Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2013

Balance Sheet Information (Tables) [Abstract]

Balance sheet information

	December 31,
(millions of dollars)	2013			2012
Receivables, net:
Customers	$	1,067.5		$	1,014.6
Other	183.1			134.8
Gross receivables	1,250.6			1,149.4
Bad debt allowance(a)	(2.1		)	(2.1		)
Total receivables, net	$	1,248.5		$	1,147.3
Inventories, net:
Raw material and supplies	$	279.8		$	264.0
Work in progress	78.0			82.0
Finished goods	116.3			117.6
FIFO inventories	474.1			463.6
LIFO reserve	(16.0		)	(16.0		)
Total inventories, net	$	458.1		$	447.6
Prepayments and other current assets:
Prepaid tooling	$	37.1		$	39.1
Prepaid taxes	12.3			0.7
Derivatives	3.4			5.7
Other	30.9			22.0
Total prepayments and other current assets	$	83.7		$	67.5
Property, plant and equipment, net:
Land and land use rights	$	87.2		$	76.4
Buildings	666.7			640.8
Machinery and equipment	1,897.5			2,282.4
Capital leases	2.4			2.3
Construction in progress	272.3			243.7
Property, plant and equipment, gross	2,926.1			3,245.6
Accumulated depreciation	(1,099.3		)	(1,567.0		)
Property, plant & equipment, net, excluding tooling	1,826.8			1,678.6
Tooling, net of amortization	112.6			109.4
Property, plant & equipment, net	$	1,939.4		$	1,788.0
Investments and advances:
Investment in equity affiliates	$	201.5		$	217.7
Other investments and advances	203.6			165.0
Total investments and advances	$	405.1		$	382.7
Other non-current assets:
Deferred income taxes	$	257.6		$	244.1
Other intangible assets	169.5			206.3
Product liability insurance asset	96.7			85.6
Other	53.2			39.9
Total other non-current assets	$	577.0		$	575.9

	December 31,
(millions of dollars)	2013		2012
Accounts payable and accrued expenses:
Trade payables	$	872.6	$	815.4
Trade payables for capital expenditures	62.8		39.8
Payroll and employee related	184.6		180.7
Customer related	49.7		36.3
Product liability	41.1		36.5
Product warranties	38.4		33.1
Retirement related	21.8		27.9
Dividends payable to noncontrolling shareholders	16.7		9.5
Interest	12.0		11.7
Severance	11.3		8.9
Insurance	8.2		9.2
Legal and professional fees	7.8		4.2
Derivatives	7.4		9.8
Current deferred income taxes	3.9		1.4
Environmental	1.1		1.6
Other	44.4		61.2
Total accounts payable and accrued expenses	$	1,383.8	$	1,287.2
Other non-current liabilities:
Deferred income taxes	$	81.3	$	89.4
Product liability	55.6		49.1
Deferred revenue	46.2		30.5
Product warranties	34.3		31.8
Cross-currency swaps and derivatives	24.3		58.1
Environmental	2.9		2.3
Other	82.2		56.9
Total other non-current liabilities	$	326.8	$	318.1

(a) Bad debt allowance:	2013			2012			2011
Beginning balance, January 1	$	(2.1	)	$	(4.3	)	$	(4.0	)
Provision	(0.3		)	(0.8		)	(1.4		)
Write-offs	0.4			3.0			1.0
Translation adjustment and other	(0.1		)	—			0.1
Ending balance, December 31	$	(2.1	)	$	(2.1	)	$	(4.3	)

Summarized financial data for NSK-Warner

	November 30,
(millions of dollars)	2013		2012
Balance sheets:
Cash and securities	$	118.3	$	123.3
Current assets, including cash and securities	313.6		320.0
Non-current assets	156.1		175.3
Current liabilities	166.8		147.4
Non-current liabilities	40.7		50.2
Total equity	262.2		297.7
	Year Ended November 30,
(millions of dollars)	2013		2012		2011
Statements of operations:
Net sales	$	604.0	$	696.7	$	655.2
Gross profit	126.6		138.2		128.5
Net earnings	68.3		68.5		61.6