BorgWarner settles VAT refund dispute with PHINIA for $78M; records $38M Q3 charge

BORGWARNER INC

PHINIA pays $78M total; $31M immediate, $21M due Jan 2026, remainder upon government collection by Dec 1, 2026.
BorgWarner had $120M VAT refund asset at June 30, 2025, reduced by settlement terms.
Net $38M charge in Q3 2025 from lower VAT receivables, liability elimination, and legal fees.
Charge treated as noncomparable item not reflective of ongoing operations.

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