<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
[X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED 1995 or
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
COMMISSION FILE NUMBER 33-75566
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Borg-Warner Retirement Savings Plan, Blytheville Plant as Amended and
Restated
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Borg-Warner Automotive, Inc.
200 South Michigan Avenue
Chicago, Illinois 60604
REQUIRED INFORMATION
ITEM 4.
Financial Statements as of December 31, 1995 and 1994 and for the Year
Ended December 31, 1995 and Supplemental Schedule as of December 31, 1995 and
Independent Auditors' Report
Pursuant to the requirements of the Securities Exchange Act of 1934, the
trustees have duly caused this annual report to be signed on its behalf by the
undersigned thereunto duly authorized.
<PAGE> 2
BORG-WARNER RETIREMENT SAVINGS PLAN,
BLYTHEVILLE PLANT
FINANCIAL STATEMENTS AS OF
DECEMBER 31, 1995 AND 1994 AND FOR THE
YEAR ENDED DECEMBER 31, 1995 AND
SUPPLEMENTAL SCHEDULE AS OF
DECEMBER 31, 1995 AND
INDEPENDENT AUDITORS' REPORT
<PAGE> 3
BORG-WARNER RETIREMENT SAVINGS PLAN, BLYTHEVILLE PLANT
TABLE OF CONTENTS
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAGE
<S> <C>
INDEPENDENT AUDITORS' REPORT 1
FINANCIAL STATEMENTS:
Statements of Net Assets Available for Benefits,
December 31, 1995 and 1994 2
Statement of Changes in Net Assets Available for Benefits,
Year Ended December 31, 1995 3
Notes to Financial Statements,
Years Ended December 31, 1995 and 1994 4-12
SUPPLEMENTAL SCHEDULE:
Item 27a - Schedule of Assets Held for Investment Purposes, December 31, 1995 13
</TABLE>
(Supplemental schedules not listed are omitted due to the absence of conditions
under which they are required.)
<PAGE> 4
INDEPENDENT AUDITORS' REPORT
Borg-Warner Retirement Savings Plan,
Blytheville Plant:
We have audited the accompanying statements of net assets available for
benefits of the Borg-Warner Retirement Savings Plan, Blytheville Plant as of
December 31, 1995 and 1994, and the related statement of changes in net assets
available for benefits for the year ended December 31, 1995. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the Plan's financial statements referred to above present
fairly, in all material respects, the net assets available for benefits as of
December 31, 1995 and 1994, and the changes in net assets available for benefits
for the year ended December 31, 1995 in conformity with generally accepted
accounting principles.
Our audits were made for the purpose of forming an opinion on the
financial statements taken as a whole. The supplemental schedule of assets
held for investment purposes as of December 31, 1995 is presented for the
purpose of additional analysis and is not a required part of the basic
financial statements, but is supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental schedule
has been subjected to the auditing procedures applied in the audit of the basic
1995 financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ DELOITTE & TOUCHE LLP
- -------------------------
DELOITTE & TOUCHE LLP
Chicago, Illinois
June 26, 1996
<PAGE> 5
BORG-WARNER RETIREMENT SAVINGS PLAN,
BLYTHEVILLE PLANT
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
DECEMBER 31, 1995 AND 1994
(IN THOUSANDS OF DOLLARS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NET ASSETS 1995 1994
<S> <C> <C>
INVESTMENT IN MASTER TRUST $2,853 $1,945
------------- --------------
NET ASSETS AVAILABLE FOR BENEFITS $2,853 $1,945
============= ==============
See notes to financial statements.
</TABLE>
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<PAGE> 6
BORG-WARNER RETIREMENT SAVINGS PLAN,
BLYTHEVILLE PLANT
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
YEAR ENDED DECEMBER 31, 1995
(In Thousands of Dollars)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ADDITIONS TO NET ASSETS ATTRIBUTED TO:
Investment income from Master Trust $ 531
Contributions from participants 256
Contributions from the Company 279
Transfers from other Borg-Warner Automotive, Inc. Plans 77
--------
Total additions 1,143
--------
DEDUCTIONS FROM NET ASSETS ATTRIBUTED TO:
Participants' withdrawals 204
Miscellaneous expense 31
--------
Total deductions 235
--------
NET INCREASE 908
NET ASSETS AVAILABLE FOR BENEFITS - Beginning of year 1,945
--------
NET ASSETS AVAILABLE FOR BENEFITS - End of year $2,853
========
</TABLE>
See notes to financial statements.
