396.2
|
|
|
Non-cash charges (credits) to
operations:
|
|
|
|
|
Depreciation and
amortization
|
283.0
|
|
|
252.9
|
|
|
Environmental litigation
settlement, net of cash paid
|
—
|
|
|
14.0
|
|
|
Loss from disposal
activities
|
21.5
|
|
|
—
|
|
|
Bond amortization
|
20.3
|
|
|
18.3
|
|
|
Deferred income tax
benefit
|
(1.1)
|
|
|
(52.2)
|
|
|
BERU - Eichenauer equity
investment gain
|
—
|
|
|
(8.0)
|
|
|
Other non-cash items
|
14.0
|
|
|
24.5
|
|
|
Net earnings
adjusted for non-cash charges to operations
|
908.3
|
|
|
645.7
|
|
|
Changes in assets and
liabilities
|
(200.1)
|
|
|
(106.8)
|
|
|
Net cash provided by operating
activities
|
708.2
|
|
|
538.9
|
|
|
|
|
|
|
|
Investing
|
|
|
|
|
Capital expenditures, including
tooling outlays
|
(393.7)
|
|
|
(276.6)
|
|
|
Net proceeds from asset
disposals
|
7.9
|
|
|
6.8
|
|
|
Payments for businesses
acquired, net of cash acquired
|
(203.7)
|
|
|
(164.7)
|
|
|
Net proceeds from sale of
business
|
25.0
|
|
|
5.0
|
|
|
Net cash used in investing
activities
|
(564.5)
|
|
|
(429.5)
|
|
|
|
|
|
|
|
Financing
|
|
|
|
|
Net increase (decrease) in notes
payable
|
67.6
|
|
|
(29.8)
|
|
|
Additions to long-term debt, net
of debt issuance costs
|
364.6
|
|
|
372.2
|
|
|
Repayments of long-term debt,
including current portion
|
(309.1)
|
|
|
(116.1)
|
|
|
Proceeds from accounts
receivable securitization facility
|
—
|
|
|
30.0
|
|
|
Payments for purchases of
treasury stock
|
(357.6)
|
|
|
(325.7)
|
|
|
Proceeds from stock options
exercised, net of tax
|
53.0
|
|
|
67.1
|
|
|
Taxes paid on restricted stock
award vestings
|
(14.4)
|
|
|
—
|
|
|
Purchase of noncontrolling
interest
|
(29.4)
|
|
|
—
|
|
|
Capital contribution from
noncontrolling interest
|
19.5
|
|
|
—
|
|
|
Dividends paid to noncontrolling
stockholders
|
(13.9)
|
|
|
(10.9)
|
|
|
Net cash used in financing
activities
|
(219.7)
|
|
|
(13.2)
|
|
|
|
|
|
|
|
Effect of exchange rate changes
on cash
|
(14.3)
|
|
|
(3.7)
|
|
|
|
|
|
|
|
Net (decrease) increase in
cash
|
(90.3)
|
|
|
92.5
|
|
|
|
|
|
|
|
Cash at beginning of
year
|
449.9
|
|
|
357.4
|
|
|
Cash at end of year
|
$
|
359.6
|
|
|
$
|
449.9
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE BorgWarner Inc.