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INTERIM FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations Related to the Spin-Off | The following table summarizes the assets and liabilities from discontinued operations of PHINIA.
(in millions) |  |  | December 31, 2022
ASSETS |  |  |
Cash, cash equivalents and restricted cash |  |  | $ | 255 |
Receivables, net |  |  | 852 |
Inventories, net |  |  | 470 |
Prepayments and other current assets |  |  | 39 |
Total current assets of discontinued operations |  |  | $ | 1,616 |
Property, plant and equipment, net |  |  | 939 |
Investments and long-term receivables |  |  | 77 |
Goodwill |  |  | 419 |
Other intangible assets, net |  |  | 432 |
Other non-current assets |  |  | 179 |
Total non-current assets of discontinued operations |  |  | $ | 2,046 |
LIABILITIES |  |  |
Notes payable and other short-term debt |  |  | $ | 2 |
Accounts payable |  |  | 538 |
Other current liabilities |  |  | 406 |
Total current liabilities of discontinued operations |  |  | $ | 946 |
Long-term debt |  |  | 26 |
Retirement-related liabilities |  |  | 94 |
Other non-current liabilities |  |  | 175 |
Total non-current liabilities of discontinued operations |  |  | $ | 295 |
The following table summarizes the financial results from discontinued operations of PHINIA.
(in millions) | Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Net sales | $ | 1,723 |  |  | $ | 3,348 |  |  | $ | 3,227 |
Cost of sales | 1,362 |  |  | 2,616 |  |  | 2,545 |
Gross profit | 361 |  |  | 732 |  |  | 682 |
Selling, general and administrative expenses | 173 |  |  | 320 |  |  | 375 |
Restructuring expense | 7 |  |  | 11 |  |  | 55 |
Other operating expense, net | 132 |  |  | 36 |  |  | 15 |
Operating (loss) income | 49 |  |  | 365 |  |  | 237 |
Equity in affiliates’ earnings, net of tax | (5) |  |  | (10) |  |  | (6) |
Interest expense, net | — |  |  | 1 |  |  | 2 |
Other postretirement expense (income) | — |  |  | (31) |  |  | (38) |
Earnings from discontinued operations before income taxes | 54 |  |  | 405 |  |  | 279 |
Provision for income taxes | 61 |  |  | 97 |  |  | 85 |
Net (loss) earnings from discontinued operations attributable to PHINIA | $ | (7) |  |  | $ | 308 |  |  | $ | 194 |
The table presents recast financial information reflecting the presentation of discontinued operations related to the Spin-Off:
(in millions, except per share amounts) | 2023 |  | 2022
Quarter ended | Mar-31 |  | Jun-30 |  | Sep-30 |  | Dec-31 |  | Year |  | Mar-31 |  | Jun-30 |  | Sep-30 |  | Dec-31 |  | Year
Net sales | $ | 3,383 |  |  | $ | 3,671 |  |  | $ | 3,622 |  |  | $ | 3,522 |  |  | $ | 14,198 |  |  | $ | 3,079 |  |  | $ | 3,013 |  |  | $ | 3,226 |  |  | $ | 3,317 |  |  | $ | 12,635 |
Gross profit | 578 |  |  | 679 |  |  | 652 |  |  | 659 |  |  | 2,568 |  |  | 575 |  |  | 548 |  |  | 607 |  |  | 639 |  |  | 2,369 |
Operating income | 273 |  |  | 334 |  |  | 272 |  |  | 281 |  |  | 1,160 |  |  | 270 |  |  | 209 |  |  | 265 |  |  | 265 |  |  | 1,009 |
Amounts attributable to BorgWarner Inc.: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings from continuing operations | $ | 166 |  |  | $ | 230 |  |  | $ | 87 |  |  | $ | 149 |  |  | $ | 632 |  |  | $ | 130 |  |  | $ | 161 |  |  | $ | 173 |  |  | $ | 172 |  |  | $ | 636 |
Net earnings (loss) from discontinued operations | 51 |  |  | (26) |  |  | (37) |  |  | 5 |  |  | (7) |  |  | 70 |  |  | 54 |  |  | 102 |  |  | 82 |  |  | 308 |
Net earnings attributable to BorgWarner Inc. | $ | 217 |  |  | $ | 204 |  |  | $ | 50 |  |  | $ | 154 |  |  | $ | 625 |  |  | $ | 200 |  |  | $ | 215 |  |  | $ | 275 |  |  | $ | 254 |  |  | $ | 944 |
Earnings per share from continuing operations — basic | $ | 0.72 |  |  | $ | 0.99 |  |  | $ | 0.37 |  |  | $ | 0.64 |  |  | $ | 2.71 |  |  | $ | 0.55 |  |  | $ | 0.68 |  |  | $ | 0.74 |  |  | $ | 0.74 |  |  | $ | 2.70 |
Earnings per share from discontinued operations — basic | $ | 0.21 |  |  | $ | (0.11) |  |  | $ | (0.16) |  |  | $ | 0.02 |  |  | $ | (0.03) |  |  | $ | 0.29 |  |  | $ | 0.23 |  |  | $ | 0.43 |  |  | $ | 0.35 |  |  | $ | 1.31 |
Earnings per share attributable to BorgWarner Inc. — basic 1 | $ | 0.93 |  |  | $ | 0.87 |  |  | $ | 0.21 |  |  | $ | 0.67 |  |  | $ | 2.68 |  |  | $ | 0.84 |  |  | $ | 0.91 |  |  | $ | 1.17 |  |  | $ | 1.09 |  |  | $ | 4.01 |
Earnings per share from continuing operations — diluted | $ | 0.72 |  |  | $ | 0.97 |  |  | $ | 0.37 |  |  | $ | 0.64 |  |  | $ | 2.70 |  |  | $ | 0.54 |  |  | $ | 0.68 |  |  | $ | 0.73 |  |  | $ | 0.73 |  |  | $ | 2.69 |
Earnings per share from discontinued operations — diluted | $ | 0.21 |  |  | $ | (0.10) |  |  | $ | (0.16) |  |  | $ | 0.02 |  |  | $ | (0.03) |  |  | $ | 0.30 |  |  | $ | 0.23 |  |  | $ | 0.42 |  |  | $ | 0.36 |  |  | $ | 1.30 |
Earnings per share attributable to BorgWarner Inc. — diluted 1 | $ | 0.93 |  |  | $ | 0.87 |  |  | $ | 0.21 |  |  | $ | 0.66 |  |  | $ | 2.67 |  |  | $ | 0.84 |  |  | $ | 0.91 |  |  | $ | 1.15 |  |  | $ | 1.09 |  |  | $ | 3.99 |
_____________________________ 1 Due to the use of quarterly weighted average shares outstanding for computing earnings per share, the sum of the quarterly per share amounts may not equal the per share amount for the year.

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