BORGWARNER INC. BWA Cash Flow

Borgwarner inc. (BWA)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Dec'09	Sep'09	Jun'09	Mar'09
OPERATING
Net earnings
137,000	237,000	207,000	182,000	171,000	248,000	216,000	284,000	237,000	-132,300	194,600	221,100	199,600	195,000	93,100	175,400	173,200	102,900	165,900	157,400	187,700	147,400	173,000	199,900	167,200	149,400	172,900	180,100	148,600	126,600	105,900	126,200	163,700	127,200	146,700	167,300	129,400	115,600	111,500	87,700	81,400	56,600	20,000	-33,900	-6,300
Adjustments to reconcile net earnings to net cash flows from operations:
Deferred income tax (benefit) provision
-5,000	-214,000	-7,000	37,000	-2,000	94,000	-3,000	-42,000	8,000	-81,500	700	18,200	20,600	-7,500	-22,800	-400	23,900	-21,200	4,500	11,900	10,400	-87,100	7,200	22,000	15,600	31,900	1,300	6,700	-17,000	11,100	5,200	16,500	-22,100	25,200	-9,500	3,600	-18,200	92,100	-24,200	-11,900	-3,800	103,800	-6,800	-27,200	-12,100
Stock-based compensation expense
10,000	12,000	13,000	9,000	8,000	15,000	16,000	7,000	15,000	16,500	11,200	11,200	13,100	16,300	7,000	10,700	9,600	9,700	9,900	9,700	10,900	8,000	8,300	8,000	7,800	7,300	6,900	7,200	15,200	15,700	9,900	10,100	21,000	5,400	5,200	6,400	4,800	7,200	5,000	5,700	4,900	4,100	5,400	7,300	5,200
Asset Impairment Charges
9,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of intangible assets and other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,900	7,800	6,000	-	6,700	6,700	6,700	6,900	6,800	7,300	7,400	7,700	8,000	8,200	6,900	7,400	7,400	7,100	6,500	7,200	7,200	6,100	5,800
Restructuring expense, net of cash paid
2,000	16,000	2,000	5,000	7,000	-2,000	4,000	24,000	7,000	23,500	3,500	0	0	0	2,200	9,700	100	16,400	800	11,000	8,100	1,600	5,300	4,600	34,300	48,500	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
112,000	115,000	110,000	107,000	107,000	105,000	108,000	109,000	109,000	106,000	104,900	99,800	97,300	100,200	97,800	99,000	94,400	83,900	78,300	80,900	77,100	104,100	74,900	77,300	74,100	97,000	64,900	69,300	68,200	70,400	63,000	63,000	63,800	65,200	62,000	64,100	60,900	53,300	56,700	57,400	57,100	61,700	58,800	56,800	57,300
Gain on previously held equity interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	10,800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax Reform Adjustments to Provision for Income Taxes
0	0	0	-6,000	22,000	-13,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bond amortization
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	900	4,400	5,200	5,300	5,000	4,800	4,700	4,700	4,500	4,400	-	-	-	-
Equity in affiliates’ earnings, net of dividends received, and other
-4,000	-	13,000	-10,000	6,000	10,000	5,000	-16,000	-11,000	-8,300	-13,300	-900	-9,500	5,300	2,000	-8,600	-15,700	-13,100	9,900	-8,900	-9,800	5,100	10,500	-11,800	-9,000	6,900	-2,200	-10,400	-15,600	8,200	-8,000	-500	-7,400	14,000	-1,500	-8,000	-12,300	12,900	7,500	-7,700	-11,000	3,200	-17,900	-8,400	44,400
Net earnings adjusted for non-cash charges to operations
261,000	360,000	338,000	350,000	319,000	369,000	346,000	366,000	365,000	352,900	301,600	349,400	321,100	294,900	285,800	285,800	285,500	244,500	269,300	262,000	273,600	246,100	286,100	307,800	296,000	275,100	250,500	259,600	206,100	210,000	205,200	258,300	230,800	269,200	216,200	246,600	176,300	174,800	168,600	162,800	139,500	124,600	66,200	48,900	94,300