- 3 -
<PAGE> 7
BORG-WARNER RETIREMENT SAVINGS PLAN, BLYTHEVILLE PLANT
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1995 AND 1994
- --------------------------------------------------------------------------------
1. DESCRIPTION OF PLAN
Borg-Warner Automotive, Inc. (the "Company") established the Borg-Warner
Automotive, Inc. Retirement Savings Master Trust (the "Master Trust") with
Putnam Fiduciary Trust, Boston, Massachusetts on April 1, 1994, pursuant to
the Benefits Agreement entered into in accordance with the January 27, 1993
distribution of the Company's stock to the stockholders of its then parent
company, Borg-Warner Security Corporation ("BW-Security"). The BW-Security
Master Trust (the "Prior Master Trust") was originally established on April
5, 1988 while the Company was a wholly owned subsidiary of BW-Security with
eligible employees participating in the Prior Master Trust through the
Borg-Warner Retirement Savings Plan, Blytheville Plant (the "Plan").
The Plan was established on January 1, 1992 as a participant in the Prior
Master Trust. Effective May 31, 1994, the Prior Master Trust transferred to
the Master Trust assets equal to participant balances in the Plan under
the Prior Master Trust as of March 31, 1994 pursuant to the Benefits
Agreement.
The Plan is a defined contribution plan under section 401(a) of the Internal
Revenue Code designed to provide eligible employees with systematic savings
and tax-advantaged long-term savings for retirement. Borg-Warner Automotive
Control Systems Corporation Blytheville Plant (the "Blytheville Plant"),
formerly Borg-Warner Automotive Electronic & Mechanical Systems Corporation,
Blytheville Plant, is the Plan sponsor. The Blytheville Plant has assigned
the Retirement Savings Plan Committee (the "Committee") to oversee the Plan
and the Master Trust. The Committee has appointed Putnam Investor Services,
Inc. and Putnam Fiduciary Trust to perform the administrative, investment,
and trustee services for the Plan and the Master Trust.
A complete description of the Plan procedures and provisions is contained in
the Plan document. Significant Plan features include:
ELIGIBILITY - Employees of the Blytheville Plant may participate in the Plan
if they have been employed for at least six consecutive months.
PARTICIPANT'S ACCOUNT - A Retirement Savings Plan account is established for
each participant in the Plan. The participants' account consists of the
following:
Company Retirement Account - The Company makes contributions to this account
on behalf of each eligible participant based on the participant's
compensation, years of vested service, and age. No employee contributions
are made to this account.
Employee Retirement Account - Participants may voluntarily contribute from
one to three percent of their compensation to this account. The Company
makes contributions equal to 100 percent of participant contributions to
this account.
Savings Account - Participants may voluntarily contribute an additional one
to ten percent of their compensation to this account. No Company
contributions are made to this account.
Retiree Health Account - Participants may voluntarily contribute from
one to three percent of their compensation to this account. The Company
makes contributions equal to 100 percent of participants' contributions to
this account, up to $400 per year.
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<PAGE> 8
CONTRIBUTIONS TO THE PLAN - For the year ended December 31, 1995, the
Company made contributions to the Company Retirement Account for all
eligible employees as a percentage of compensation based on years of vested
service as follows:
<TABLE>
<CAPTION>
YEARS OF PERCENTAGE
VESTED SERVICE OF COMPENSATION
<S> <C>
Less than or equal to 10 years 1.5 %
Greater than 10 but less than or equal to 20 years 2.5 %
Greater than 20 years 3.5 %
</TABLE>
If an employee (i) was a participant in the Blytheville Plant, Borg-Warner
Automotive, Inc., Blytheville, Arkansas Hourly Employees' Pension Plan on
June 30, 1989, (ii) attained age 40 as of June 30, 1989, and (iii) was
eligible to receive contributions to the Company Retirement Account as of
July 1, 1989, the Company makes additional contributions to the Company
Retirement Account as follows:
<TABLE>
<CAPTION>
ATTAINED AGE AS OF ADDITIONAL COMPANY
JUNE 30, 1989 RETIREMENT CONTRIBUTION
<S> <C>
40 but less than 50 years of age 0.5% of compensation
50 and over 1.5% of compensation
</TABLE>
MASTER TRUST - Participants may elect to invest their Company
Retirement Account, Employee Retirement Account, Savings Account and Retiree
Health Account in one or more of the funds of the Master Trust maintained by
Putnam Fiduciary Trust, other than the pending account and loan fund which
are not fund elections available to participants. The funds of the Master
Trust are as follows:
Investment Contracts Fund - Invests in investment contracts with either
highly rated insurance companies or major banks and also in short-term
investments which provide liquidity.
