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ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Summary of purchase price consideration

The following table summarizes the purchase price for Delphi Technologies:

(in millions, except for share data)
BorgWarner common stock issued for purchase of Delphi Technologies			37,188,819
BorgWarner share price at October 1, 2020			$	39.54
Fair value of stock consideration			$	1,470
Stock compensation consideration			7
Total stock consideration			$	1,477
Cash consideration			18
Repayment of Delphi Technologies’ debt			896
Total consideration			$	2,391

Schedule of fair values of assets acquired and liabilities

The following table summarizes the estimated fair values of assets acquired and liabilities assumed as of the acquisition date and subsequent measurement period adjustments:

(in millions)			Initial Allocation						Measurement Period Adjustments						Revised Allocation
ASSETS
Cash and cash equivalents			$	460					$	—					$	460
Receivables, net			901						1						902
Inventories, net			398						(1)						397
Prepayments and other current assets			77						—						77
Property, plant and equipment, net			1,548						—						1,548
Investments and other long-term receivables			103						—						103
Goodwill			710						1						711
Other intangible assets, net			760						—						760
Other non-current assets			359						—						359
Total assets acquired			5,316						1						5,317
LIABILITIES
Notes payable and other short-term debt			2						—						2
Accounts payable			692						—						692
Other current liabilities			609						(1)						608
Long-term debt			934						—						934
Other non-current liabilities:
Retirement-related			313						—						313
Other			286						—						286
Total liabilities assumed			2,836						(1)						2,835
Noncontrolling interests			89						—						89
Net assets and noncontrolling interests acquired			$	2,391					$	2					$	2,393

Schedule of goodwill

(in millions)
Air Management			$	147
e-Propulsion & Drivetrain			281
Fuel Injection			—
Aftermarket			283
Total acquisition date goodwill			$	711

A summary of the changes in the carrying amount of goodwill are as follows:

(in millions)			Air Management						e-Propulsion & Drivetrain						Aftermarket						Total
Gross goodwill balance, December 31, 2020			$	1,517					$	1,313					$	299					$	3,129
Accumulated impairment losses, December 31, 2020			(502)						—						—						(502)
Net goodwill balance, December 31, 2020			$	1,015					$	1,313					$	299					$	2,627
Goodwill during the period:
Measurement period adjustments			(4)						9						(4)						1
Other, primarily translation adjustment			(13)						(12)						(7)						(32)
Ending balance, March 31, 2021			$	998					$	1,310					$	288					$	2,596

Schedule of other intangible assets acquired

The following table summarizes the other intangible assets acquired:

(in millions)			Estimated Life						Estimated Fair Value
Amortized intangible assets:
Developed technology			14 years						$	270
Customer relationships			15 years						380
Total amortized intangible assets									650
Unamortized trade name			Indefinite						110
Total other intangible assets									$	760

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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