BALANCE SHEET INFORMATION

Detailed balance sheet data is as follows:



	December 31,
(millions of dollars)	2014			2013
Receivables, net:
Customers	$	1,200.6		$	1,067.5
Other	245.2			183.1
Gross receivables	1,445.8			1,250.6
Bad debt allowance(a)	(2.3		)	(2.1		)
Total receivables, net	$	1,443.5		$	1,248.5
Inventories, net:
Raw material and supplies	$	319.5		$	279.8
Work in progress	89.0			78.0
Finished goods	115.5			116.3
FIFO inventories	524.0			474.1
LIFO reserve	(18.3		)	(16.0		)
Total inventories, net	$	505.7		$	458.1
Prepayments and other current assets:
Prepaid tooling	$	72.5		$	37.1
Prepaid taxes	17.2			12.3
Other	40.5			34.3
Total prepayments and other current assets	$	130.2		$	83.7
Property, plant and equipment, net:
Land and land use rights	$	107.0		$	87.2
Buildings	677.8			666.7
Machinery and equipment	1,940.3			1,897.5
Capital leases	8.4			2.4
Construction in progress	310.4			272.3
Property, plant and equipment, gross	3,043.9			2,926.1
Accumulated depreciation	(1,076.8		)	(1,099.3		)
Property, plant & equipment, net, excluding tooling	1,967.1			1,826.8
Tooling, net of amortization	126.8			112.6
Property, plant & equipment, net	$	2,093.9		$	1,939.4
Investments and other long-term receivables:
Investment in equity affiliates	$	184.2		$	201.5
Other long-term receivables	219.1			203.6
Total investments and other long-term receivables	$	403.3		$	405.1
Other non-current assets:
Deferred income taxes	$	180.5		$	257.6
Other intangible assets	151.1			169.5
Product liability insurance asset	111.8			96.7
Other	110.9			53.2
Total other non-current assets	$	554.3		$	577.0



	December 31,
(millions of dollars)	2014		2013
Accounts payable and accrued expenses:
Trade payables	$	979.2	$	935.4
Payroll and employee related	199.5		184.6
Product warranties	91.9		38.4
Customer related	58.1		49.7
Product liability	47.4		41.1
Severance	43.9		11.3
Retirement related	20.0		21.8
Dividends payable to noncontrolling shareholders	15.9		16.7
Other	74.4		84.8
Total accounts payable and accrued expenses	$	1,530.3	$	1,383.8
Other non-current liabilities:
Product liability	$	64.4	$	55.6
Deferred income taxes	46.8		81.3
Product warranties	40.1		34.3
Deferred revenue	37.8		46.2
Cross-currency swaps and derivatives	0.5		24.3
Other	136.4		85.1
Total other non-current liabilities	$	326.0	$	326.8



(a) Bad debt allowance:	2014			2013			2012
Beginning balance, January 1	$	(2.1	)	$	(2.1	)	$	(4.3	)
Provision	(0.6		)	(0.3		)	(0.8		)
Write-offs	0.3			0.4			3.0
Translation adjustment and other	0.1			(0.1		)	—
Ending balance, December 31	$	(2.3	)	$	(2.1	)	$	(2.1	)

As of December 31, 2014 and December 31, 2013, accounts payable of $58.4 million and $62.8 million, respectively, were related to property, plant and equipment purchases.

Interest costs capitalized for the years ended December 31, 2014, 2013 and 2012 were $13.5 million, $11.9 million and $17.8 million respectively.

NSK-Warner KK ("NSK-Warner")

The Company has a 50% interest in NSK-Warner, a joint venture based in Japan that manufactures automatic transmission components. The Company's share of the earnings reported by NSK-Warner is accounted for using the equity method of accounting. NSK-Warner is the joint venture partner with a 40% interest in the Drivetrain Group's South Korean subsidiary, BorgWarner Transmission Systems Korea Ltd. Dividends from NSK-Warner were $45.1 million, $31.0 million and $28.1 million in calendar years ended December 31, 2014, 2013 and 2012, respectively.

NSK-Warner has a fiscal year-end of March 31. The Company's equity in the earnings of NSK-Warner consists of the 12 months ended November 30. Following is summarized financial data for NSK-Warner, translated using the ending or periodic rates, as of and for the years ended November 30, 2014, 2013 and 2012 (unaudited):



	November 30,
(millions of dollars)	2014		2013
Balance sheets:
Cash and securities	$	65.6	$	118.3
Current assets, including cash and securities	237.2		313.6
Non-current assets	144.3		156.1
Current liabilities	128.1		166.8
Non-current liabilities	37.7		40.7
Total equity	215.7		262.2

	Year Ended November 30,
(millions of dollars)	2014		2013		2012
Statements of operations:
Net sales	$	546.4	$	604.0	$	696.7
Gross profit	124.5		126.6		138.2
Net earnings	80.3		68.3		68.5

NSK-Warner had no debt outstanding as of November 30, 2014 and 2013. Purchases by the Company from NSK-Warner were $21.3 million, $22.8 million and $22.8 million for the years ended December 31, 2014, 2013 and 2012, respectively.