Putnam Voyager Fund - Invests a significant portion of its assets in
securities of smaller and newer issuers. The fund may borrow money to
purchase additional portfolio securities. The fund also trades
securities for short-term profits.
Putnam S&P 500 Index Fund - Invests primarily in publicly traded
common stocks either directly or through collective investment trusts
having a similar investment objective. A small portion of the fund's
assets are invested in high-quality money market instruments and
financial futures contracts.
Putnam U.S. Government Bond Fund - Invests exclusively in
securities backed by the full faith and credit of the United States
Government, repurchase agreements, and forward committments with respect
to such securities. Effective December 29, 1995, the Master Trust
discontinued this fund as an investment option and participants'
investments in this fund were transfered to other participant elected
investment options. No balance existed in this fund at December 31,
1995.
The George Putnam Fund of Boston - Invests in a well-diversified
portfolio of stocks and bonds.
Borg-Warner Automotive, Inc. Stock Fund - Invests in the common stock of
Borg-Warner Automotive, Inc.
- 5 -
<PAGE> 9
Putnam Income Fund- Invests primarily in quality corporate and government
bonds that pay a rate of interest in regularly scheduled payments. The
fund became an eligible investment option in the Master Trust effective
October 1, 1995.
Loan Fund - Invests in plan participant loans. Participant borrowings
increase the Fund balance and principal repayments decrease the Fund
balance with proceeds reinvested in participant directed fund investment
elections. The Loan Fund does not share in the dividends, earnings, and
gains of the Master Trust.
Pending Account - Represents (1) forfeitures of nonvested account
balances until applied against future Company contributions; (2) proceeds
from the sale of assets prior to distribution to the newly elected
investment fund.
Participant interests in each of the funds are accounted for in units of
value. The following is a summary by fund of the number of units and net
asset value per unit:
<TABLE>
<CAPTION>
DECEMBER 31, 1995
NUMBER NET ASSET
OF VALUE
UNITS PER UNIT
<S> <C> <C>
Investment Contracts Fund 779,725 $1.00
Putnam Voyager Fund 44,704 15.34
Putnam S&P 500 Index Fund 22,489 13.88
The George Putnam Fund of Boston 49,420 15.52
Borg-Warner Automotive, Inc. Stock Fund 8,434 32.00
Putnam Income Fund 1,574 7.23
</TABLE>
<TABLE>
<CAPTION>
DECEMBER 31, 1994
NUMBER NET ASSET
OF VALUE
UNITS PER UNIT
<S> <C> <C>
Investment Contracts Fund 647,630 $1.00
Putnam Voyager Fund 29,965 11.56
Putnam S&P 500 Index Fund 19,952 10.12
Putnam U.S. Government Bond Fund 9,582 12.20
The George Putnam Fund of Boston 34,092 12.93
Borg-Warner Automotive, Inc. Stock Fund 7,202 25.12
</TABLE>
Contributions to, and earnings of, each fund are invested in appropriate
holdings on a timely basis. All purchases of Borg-Warner Automotive, Inc.
stock are made on the open market.
VESTING - Fund assets attributable to voluntary participant contributions
are fully vested at all times. Fund assets attributable to Company
contributions vest 100 percent upon completion of five years of
- 6 -
<PAGE> 10
vested service, or upon permanent disability, death or attaining age 65
provided, however, the participant is employed by the Company on that date.
WITHDRAWALS - While participants are actively employed, no withdrawals
may be made from either the Company Retirement Account, the Employee
Retirement Account or the Retiree Health Account. Withdrawals may be made
from the Savings Account at the participants' option subject to certain
limitations. Upon termination of employment, participants may elect an
immediate or future distribution of the participants' vested account
balances as permitted by the Plan subject to ERISA regulations.
LOANS - Participants may borrow up to 50% of their Savings Account balance
with a minimum of $500 and a maximum of $50,000 limited to a single loan
outstanding at any time. Loan terms range from six months to five years,
with interest charged at the rate established by the trustee for similar
loans on the origination date. No loans are permitted from the Company
Retirement Account, the Employee Retirement Account or the Retiree Health
Account.