Changes in assets and liabilities:
Receivables
-152,000	-95,000	-14,000	-5,000	95,000	-68,000	-48,000	-28,000	187,000	-64,000	58,000	-41,400	215,400	-38,700	53,100	-32,700	155,800	-87,700	-5,300	-27,300	202,100	23,000	-40,100	19,300	246,500	-103,600	-25,400	23,500	197,200	-125,300	-80,700	-5,400	167,600	-41,700	36,000	-23,200	179,500	-31,700	39,700	102,400	128,600	12,300	75,200	56,700	-37,600
Inventories
58,000	-20,000	16,000	9,000	31,000	-27,000	18,000	35,000	27,000	14,200	39,600	25,700	5,500	-9,000	31,400	-3,800	17,900	8,200	3,600	10,500	30,600	-11,100	32,800	10,100	7,900	1,800	4,100	-9,700	18,600	-33,200	11,200	7,400	19,900	-8,900	16,500	-2,600	33,600	-6,900	34,700	3,300	47,900	2,900	-10,800	-218,500	83,400
Prepayments and other current assets
8,000	-6,000	2,000	-1,000	23,000	-24,000	9,000	20,000	14,000	-10,100	-4,300	4,700	8,700	-4,900	-4,800	1,400	-500	-900	-6,900	7,400	9,800	-43,200	13,500	14,800	2,200	-25,500	13,000	14,800	11,900	-3,500	3,700	5,000	10,200	-9,700	6,400	-1,500	7,200	-1,800	-9,400	7,200	3,400	-7,700	11,400	-19,800	14,900
Accounts payable and accrued expenses
-96,000	-105,000	30,000	72,000	-120,000	125,000	-95,000	3,000	-109,000	183,200	50,500	15,600	-16,300	148,900	40,300	-10,700	-43,600	76,400	-82,100	-3,700	32,500	54,700	-45,600	50,700	69,300	-52,400	-17,100	47,800	54,800	-25,000	-28,000	29,900	-4,000	-31,800	59,500	16,500	8,800	4,900	-13,000	75,300	102,200	74,400	70,400	8,400	-54,300
Prepaid taxes and income taxes payable
8,000	-23,000	9,000	18,000	-12,000	-31,000	-1,000	-56,000	3,000	-24,900	2,100	-3,700	-16,500	18,900	-31,400	24,100	-25,800	20,700	-6,200	27,900	-7,800	1,900	6,400	-6,100	-30,900	-4,100	1,600	200	-27,700	19,200	17,400	9,800	-1,500	-24,500	11,800	5,800	-8,500	-5,300	7,000	25,500	10,100	-5,600	4,800	-9,900	3,800
Other assets and liabilities
-4,000	-3,000	16,000	10,000	-2,000	12,000	20,000	16,000	-4,000	15,000	36,200	33,400	-1,600	72,700	-15,900	6,500	8,500	24,300	38,700	9,000	23,100	78,400	20,700	28,400	31,400	141,900	28,500	-4,700	-10,800	30,100	27,900	11,700	-3,200	38,100	5,100	5,200	-2,300	-11,400	-6,800	6,500	7,800	61,200	13,100	74,800	-36,500
Net cash provided by operating activities
263,000	184,000	357,000	427,000	40,000	570,000	251,000	270,000	35,000	556,100	224,700	338,900	60,300	442,600	230,900	327,800	34,400	397,700	150,900	286,600	32,700	255,600	220,000	279,800	46,400	204,000	214,800	283,700	16,300	336,100	232,500	279,300	30,800	235,100	223,500	291,000	-41,400	226,200	104,400	144,200	64,100	124,700	52,500	105,800	68,000
INVESTING
Capital expenditures, including tooling outlays
117,000	135,000	102,000	127,000	117,000	152,000	125,000	109,000	160,000	170,300	135,500	123,300	130,900	145,800	120,100	130,400	104,300	158,500	133,800	145,000	140,000	165,100	140,600	131,100	126,200	119,900	103,100	107,400	87,400	124,400	94,600	93,400	95,000	119,600	114,200	89,700	70,200	88,800	80,400	52,100	55,300	44,800	38,900	49,700	38,600
Proceeds from stock options exercised, including the tax benefit
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,400	3,400	9,400	-	5,300	8,600	11,400	2,100	1,700	1,200	47,000	9,300	5,500	10,300	27,900	26,700	16,700	8,600	15,100	2,900	3,200	2,100	500
