Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2012

Balance Sheet Information (Tables) [Abstract]

Balance sheet information

	December 31,
(millions of dollars)	2012			2011
Receivables, net:
Customers	$	1,014.6		$	1,037.4
Other	134.8			149.9
Gross receivables	1,149.4			1,187.3
Bad debt allowance(a)	(2.1		)	(4.3		)
Total receivables, net	$	1,147.3		$	1,183.0
Inventories, net:
Raw material and supplies	$	264.0		$	254.4
Work in progress	82.0			90.9
Finished goods	117.6			124.3
FIFO inventories	463.6			469.6
LIFO reserve	(16.0		)	(15.3		)
Total inventories, net	$	447.6		$	454.3
Prepayments and other current assets:
Prepaid tooling	$	39.1		$	23.5
Product liability insurance asset	—			28.8
Derivatives	5.7			2.7
Prepaid taxes	0.7			0.8
Other	22.0			26.6
Total prepayments and other current assets	$	67.5		$	82.4
Property, plant and equipment, net:
Land and land use rights	$	76.4		$	71.2
Buildings	640.8			616.7
Machinery and equipment	2,282.4			2,006.9
Capital leases	2.3			2.3
Construction in progress	243.7			206.8
Property, plant and equipment, gross	3,245.6			2,903.9
Accumulated depreciation	(1,567.0		)	(1,343.9		)
Property, plant & equipment, net, excluding tooling	1,678.6			1,560.0
Tooling, net of amortization	109.4			104.3
Property, plant & equipment, net	$	1,788.0		$	1,664.3
Investments and advances:
Investment in equity affiliates	$	217.7		$	217.4
Other investments and advances	165.0			127.9
Total investments and advances	$	382.7		$	345.3
Other non-current assets:
Deferred income taxes	$	244.1		$	313.9
Other intangible assets	206.3			243.3
Product liability insurance asset	85.6			32.9
Other	39.9			34.9
Total other non-current assets	$	575.9		$	625.0

	December 31,
(millions of dollars)	2012			2011
Accounts payable and accrued expenses:
Trade payables	$	815.4		$	820.7
Trade payables for capital expenditures	39.8			48.9
Payroll and employee related	180.7			201.9
Product liability	36.5			28.8
Customer related	36.3			29.9
Product warranties	33.1			38.6
Retirement related	27.9			30.9
Interest	11.7			14.2
Derivatives	9.8			2.4
Dividends payable to noncontrolling shareholders	9.5			11.7
Insurance	9.2			10.5
Severance	8.9			5.6
Legal and professional fees	4.2			6.8
Environmental	1.6			3.4
Current deferred income taxes	1.4			6.5
Other	61.2			37.0
Total accounts payable and accrued expenses	$	1,287.2		$	1,297.8
Other non-current liabilities:
Deferred income taxes	$	89.4		$	120.2
Cross currency swaps and derivatives	58.1			85.5
Product liability	49.1			32.9
Product warranties	31.8			34.1
Deferred revenue	30.5			26.0
Environmental	2.3			8.1
Other	56.9			85.1
Total other non-current liabilities	$	318.1		$	391.9
Accumulated other comprehensive loss
Foreign currency translation adjustments	$	140.8		$	85.8
Market value of hedge instruments	(37.2		)	(50.5		)
Defined benefit postretirement plans	(225.8		)	(187.2		)
Other	0.9			1.1
Total accumulated other comprehensive loss	$	(121.3	)	$	(150.8	)

(a) Bad debt allowance:	2012			2011			2010
Beginning balance, January 1	$	(4.3	)	$	(4.0	)	$	(4.3	)
Provision	(0.8		)	(1.4		)	(1.1		)
Write-offs	3.0			1.0			2.5
Translation adjustment and other	—			0.1			(1.1		)
Ending balance, December 31	$	(2.1	)	$	(4.3	)	$	(4.0	)

Summarized financial data for NSK-Warner

	November 30,
(millions of dollars)	2012		2011
Balance sheets:
Cash and securities	$	123.3	$	119.4
Current assets, including cash and securities	320.0		344.1
Non-current assets	175.3		182.0
Current liabilities	147.4		172.1
Non-current liabilities	50.2		45.3
Total equity	297.7		308.7
	Year Ended November 30,
(millions of dollars)	2012		2011		2010
Statements of operations:
Net sales	$	696.7	$	655.2	$	634.7
Gross profit	138.2		128.5		131.9
Net earnings	68.5		61.6		68.3