PRIORITIES UPON TERMINATION - Although the Company has not expressed any
intent to discontinue the Plan, it may do so at any time. In the event of
termination, the interests of the affected participants shall become fully
vested. The Plan assets then remaining shall be used to pay administrative
expenses and benefits equal to the balance in the participants' accounts.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
INVESTMENTS - The Investment Contracts Fund of the Master Trust is
stated at cost plus interest earned to date (i.e., contract value) as
reported by the Trustee. The contract value of the Investment Contract Fund
approximates the fair value. The average yield for the Investment Contracts
Fund was 6.9% for the years ended December 31, 1995 and 1994. The
Investment Contracts Fund is fully benefit responsive. Investments in all
other funds are stated at market value as reported by the Trustee.
ESTIMATES - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of net assets
available for benefits as of the date of the financial statements and the
reported amounts of changes in net assets available for benefits during the
reporting period. Actual results could differ from those estimates.
MISCELLANEOUS EXPENSES - Transfer taxes and brokerage expenses attributable
to the Master Trust assets are charged to the applicable fund. Any other
expenses incurred in respect of Master Trust income or property are charged
to the accounts of the participants, where applicable, or are paid in such
manner as the Company determines.
BENEFITS PAYABLE - In accordance with the AICPA Audit and Accounting
Guide, Audits of Employee Benefit Plans, the Plan does not record benefits
payable to participants who have withdrawn from the plan. As of December
31, 1995, no benefits were due to participants withdrawn from the Plan.
RECLASSIFICATIONS - Certain 1994 amounts have been reclassified to conform
with the 1995 presentation.
- 7 -
<PAGE> 11
3. TAX STATUS
The Plan obtained a determination letter on April 6, 1995 in which the
Internal Revenue Service stated that the Plan was, as then designed, in
compliance with applicable requirements of the Internal Revenue Code. The
Plan's management believes it is currently designed and is operated in
accordance with the applicable rules and regulations of the Internal Revenue
Code; therefore, no provision for income taxes has been made in the Plan's
financial statements.
4. FUND INFORMATION
Fair value of Plan investments in the Master Trust as of December 31,
1995 and 1994, investment income from Master Trust, contributions from
participants, contributions from the Company, and participants' withdrawals
are as follows:
<TABLE>
<CAPTION>
DECEMBER 31,
1995 1994
<S> <C> <C>
Fair Value of Plan investments (in thousands):
Investment Contracts Fund 780* $ 648*
Putnam Voyager Fund 686* 346*
Putnam S&P 500 Index Fund 312* 202*
Putnam U.S. Government Bond Fund 117*
The George Putnam Fund of Boston 767* 441*
Borg-Warner Automotive, Inc. Stock Fund 270* 181*
Putnam Income Fund 11
Loan Fund 27 10
------- -------
Total $ 2,853 $ 1,945
======= =======
*Represent 5% or more of Plan Assets.
</TABLE>
<TABLE>
<CAPTION>
Investment income from Master Trust, for the year ended December 31, 1995 (in thousands):
<S> <C>
Investment Contracts Fund $ 48
Putnam Voyager Fund 167
Putnam S&P 500 Index Fund 82
Putnam U.S. Government Bond Fund 21
The George Putnam Fund of Boston 149
Borg-Warner Automotive, Inc. Stock Fund 62
Pending Account 2
------
Total $ 531
======
</TABLE>
- 8 -
<PAGE> 12
Contributions from participants, for the year ended December 31, 1995 (in
thousands):
<TABLE>
<S> <C>
Investment Contracts Fund $ 61
Putnam Voyager Fund 61
Putnam S&P 500 Index Fund 24
Putnam U.S. Government Bond Fund 19
The George Putnam Fund of Boston 65
Borg-Warner Automotive, Inc. Stock Fund 26
------
Total $ 256
======
</TABLE>
Contributions from the Company, for the year ended December 31, 1995 (in
thousands):
<TABLE>
<S> <C>
Investment Contracts Fund $ 65
Putnam Voyager Fund 65
Putnam S&P 500 Index Fund 28
Putnam U.S. Government Bond Fund 18
The George Putnam Fund of Boston 75
