Company Quick10K Filing
Visteon
Price77.11 EPS3
Shares28 P/E25
MCap2,175 P/FCF18
Net Debt-98 EBIT113
TEV2,077 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-24
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-27
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-25
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-01
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-02
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-03-09
10-Q 2010-09-30 Filed 2010-10-27
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-09-09 Regulation FD, Exhibits
8-K 2020-08-14 Officers
8-K 2020-08-11 Earnings, Regulation FD, Exhibits
8-K 2020-07-30 Earnings, Regulation FD, Exhibits
8-K 2020-06-11
8-K 2020-06-03
8-K 2020-04-30
8-K 2020-04-17
8-K 2020-04-05
8-K 2020-03-19
8-K 2020-03-05
8-K 2020-02-20
8-K 2020-01-29
8-K 2019-12-19
8-K 2019-12-19
8-K 2019-11-06
8-K 2019-10-24
8-K 2019-09-20
8-K 2019-09-05
8-K 2019-08-13
8-K 2019-07-25
8-K 2019-06-05
8-K 2019-04-25
8-K 2019-02-21
8-K 2019-01-15
8-K 2018-11-06
8-K 2018-10-25
8-K 2018-09-05
8-K 2018-08-08
8-K 2018-07-24
8-K 2018-06-06
8-K 2018-05-30
8-K 2018-04-26
8-K 2018-03-06
8-K 2018-02-22
8-K 2018-02-12
8-K 2018-01-15

VC 10Q Quarterly Report

Part I
Item 1.Consolidated Financial Statements
Note 1. Summary of Significant Accounting Policies
Note 2. Revenue Recognition
Note 3. Segment Information
Note 4. Earnings per Share
Note 5. Restructuring Activities
Note 6. Non - Consolidated Affiliates
Note 7. Inventories
Note 8. Long - Lived Assets
Note 9. Other Assets
Note 10. Debt
Note 11. Other Liabilities
Note 12. Employee Benefit Plans
Note 13. Income Taxes
Note 14. Stockholders' Equity and Non - Controlling Interests
Note 15. Fair Value Measurements and Financial Instruments
Note 16. Commitments and Contingencies
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-31.1 ex-311q2202010xq.htm
EX-31.2 ex-312q2202010xq.htm
EX-32.1 ex-321q2202010xq.htm
EX-32.2 ex-322q2202010xq.htm

Visteon Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
2.31.81.30.80.3-0.22012201420172020
Rev, G Profit, Net Income
2.71.70.7-0.3-1.3-2.32012201420172020
Ops, Inv, Fin

vc-20200630
FALSE000111133512/312020Q227,827,2660.010.01250250555530310.010.015050Discontinued Operations
The Company completed the sale of the majority of its global Climate business (the "Climate Transaction") during 2015 and completed the divestiture of its global Interiors Divestiture during 2016. These transactions met the conditions required to qualify for discontinued operations reporting and accordingly the settlement of retained contingencies have been classified in income from discontinued operations, net of tax, in the consolidated statements of comprehensive income for the three and six months ended June 30, 2020 and 2019.
Discontinued operations are summarized as follows:
Three Months Ended June 30Six Months Ended
June 30
(In millions)2020201920202019
Cost of sales
$—  $—  $—  $(1) 
Restructuring, net—  —  —   
Income from discontinued operations, net of tax$—  $—  $—  $—  
Discontinued operations are summarized as follows:
Three Months Ended June 30Six Months Ended
June 30
(In millions)2020201920202019
Cost of sales
$—  $—  $—  $(1) 
Restructuring, net—  —  —   
Income from discontinued operations, net of tax$—  $—  $—  $—  
00011113352020-01-012020-06-30xbrli:shares00011113352020-04-30iso4217:USD00011113352020-04-012020-06-3000011113352019-04-012019-06-3000011113352019-01-012019-06-300001111335us-gaap:RetainedEarningsMember2020-04-012020-06-300001111335us-gaap:RetainedEarningsMember2020-01-012020-06-30iso4217:USDxbrli:shares00011113352020-06-3000011113352019-12-3100011113352019-06-3000011113352018-12-310001111335us-gaap:CommonStockMember2019-12-310001111335us-gaap:AdditionalPaidInCapitalMember2019-12-310001111335us-gaap:RetainedEarningsMember2019-12-310001111335us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001111335us-gaap:TreasuryStockMember2019-12-310001111335us-gaap:ParentMember2019-12-310001111335us-gaap:NoncontrollingInterestMember2019-12-310001111335us-gaap:CommonStockMember2020-01-012020-03-310001111335us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-310001111335us-gaap:RetainedEarningsMember2020-01-012020-03-310001111335us