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ACQUISITIONS (Tables)

6 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

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 June 4, 2021, the acquisition date:

(in millions)			Initial Allocation
ASSETS
Cash and cash equivalents (including restricted cash of $16 million)			$	29
Receivables, net			16
Inventories, net			42
Prepayments and other current assets			5
Property, plant and equipment, net			106
Goodwill			707
Other intangible assets, net			130
Total assets acquired			1,035
LIABILITIES
Notes payable and other short-term debt			8
Accounts payable			22
Other current liabilities			13
Long-term debt			69
Other non-current liabilities			39
Total liabilities assumed			151
Noncontrolling interest			96
Net assets and noncontrolling interest acquired			$	788

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						(3)						898
Inventories, net			398						(3)						395
Prepayments and other current assets			77						(1)						76
Property, plant and equipment, net			1,548						(5)						1,543
Investments and other long-term receivables			103						—						103
Goodwill			710						23						733
Other intangible assets, net			760						—						760
Other non-current assets			359						6						365
Total assets acquired			5,316						17						5,333
LIABILITIES
Notes payable and other short-term debt			2						—						2
Accounts payable			692						1						693
Other current liabilities			609						2						611
Long-term debt			934						—						934
Other non-current liabilities:
Retirement-related			313						—						313
Other non-current liabilities			286						14						300
Total liabilities assumed			2,836						17						2,853
Noncontrolling interest			89						—						89
Net assets and noncontrolling interest acquired			$	2,391					$	—					$	2,391

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

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 goodwill

(in millions)
Air Management			$	151
e-Propulsion & Drivetrain			284
Fuel Injection			—
Aftermarket			298
Total acquisition date goodwill			$	733

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:
Acquisition			707						—						—						707
Measurement period adjustments			—						12						11						23
Other, primarily translation adjustment			(11)						(22)						1						(32)
Ending balance, June 30, 2021			$	1,711					$	1,303					$	311					$	3,325

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Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

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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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Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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