Borg-Warner Automotive, Inc. Stock Fund 28
------
Total $ 279
======
</TABLE>
Particpants' withdrawals, for the year ended December 31, 1995
(in thousands):
<TABLE>
<S> <C>
Investment Contracts Fund $ 39
Putnam Voyager Fund 17
Putnam S&P 500 Index Fund 22
Putnam U.S. Government Bond Fund 22
The George Putnam Fund of Boston 99
Borg-Warner Automotive, Inc. Stock Fund 5
-------
Total $ 204
=======
</TABLE>
5. MASTER TRUST
The plans participating in the Master Trust are the Borg-Warner
Automotive, Inc. Retirement Savings Plan ("BWARSP"), the Ithaca Retirement
Savings Plan ("IRSP"), the Borg-Warner Retirement Savings Plan, Dixon Plant
("DRSP"), the Borg-Warner Retirement Savings Plan, Blytheville Plant
("BRSP"), the Borg-Warner Automotive Diversified Transmission Products
Corporation, Muncie Plant Retirement Savings Plan ("MRSP"), the Borg-Warner
Automotive Diversified Transmission Products Corporation, Muncie Plant,
Local 287 Retirement Investment Plan ("MRIP"), the Borg-Warner Automotive
Automatic Transmission Systems Corporation, Coldwater Plant Retirement
Savings Plan ("CRSP"), the Borg-Warner Automotive Automatic Transmission
Systems Corporation, Sterling Heights Plant Savings Plan ("SHSP"), the
Borg-Warner Automotive Automatic Transmission Systems Corporation, Plymouth
Plant Retirement Savings Plan ("PRSP"), and the Borg-Warner Automotive
Automatic Transmission Systems Corporation, Romulus Plant Retirement Savings
Plan ("RRSP").
- 9 -
<PAGE> 13
Each plan's interest in the net assets of the Master Trust as of December
31, 1995 and 1994 is as follows:
<TABLE>
<CAPTION>
PERCENT OF MASTER TRUST NET ASSETS
DECEMBER 31, 1995
- -----------------------------------------------------------------------------------------------------------------------------
NAME INVESTMENT PUTNAM PUTNAM THE GEORGE BORG-WARNER PUTNAM
OF CONTRACTS VOYAGER S&P 500 PUTNAM FUND AUTOMOTIVE, INC. INCOME LOAN PENDING TOTAL
PLAN FUND FUND INDEX FUND OF BOSTON STOCK FUND FUND FUND ACCOUNT PLAN
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BWARSP 26.94 % 20.70 % 8.10 % 19.68 % 3.37 % 0.77% 0.73 % 0.11% 80.40 %
IRSP 1.72 1.28 0.48 1.20 0.42 0.01 0.06 0.00 5.17
DRSP 0.50 0.42 0.08 0.37 0.13 0.00 0.01 0.00 1.51
BRSP 0.23 0.21 0.09 0.23 0.08 0.00 0.01 0.00 0.85
MRSP 0.09 0.31 0.13 0.32 0.07 0.00 0.04 0.00 0.96
MRIP 1.41 3.84 1.23 3.99 0.10 0.17 0.04 0.01 10.79
SHSP 0.02 0.02 0.01 0.03 0.02 0.00 0.00 0.00 0.10
CRSP 0.01 0.02 0.02 0.02 0.01 0.00 0.00 0.00 0.08
RRSP 0.01 0.03 0.01 0.02 0.03 0.00 0.00 0.00 0.10
PRSP 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.04
------- ------- ------- ------- ------- ------- ------- ------- -------
Total by
fund 30.94% 26.84% 10.16% 25.87% 4.23% 0.95% 0.89% 0.12% 100.00%
======= ======= ======= ======= ======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
PERCENT OF MASTER TRUST NET ASSETS
DECEMBER 31, 1994
- -----------------------------------------------------------------------------------------------------------------------------
NAME INVESTMENT PUTNAM PUTNAM PUTNAM U.S. THE GEORGE BORG-WARNER
OF CONTRACTS VOYAGER S&P 500 GOVERNMENT PUTNAM FUND AUTOMOTIVE, INC. LOAN PENDING TOTAL
PLAN FUND FUND INDEX FUND BOND FUND OF BOSTON STOCK FUND FUND ACCOUNT PLAN
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BWARSP 33.61 % 16.99 % 6.92 % 3.52 % 17.63 % 3.16 % 0.82 % 0.01 % 82.66 %
IRSP 1.97 1.01 0.38 0.18 0.92 0.35 0.06 0.01 4.88
DRSP 0.54 0.30 0.06 0.03 0.28 0.11 0.01 0.00 1.33
BRSP 0.25 0.13 0.08 0.04 0.17 0.07 0.00 0.00 0.74
MRSP 0.08 0.16 0.09 0.09 0.11 0.08 0.02 0.00 0.63
MRIP 1.43 2.64 0.91 2.44 2.34 0.00 0.00 0.00 9.76
------ ------ ------- ------- ------- -------- ------ ------ ---------
Total by
fund 37.88 % 21.23 % 8.44 % 6.30 % 21.45 % 3.77 % 0.91 % 0.02 % 100.00 %
====== ====== ======= ======= ======= ======== ====== ====== =========
</TABLE>
The net assets of the Master Trust are allocated to each plan based on
the above percentages. Investments in the Master Trust at December 31, 1995
and 1994 and components of investment income for the Master Trust for the
year ended December 31, 1995 are summarized in Note 6.