Taxes paid on employees' restricted stock award vestings
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	100	1,200	22,200	-	200	1,800	27,200	300	200	100	17,500	0	0	1,900	12,500	0	0	0	0	-	-	-	-
Payments to Acquire Businesses, Net of Cash Acquired
2,000	0	0	0	10,000	0	0	0	0	-	-	-	-	-	-	-	0	1,187,000	0	0	12,600	4,100	0	0	106,400	0	0	0	0	-	-	-	-	0	0	0	203,700	0	0	164,700	0	-	-	-	-
Proceeds from sale of business
-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	55,200	0	1,600	22,900	0	2,100	0	0	0	0	5,000	-	-	-	-
Payments for (Proceeds from) Hedge, Investing Activities
-1,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of business, net of cash divested
0	0	0	1,000	23,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payments for investments in equity securities
0	1,000	4,000	47,000	1,000	2,000	1,000	2,000	1,000	1,000	0	500	1,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from asset disposals and other, net
2,000	13,000	-3,000	0	-1,000	41,000	0	-5,000	0	6,600	-600	-1,300	300	17,600	-1,200	-4,700	-1,100	1,300	900	1,700	800	5,200	1,200	500	1,500	10,200	7,100	1,900	13,800	1,500	1,400	1,500	1,000	1,000	1,400	-600	6,100	1,400	1,500	1,900	2,000	2,600	6,800	8,500	5,200
Net cash used in investing activities
-120,000	-109,000	-103,000	-173,000	-104,000	-121,000	-126,000	-106,000	-161,000	-181,300	-315,500	-122,500	-132,700	-61,800	-113,500	-125,700	-103,200	-1,331,100	-132,900	-143,300	-151,800	-164,000	-139,400	-130,600	-231,100	-109,700	-96,000	-105,500	-73,600	-122,900	-38,000	-91,900	-92,400	-95,700	-112,800	-88,200	-267,800	-87,400	-78,900	-214,900	-48,300	-40,600	-32,100	-48,700	-33,400
FINANCING
Net decrease in notes payable
-	-	-	-	-	-4,000	-31,000	-117,000	118,000	-212,900	156,900	-106,400	74,400	-180,700	-13,600	45,500	19,700	214,300	8,000	-26,700	-512,300	123,300	65,400	193,200	111,300	-58,700	-63,100	88,400	-11,000	-21,900	44,100	2,300	-11,700	38,200	-7,600	-5,300	42,300	-24,800	-72,800	53,900	13,900	-5,400	-22,200	-157,300	70,200
Additions to long-term debt, net of debt issuance costs
13,000	18,000	15,000	19,000	11,000	39,000	1,000	7,000	12,000	3,000	0	0	0	-	-	-	-	541,700	11,600	3,100	1,012,800	22,700	10,000	-2,200	100,000	17,500	106,300	4,700	161,000	0	13,900	108,600	191,400	6,700	4,000	147,200	206,700	10,300	361,900	0	0	0	0	361,600	20,000
Repayments of debt, including current portion
14,000	150,000	15,000	13,000	26,000	51,000	1,000	4,000	10,000	5,500	2,000	6,100	6,400	177,000	7,300	600	8,700	7,400	6,900	12,400	3,100	8,900	2,500	320,100	100,100	100	100	61,200	15,600	42,800	107,400	-3,700	99,900	112,800	56,600	135,800	3,900	800	104,100	8,700	2,500	1,800	4,700	21,300	136,700
Proceeds from interest rate swap termination
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	30,000
Payments for noncontrolling interest acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	700	2,600	12,200
Payments for purchase of treasury stock
0	0	0	33,000	67,000	0	40,000	55,000	55,000	0	15,300	53,700	31,000	38,000	66,200	104,300	79,500	219,500	67,400	29,200	33,700	49,900	65,000	25,000	0	0	75,000	100,600	49,900	95,600	0	200,300	0	88,800	0	86,900	181,900	128,400	42,500	154,800	0	-	-	-	-