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310001111335us-gaap:TreasuryStockMember2020-01-012020-03-310001111335us-gaap:ParentMember2020-01-012020-03-310001111335us-gaap:NoncontrollingInterestMember2020-01-012020-03-3100011113352020-01-012020-03-310001111335us-gaap:CommonStockMember2020-03-310001111335us-gaap:AdditionalPaidInCapitalMember2020-03-310001111335us-gaap:RetainedEarningsMember2020-03-310001111335us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001111335us-gaap:TreasuryStockMember2020-03-310001111335us-gaap:ParentMember2020-03-310001111335us-gaap:NoncontrollingInterestMember2020-03-3100011113352020-03-310001111335us-gaap:CommonStockMember2020-04-012020-06-300001111335us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001111335us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001111335us-gaap:TreasuryStockMember2020-04-012020-06-300001111335us-gaap:ParentMember2020-04-012020-06-300001111335us-gaap:NoncontrollingInterestMember2020-04-012020-06-300001111335us-gaap:CommonStockMember2020-06-300001111335us-gaap:AdditionalPaidInCapitalMember2020-06-300001111335us-gaap:RetainedEarningsMember2020-06-300001111335us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001111335us-gaap:TreasuryStockMember2020-06-300001111335us-gaap:ParentMember2020-06-300001111335us-gaap:NoncontrollingInterestMember2020-06-300001111335us-gaap:CommonStockMember2018-12-310001111335us-gaap:AdditionalPaidInCapitalMember2018-12-310001111335us-gaap:RetainedEarningsMember2018-12-310001111335us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001111335us-gaap:TreasuryStockMember2018-12-310001111335us-gaap:ParentMember2018-12-310001111335us-gaap:NoncontrollingInterestMember2018-12-310001111335us-gaap:CommonStockMember2019-01-012019-03-310001111335us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310001111335us-gaap:RetainedEarningsMember2019-01-012019-03-310001111335us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310001111335us-gaap:TreasuryStockMember2019-01-012019-03-310001111335us-gaap:ParentMember2019-01-012019-03-310001111335us-gaap:NoncontrollingInterestMember2019-01-012019-03-3100011113352019-01-012019-03-310001111335us-gaap:CommonStockMember2019-03-310001111335us-gaap:AdditionalPaidInCapitalMember2019-03-310001111335us-gaap:RetainedEarningsMember2019-03-310001111335us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310001111335us-gaap:TreasuryStockMember2019-03-310001111335us-gaap:ParentMember2019-03-310001111335us-gaap:NoncontrollingInterestMember2019-03-3100011113352019-03-310001111335us-gaap:CommonStockMember2019-04-012019-06-300001111335us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300001111335us-gaap:RetainedEarningsMember2019-04-012019-06-300001111335us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-300001111335us-gaap:TreasuryStockMember2019-04-012019-06-300001111335us-gaap:ParentMember2019-04-012019-06-300001111335us-gaap:NoncontrollingInterestMember2019-04-012019-06-300001111335us-gaap:CommonStockMember2019-06-300001111335us-gaap:AdditionalPaidInCapitalMember2019-06-300001111335us-gaap:RetainedEarningsMember2019-06-300001111335us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001111335us-gaap:TreasuryStockMember2019-06-300001111335us-gaap:ParentMember2019-06-300001111335us-gaap:NoncontrollingInterestMember2019-06-300001111335srt:EuropeMember2020-04-012020-06-300001111335srt:EuropeMember2019-04-012019-06-300001111335srt:EuropeMember2020-01-012020-06-300001111335srt:EuropeMember2019-01-012019-06-300001111335srt:AmericasMember2020-04-012020-06-300001111335srt:AmericasMember2019-04-012019-06-300001111335srt:AmericasMember2020-01-012020-06-300001111335srt:AmericasMember2019-01-012019-06-300001111335srt:AsiaMembervc:ChinaDomesticMember2020-04-012020-06-300001111335srt:AsiaMembervc:ChinaDomesticMember2019-04-012019-06-300001111335srt:AsiaMembervc:ChinaDomesticMember2020-01-012020-06-300001111335srt:AsiaMembervc:ChinaDomesticMember2019-01-012019-06-300001111335srt:AsiaMembervc:ChinaExportMember2020-04-012020-06-300001111335srt:AsiaMembervc:ChinaExportMember2019-04-012019-06-300001111335srt:AsiaMembervc:ChinaExportMember2020-01-012020-06-300001111335srt:AsiaMembervc:ChinaExportMember2019-01-012019-06-300001111335srt:AsiaMember2020-04-012