-10-
<PAGE> 14
6. MASTER TRUST INFORMATION
The following tables present the fair value of investments of the
Master Trust as of December 31, 1995 and 1994 and the components of
investment income for the Master Trust for the year ended December 31,
1995.
<TABLE>
<CAPTION>
DECEMBER 31,
1995 1994
<S> <C> <C>
Fair value of investments (in thousands):
Investment Contracts Fund $102,880 $ 98,800
Putnam Voyager Fund 89,247 55,395
Putnam S&P 500 Index Fund 33,768 21,994
Putnam U.S. Government Bond Fund 16,452
The George Putnam Fund of Boston 86,070 55,935
Borg-Warner Automotive, Inc. Stock Fund 14,053 9,804
Putnam Income Fund 3,204
Loan Fund 2,971 2,364
Pending Account 422 46
-------- --------
Total $332,615 $260,790
======== ========
</TABLE>
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31, 1995
NET APPRECIATION
IN FAIR VALUE DIVIDEND INTEREST
OF INVESTMENTS INCOME INCOME
---------------- -------- --------
<S> <C> <C> <C>
Investment income (in thousands):
Investment Contracts Fund $6,829
Putnam Voyager Fund $ 19,172 4,634
Putnam S&P 500 Index Fund 8,460 1
Putnam U.S. Government Bond Fund 1,236 1,191
The George Putnam Fund of Boston 11,609 5,659
Borg-Warner Automotive, Inc. Stock Fund 2,837 558
Putnam Income Fund 60 28
Loan Fund $186
Pending Account 12
------------ ------------- ---
Total $43,374 $18,912 $186
====== ====== ===
</TABLE>
* * * * * *
- 11 -
<PAGE> 15
BORG-WARNER RETIREMENT SAVINGS PLAN,
BLYTHEVILLE PLANT
ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1995
(IN THOUSANDS OF DOLLARS)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
DESCRIPTION COST MARKET
(ESTIMATED)
<S> <C> <C>
INVESTMENT IN MASTER TRUST $2,769 $2,826
LOANS RECEIVABLE FROM PARTICIPANTS (Bearing interest
from 6% to 11% maturing January 1996 through January 2001) 27 27
------ ------
TOTAL $2,796 $2,853
====== ======
</TABLE>
- 12 -
<PAGE> 16
BORG-WARNER RETIREMENT SAVINGS PLAN, BLYTHEVILLE
PLANT AS AMENDED AND RESTATED
Date: June 28, 1996 SIGNATURE TITLE
By:/s/ ROBIN J. ADAMS Retirement Savings Plan Committee
Member
Robin J. Adams
WILLIAM C. CLINE Retirement Savings Plan Committee
Member
William C. Cline
GERALDINE KINSELLA Retirement Savings Plan Committee
Member
Geraldine Kinsella
REGIS J. TRENDA Retirement Savings Plan Committee
Member
Regis J. Trenda
<PAGE> 17
EXHIBIT INDEX
Exhibit Number Page
(23.1) Consent of Deloitte & Touche LLP
<PAGE> 1
Exhibit 23.1
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement
No. 33-75566 on Form S-8 of Borg-Warner Automotive, Inc. of our report dated
June 26, 1996, appearing in this annual report on Form 11-K of the Borg-Warner
Retirement Savings Plan, Blytheville Plant for the year ended December 31,
1995.
/s/ DELOITTE & TOUCHE LLP
- ------------------------
DELOITTE & TOUCHE LLP
Chicago, Illinois
June 26, 1996
