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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value
The following tables classify assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021:
  Basis of fair value measurements
 Balance at December 31, 2022Quoted prices in active markets for identical items
(Level 1)
Significant other observable inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Valuation technique
Assets measured at NAV1
(in millions)
Assets:     
Receivables$11 $— $$C$— 
Long-term receivables$13 $— $13 $— C$— 
Investment in debt securities$455 $— $455 $— A$— 
Investment in equity securities$29 $— $— $— $29 
Foreign currency contracts$18 $— $18 $— A$— 
Net investment hedge contracts$68 $— $68 $— A$— 
Liabilities:  
Current earn-out liability$21 $— $— $21 C$— 
Non-current earn-out liability$10 $— $— $10 C$— 
Foreign currency contracts$11 $— $11 $— A$— 
Net investment hedge contracts$$— $$— A$— 
  Basis of fair value measurements
(in millions)Balance at December 31, 2021Quoted prices in active markets for identical items
(Level 1)
Significant other observable inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Valuation technique
Assets measured at NAV1
Assets:
Investment in equity securities$87 $70 $— $— A$17 
Long-term receivables$35 $— $17 $18 C$— 
Foreign currency contracts$13 $— $13 $— A$— 
Net investment hedge contracts$$— $$— A$— 
Liabilities:
Foreign currency contracts$$— $$— A$— 
Net investment hedge contracts$54 $— $54 $— A$— 
_____________________________
1 Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These amounts represent investments in commingled and managed funds that have underlying assets in fixed income securities, equity securities, and other assets and the fair values have been estimated using the net asset value of the Company's ownership interest in partners' capital. The Company’s redemption of its investments with
the funds is governed by the partnership agreements and subject to approval from the general partners. With the exception of annual distributions in connection with the Company’s deemed tax liability, distributions from each fund will be received as the underlying investments of the funds are liquidated, the timing of which is unknown.
Schedule of Fair Value Defined Benefit Plan Assets Measured at Recurring and Non-Recurring Basis
The following tables classify the Company’s defined benefit plan assets measured at fair value on a recurring basis:
  Basis of fair value measurements
(in millions)Balance at December 31, 2022Quoted prices in active markets for identical items
(Level 1)
Significant other observable inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Valuation technique
Assets measured at NAV3
U.S. Plans: 
Fixed income securities$89 $— $— $— $89 
Equity securities17 — — — 17 
Alternative credit fund20 — — — 20 
Cash— — A— 
 $129 $$— $—  $126 
Non-U.S. Plans: 
Fixed income securities$525 $54 $— $— A$471 
Equity securities142 113 — — A29 
Cash147 147 — — A— 
Insurance contract2
69 — — 69 C— 
Real estate and other273 — 20 46 A,C207 
 $1,156 $314 $20 $115  $707 
  Basis of fair value measurements
(in millions)Balance at December 31, 2021Quoted prices in active markets for identical items
(Level 1)
Significant other observable inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Valuation technique
Assets measured at NAV3
U.S. Plans:     
Fixed income securities$129 $— $— $— $129 
Equity securities28 — — — 28 
Alternative credit fund19 — — — 19 
Cash— — A— 
 $177 $$— $—  $176 
Non-U.S. Plans: 
Fixed income securities$710 $116 $— $— A$594 
Equity securities412 363 — — A49 
Cash1
338 338 — — A— 
Insurance contract2
108 — — 108 C— 
Real estate and other481 124 18 127 A,C212 
 $2,049 $941 $18 $235  $855 
_____________________________
1 As of December 31, 2021, £122 million in the Company’s non-U.S. plans was deemed cash in-transit and classified as a Level 1 investment.
2 A BorgWarner defined benefit plan in the United Kingdom owns an insurance contract that guarantees payment of specified pension liabilities. The Company measures the fair value of the insurance asset by projecting expected future cash flows from the contract and discounting them to present value based on current market rates, including an assessment for non-performance risk of the insurance company. The assumptions used to project expected future cash flows are based on actuarial estimates and are unobservable; therefore, the contract is categorized within Level 3 of the hierarchy.
3 Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These amounts represent investments in commingled and managed funds that have underlying assets in fixed income securities, equity securities, and other assets.
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation The reconciliation of Level 3 defined benefit plans assets was as follows:
 Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(in millions)Insurance contractReal estate trust fund
Balance at January 1, 2021$113 $86 
Purchases, sales and settlements— 36 
Benefits paid(4)— 
Unrealized gains on assets still held at the reporting date
Translation adjustment(2)(2)
Balance at December 31, 2021$108 $127 
Purchases, sales and settlements— (93)
Realized gains— 
Benefits paid(5)— 
Unrealized (losses) gains on assets still held at the reporting date(20)25 
Translation adjustment(14)(16)
Balance at December 31, 2022$69 $46