0000000000-17-016648.txt : 20181113
0000000000-17-016648.hdr.sgml : 20181113
20170511160746
ACCESSION NUMBER: 0000000000-17-016648
CONFORMED SUBMISSION TYPE: UPLOAD
PUBLIC DOCUMENT COUNT: 2
FILED AS OF DATE: 20170511
FILED FOR:
COMPANY DATA:
COMPANY CONFORMED NAME: BORGWARNER INC
CENTRAL INDEX KEY: 0000908255
STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714]
IRS NUMBER: 133404508
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: UPLOAD
BUSINESS ADDRESS:
STREET 1: 3850 HAMLIN RD.
CITY: AUBURN HILLS
STATE: MI
ZIP: 48326
BUSINESS PHONE: 2487549200
MAIL ADDRESS:
STREET 1: 3850 HAMLIN RD.
CITY: AUBURN HILLS
STATE: MI
ZIP: 48326
FORMER COMPANY:
FORMER CONFORMED NAME: BORG WARNER AUTOMOTIVE INC
DATE OF NAME CHANGE: 19930628
PUBLIC REFERENCE ACCESSION NUMBER: 0000908255-17-000011
LETTER
1
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filename2.txt
Mail Stop 3561
May 11, 2017
Ronald T. Hundzinski
Vice President and Chief Financial Officer
BorgWarner Inc.
3850 Hamlin Road
Auburn Hills, MI 48326
Re: BorgWarner Inc.
Form 10-K for Fiscal Year Ended December 31, 2016
Filed February 9, 2017
File No. 001-12162
Dear Mr. Hundzinski:
We have reviewed your filing and have the following comment. In our
comment, we ask
you to provide us with information so we may better understand your disclosure.
Please respond to this comment within ten business days by providing the
requested
information or advise us as soon as possible when you will respond. If you do
not believe our
comment applies to your facts and circumstances, please tell us why in your
response.
After reviewing your response to this comment, we may have additional
comments.
Notes to Consolidated Financial Statements
Note 14: Contingencies
Asbestos-related Liability, page 95
1. We note your disclosure that you have made enhancements to the management
and analysis
of asbestos-related claims, including the engagement of new national
coordinating council
and new local counsel panels, outsourcing administration and claims
handling, implementing
improvements in processing, and increasing audits and compliance reviews of
counsel
handling asbestos-related claims. You state that this has resulted in
improvements in both
the quantity and quality of information available and an increased ability
to reasonable
forecast the number of potential future claims that may be asserted.
You also state that you hired a third party consultant in the third quarter
of 2016 to further
assist you in the analysis of potential future asbestos-related claims. It
appears that with the
assistance of this external consultant and the updated data and analysis
resulting from your
claims review process, you determined that your best estimate of the
aggregate liability both
Ronald T. Hundzinski
BorgWarner Inc.
May 11, 2017
Page 2
for asbestos-related claims asserted but not yet resolved and potential
asbestos-related claims
not yet asserted, including an estimate for defense costs, is $879.3
million as of December
31, 2016, which is $770.8 million higher than the prior year.
Please tell us your consideration of accounting for this as a correction of
an error in
previously issued financial statements rather than as a change in estimate.
Refer to ASC 250-
10-20.
We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.
You may contact Patrick Kuhn at (202) 551-3308 or me at (202) 551-3380
with any
questions.
Sincerely,
/s/ Lyn Shenk
Lyn Shenk
Branch Chief
Office of
Transportation and Leisure
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