XML 41 R76.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Share (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]                      
Treasury stock received from bond hedge, shares                 6,500,000    
Companys Weighted Average Share Price Of Bond Hedge                 $ 32.82    
Treasury stock issued due to settlement of warrant, shares                 4,900,000    
Investment Warrants, Exercise Price                 $ 38.61    
Basic earnings per share [Abstract]                      
Weighted average shares of common stock outstanding                 112,652,000 109,229,000 114,155,000
Earnings per share — basic $ 1.05 $ 0.88 $ 1.08 $ 1.46 $ 1.12 $ 1.30 $ 1.49 $ 1.13 $ 4.45 $ 5.04 $ 3.31
Diluted earnings per share [Abstract]                      
Net earnings attributable to BorgWarner Inc. $ 121.2 [1] $ 101.1 [1] $ 120.6 [1] $ 158.0 [1] $ 122.0 [1] $ 141.6 [1] $ 162.0 [1] $ 124.5 [1] $ 500.9 [1] $ 550.1 [1] $ 377.4
Adjusted for net interest expense on convertible notes                 5.8 21.5 20.4
Diluted net earnings attributable to BorgWarner Inc.                 $ 506.7 $ 571.6 $ 397.8
Effect of 3.50% convertible senior notes                 3,322,000 11,389,000 11,389,000
Effect of warrant                 3,400,000 5,215,000 1,464,000
Effect of stock-based compensation                 2,003,000 2,635,000 2,567,000
Total dilutive effect on weighted average shares of common stock outstanding                 8,725,000 19,239,000 15,420,000
Weighted average shares of common stock outstanding including dilutive shares                 121,377,000 128,468,000 129,575,000
Earnings per share — diluted $ 1.03 $ 0.85 $ 1.00 $ 1.28 $ 1.00 $ 1.15 $ 1.31 $ 1.00 $ 4.17 [2] $ 4.45 [2] $ 3.07 [2]
Bond hedge [Member]
                     
Diluted earnings per share [Abstract]                      
Total anti-dilutive shares                 1,939,000 6,141,000 2,836,000
Convertible Senior Notes Due April 2012 [Member]
                     
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]                      
Debt instrument stated interest rate 3.50%               3.50%    
[1] The Company's results were impacted by the following:•Quarter ended December 31, 2012: Retirement related obligations of $17.3 million are comprised of a $5.7 million loss resulting from the settlement of a portion of the Muncie Plant's pension obligation and an $11.6 million expense associated with the retirement of certain Named Executive Officers. These obligations were partially offset by a $6.1 million tax benefit. The Company incurred tax expense of $3.9 million which included $11.1 million of U.S. tax expense to correct the income taxes payable balance, partially offset by tax benefits resulting from changes to the statutory income tax rate in certain countries and the settlement of certain tax audits. •Quarter ended September 30, 2012: The Company incurred $1.8 million of expense and $11.2 million of tax expense associated with the completion of the sale of its spark plug business. The Company also recorded restructuring expense of $27.4 million primarily associated with the disposal and future requirements of BERU's on-going business, which was partially offset by a tax benefit of $7.7 million. Additionally, the Company incurred tax expense of $6.9 million primarily resulting from the settlement of certain tax audits.•Quarter ended June 30, 2012: The Company recorded expense of $37.9 million primarily due to the write-down of prior purchase price accounting adjustments included within the disposal group as a result of signing a Master Purchase Agreement to sell the spark plug business to Federal-Mogul Corporation, which was partially offset by a tax benefit of $5.5 million resulting from the write-down. Additionally, the Company recorded tax expense of $9.0 million related to its decision to change its cash repatriation assertion for some of its foreign subsidiaries.•Quarter ended December 31, 2011: The Company incurred $21.5 million in expense associated with the loss on sale of the tire pressure monitoring business, including costs related to the divestiture, and a write-down of a portion of the ignitor and electronic business. The Company recorded $1.4 million of tax benefit associated with the disposals and $4.1 million of tax expense related to an intercompany disposal transaction.•Quarter ended June 30, 2011: The Company recorded a $29.1 million patent infringement settlement gain, net of legal costs incurred, which was partially offset by $11.0 million of additional tax expense. Additionally, the Company recorded $6.2 million related to tax adjustments resulting from a change in state corporate income tax legislation as well as an adjustment of the Company's tax accounts as a result of the closure of certain tax audits.
[2] * The Company's diluted earnings per share for the years ended December 31, 2012, 2011 and 2010 includes the impact of the Company's 3.50% convertible senior notes and associated warrants. Refer to Note 15, "Earnings Per Share," for further information on the diluted earnings per share calculation.