Payments for stock-based compensation items
-12,000	0	0	-1,000	-14,000	0	0	-1,000	-14,000	100	-200	-600	-1,300	5,800	4,200	4,300	-7,600	1,700	1,600	2,000	-1,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid to BorgWarner stockholders
35,000	35,000	35,000	35,000	35,000	36,000	35,000	35,000	36,000	35,500	29,400	29,400	29,700	29,600	27,600	28,000	28,200	28,800	29,200	29,300	29,400	29,300	30,000	28,400	28,400	28,300	28,500	0	0	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	13,800
Dividends paid to noncontrolling stockholders
14,000	5,000	-1,000	2,000	22,000	8,000	2,000	7,000	18,000	6,400	1,900	-100	21,800	4,200	2,200	3,000	20,500	4,900	300	2,200	15,900	700	1,600	4,800	14,000	2,600	1,700	0	9,000	1,400	6,100	2,400	12,000	3,800	900	9,200	0	2,700	400	2,800	5,000	100	400	3,700	4,600
Net cash used in financing activities
-62,000	-172,000	-30,000	-65,000	-153,000	-60,000	-108,000	-212,000	-3,000	-256,800	108,100	-198,500	-15,800	-423,700	-99,200	-86,100	-124,800	497,100	-82,600	-94,700	416,800	-52,200	-20,400	-185,100	56,000	-76,200	-57,000	-61,900	59,700	-137,500	-61,400	-87,000	97,300	-151,200	-85,000	-62,100	78,600	-119,700	188,800	-103,800	21,500	12,600	-24,800	103,600	-46,600
Effect of exchange rate changes on cash
-12,000	13,000	-18,000	4,000	-5,000	-12,000	-17,000	0	-6,000	12,400	9,900	10,800	2,900	-32,100	5,500	-13,300	8,200	-19,300	-10,000	23,800	-60,000	-24,400	-48,800	-800	-2,700	1,000	41,600	5,300	-22,700	18,500	6,500	-15,400	1,600	-5,600	-21,100	8,800	3,600	-1,400	30,400	-12,100	-20,600	1,900	6,300	5,400	-600
Net increase (decrease) in cash
69,000	-84,000	206,000	193,000	-222,000	377,000	0	-48,000	-135,000	130,400	27,200	28,700	-85,300	-75,000	23,700	102,700	-185,400	-455,600	-74,600	72,400	237,700	15,000	11,400	-36,700	-131,400	19,100	103,400	121,600	-20,300	94,200	139,600	85,000	37,300	-17,400	4,600	149,500	-227,000	17,700	244,700	-186,600	16,700	98,600	1,900	166,100	-12,600
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for:
Interest
29,000	14,000	25,000	7,000	26,000	17,000	28,000	8,000	31,000	19,900	31,800	8,400	31,900	26,800	28,700	15,500	29,300	14,400	31,000	12,000	12,800	11,900	12,300	7,200	18,100	12,800	12,700	12,600	12,300	12,300	12,800	18,700	13,200	19,300	12,900	23,700	12,600	18,900	9,200	19,200	6,100	18,300	6,500	32,600	11,400
Income taxes, net of refunds
43,000	95,000	59,000	21,000	68,000	49,000	81,000	106,000	80,000	60,100	67,900	73,500	78,500	54,400	102,400	59,300	84,400	55,800	52,200	25,800	50,000	52,400	52,500	52,000	72,800	55,300	54,800	48,300	94,500	36,900	34,700	39,900	47,400	58,900	38,600	29,200	48,800	37,800	20,000	10,800	14,500	19,200	22,500	19,500	-900
Liabilities assumed from business acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	3,200	0	0	0	0	-	-	-	-	-	0	0	5,300	-	0	0	0	-	-	-	-
Non-cash financing transactions [Abstract]
Debt assumed from business acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	7,000	33,300	0	0	0	0	-	-	-	-	-	0	0	5,900	-	-	-	-	-	-	-	-
Restricted common stock, issued to employees and nonemployees
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,800	-	-	-	-
Performance share plans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,100	-	1,000	2,600	1,500