Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2018

Balance Sheet Related Disclosures [Abstract]

Balance sheet information

	December 31,
(millions of dollars)	2018			2017
Receivables, net:
Customers	$	1,727.7		$	1,735.7
Indirect taxes	114.1			152.1
Other	152.2			136.8
Gross receivables	1,994.0			2,024.6
Bad debt allowance (a)	(6.6		)	(5.7		)
Total receivables, net	$	1,987.4		$	2,018.9
Inventories, net:
Raw material and supplies	$	485.0		$	469.7
Work in progress	113.6			126.7
Finished goods	198.9			183.0
FIFO inventories	797.5			779.4
LIFO reserve	(16.7		)	(13.1		)
Total inventories, net	$	780.8		$	766.3
Prepayments and other current assets:
Prepaid tooling	$	82.9		$	81.9
Prepaid taxes	84.4			5.3
Other	82.7			58.2
Total prepayments and other current assets	$	250.0		$	145.4
Property, plant and equipment, net:
Land and land use rights	$	107.9		$	115.7
Buildings	762.6			783.5
Machinery and equipment	2,851.2			2,734.4
Capital leases	2.6			1.5
Construction in progress	425.8			410.5
Property, plant and equipment, gross	4,150.1			4,045.6
Accumulated depreciation	(1,473.5		)	(1,391.7		)
Property, plant & equipment, net, excluding tooling	2,676.6			2,653.9
Tooling, net of amortization	227.2			209.9
Property, plant & equipment, net	$	2,903.8		$	2,863.8
Investments and other long-term receivables:
Investment in equity affiliates	$	243.5		$	239.6
Other long-term asbestos-related insurance receivables	303.3			258.7
Other long-term receivables	44.9			49.1
Total investments and other long-term receivables	$	591.7		$	547.4
Other non-current assets:
Deferred income taxes	$	197.7		$	121.2
Deferred asbestos-related insurance asset	83.1			127.7
Other	221.5			209.8
Total other non-current assets	$	502.3		$	458.7

	December 31,
(millions of dollars)	2018		2017
Accounts payable and accrued expenses:
Trade payables	$	1,485.4	$	1,545.6
Payroll and employee related	232.6		239.7
Indirect taxes	72.9		111.0
Product warranties	56.2		69.0
Customer related	49.2		75.7
Asbestos-related liability	50.0		52.5
Severance	25.0		5.8
Interest	19.1		22.9
Dividends payable to noncontrolling shareholders	17.2		17.7
Retirement related	15.9		17.2
Insurance	11.7		10.1
Derivatives	1.8		5.0
Other	107.3		98.1
Total accounts payable and accrued expenses	$	2,144.3	$	2,270.3
Other non-current liabilities:
Deferred income taxes	$	51.4	$	61.4
Product warranties	47.0		42.5
Other	258.9		251.6
Total other non-current liabilities	$	357.3	$	355.5

(a) Bad debt allowance:	2018			2017			2016
Beginning balance, January 1	$	(5.7	)	$	(2.9	)	$	(1.9	)
Provision	(5.3		)	(2.7		)	(3.2		)
Write-offs	4.2			0.1			0.2
Business divestiture	—			—			2.0
Translation adjustment and other	0.2			(0.2		)	—
Ending balance, December 31	$	(6.6	)	$	(5.7	)	$	(2.9	)

Summarized financial data for NSK-Warner

			November 30,
(millions of dollars)			2018		2017
Balance sheets:
Cash and securities			$	116.6	$	104.6
Current assets, including cash and securities			316.9		289.2
Non-current assets			283.3		231.9
Current liabilities			215.3		154.9
Non-current liabilities			88.9		68.1
Total equity			296.0		298.1
	Year Ended November 30,
(millions of dollars)	2018		2017		2016
Statements of operations:
Net sales	$	731.8	$	669.6	$	601.8
Gross profit	152.3		149.2		134.1
Net earnings	86.4		85.2		71.7