What is a spinoff and what is its purpose and function? What is the "conglomerate discount"? How does this discount factor into whether or not a company completes a spinoff and why? What is the historical record regarding spinoffs since 1999? What happened in 2022 regarding the performance of spinoffs and why? What business(es) is BorgWarner in and who are its primary peers? What plan does BorgWarner have for a spinoff, and what is Barron's take on it? What business(es) is Crane Holdings in and who are its customers? What spinoff plans does Crane Holdings have, and what is Barron's opinion on it and why?