BorgWarner Inc. filed SEC Form 8-K: Other Events, Financial Statements and Exhibits
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 21, 2025
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Item 8.01 Other Events
As BorgWarner Inc. (the “Company”) previously disclosed, most recently in its Quarterly Report on Form 10-Q filed on July 31, 2025, the Company commenced a lawsuit against PHINIA Inc. (“PHINIA”) seeking to recover value added tax (“VAT”) refunds that PHINIA has received or expects to receive from governmental agencies. As of June 30, 2025, the Company had an asset related to these VAT refunds of approximately $120 million, which was included in Receivables, net on the Company’s Condensed Consolidated Balance Sheet. On October 15, 2025, the Company entered into a settlement with PHINIA (the “Settlement”) resolving the dispute and certain other matters relating to the spin-off that established PHINIA as an independent company. Pursuant to the Settlement, PHINIA agreed to pay the Company $78 million. PHINIA paid $31 million immediately upon the Settlement. PHINIA is obligated to pay $21 million in January 2026, and it is obligated to pay the remainder immediately upon collection from governments but no later than December 1, 2026. As a result of the Settlement, in the third quarter of 2025, the Company incurred a net $38 million charge for the reduction of VAT-related receivables, the elimination of certain Company liabilities and related legal fees, which the Company will treat as a noncomparable item not reflective of the Company’s ongoing operations when it presents its earnings results.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following exhibits are being furnished as part of this Report.
Exhibit Number | Description | ||||
| 104 | The cover page from this Current Report on Form 8-K, formatted as Inline XBRL | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BorgWarner Inc. | ||||||||
| Date: October 21, 2025 | By: | /s/ Tonit M. Calaway | ||||||
| Name: Tonit M. Calaway | ||||||||
| Title: Executive Vice President and Secretary | ||||||||