020-06-300001111335srt:AsiaMember2019-04-012019-06-300001111335srt:AsiaMember2020-01-012020-06-300001111335srt:AsiaMember2019-01-012019-06-300001111335country:AllCountriesDomain2020-04-012020-06-300001111335country:AllCountriesDomain2019-04-012019-06-300001111335country:AllCountriesDomain2020-01-012020-06-300001111335country:AllCountriesDomain2019-01-012019-06-300001111335vc:InstrumentclusterMember2020-04-012020-06-300001111335vc:InstrumentclusterMember2019-04-012019-06-300001111335vc:InstrumentclusterMember2020-01-012020-06-300001111335vc:InstrumentclusterMember2019-01-012019-06-300001111335vc:AudioandinfotainmentMember2020-04-012020-06-300001111335vc:AudioandinfotainmentMember2019-04-012019-06-300001111335vc:AudioandinfotainmentMember2020-01-012020-06-300001111335vc:AudioandinfotainmentMember2019-01-012019-06-300001111335vc:InformationdisplaysMember2020-04-012020-06-300001111335vc:InformationdisplaysMember2019-04-012019-06-300001111335vc:InformationdisplaysMember2020-01-012020-06-300001111335vc:InformationdisplaysMember2019-01-012019-06-300001111335vc:BodyandsecurityMember2020-04-012020-06-300001111335vc:BodyandsecurityMember2019-04-012019-06-300001111335vc:BodyandsecurityMember2020-01-012020-06-300001111335vc:BodyandsecurityMember2019-01-012019-06-300001111335vc:ClimatecontrolsMember2020-04-012020-06-300001111335vc:ClimatecontrolsMember2019-04-012019-06-300001111335vc:ClimatecontrolsMember2020-01-012020-06-300001111335vc:ClimatecontrolsMember2019-01-012019-06-300001111335vc:TelematicsMember2020-04-012020-06-300001111335vc:TelematicsMember2019-04-012019-06-300001111335vc:TelematicsMember2020-01-012020-06-300001111335vc:TelematicsMember2019-01-012019-06-300001111335vc:OtherincludesHUDMember2020-04-012020-06-300001111335vc:OtherincludesHUDMember2019-04-012019-06-300001111335vc:OtherincludesHUDMember2020-01-012020-06-300001111335vc:OtherincludesHUDMember2019-01-012019-06-300001111335vc:January2020EngSGAMember2020-01-012020-06-300001111335vc:January2020EngSGAMember2020-06-300001111335vc:March2020EngSGAMember2020-01-012020-06-300001111335vc:March2020EngSGAMember2020-06-300001111335vc:Mexico2020ManufacturingMember2020-01-012020-03-310001111335vc:A2019EuropeManufacturingMember2019-01-012019-06-300001111335vc:A2018SouthAmericaLegacyMember2020-06-300001111335vc:A2018EngineeringSGAMember2020-06-300001111335vc:A2016OtherRestructuringProgramMemberMember2020-06-30xbrli:pure0001111335vc:YFVICMember2019-06-300001111335vc:YFVEMember2019-06-300001111335vc:YFVICMember2020-06-300001111335vc:YFVICMember2019-12-310001111335vc:YanfengVisteonElectronicsChinaInvestmentCompanyMember2020-06-300001111335vc:YanfengVisteonElectronicsChinaInvestmentCompanyMember2019-12-310001111335us-gaap:DevelopedTechnologyRightsMember2020-01-012020-06-300001111335us-gaap:DevelopedTechnologyRightsMember2020-06-300001111335srt:MinimumMemberus-gaap:CustomerRelationshipsMember2020-01-012020-06-300001111335us-gaap:CustomerRelationshipsMember2020-06-300001111335us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2020-01-012020-06-300001111335us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2020-06-300001111335us-gaap:OtherIntangibleAssetsMember2020-01-012020-06-300001111335us-gaap:OtherIntangibleAssetsMember2020-06-300001111335us-gaap:DevelopedTechnologyRightsMember2019-12-310001111335us-gaap:CustomerRelationshipsMember2019-12-310001111335us-gaap:CustomerRelationshipsMember2020-01-012020-06-300001111335us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2019-12-310001111335us-gaap:OtherIntangibleAssetsMember2019-12-310001111335us-gaap:ForeignCurrencyGainLossMember2020-01-012020-06-300001111335us-gaap:GoodwillMember2019-12-310001111335us-gaap:GoodwillMember2020-01-012020-06-300001111335vc:ElectronicsMember2020-04-012020-06-300001111335vc:ElectronicsMember2020-01-012020-06-300001111335vc:TermLoanMember2020-06-300001111335vc:TermLoanMember2019-12-310001111335us-gaap:LongTermDebtMember2019-12-310001111335us-gaap:RevolvingCreditFacilityMember2020-06-300001111335us-gaap:RevolvingCreditFacilityMember2019-12-310001111335us-gaap:LongTermDebtMember2020-06-300001111335srt:AffiliatedEntityMember2020-06-300001111335us-gaap:LondonInterbankOfferedRateLIBORMembersrt:MinimumMember2020-01-012020-06-300001111335srt:MaximumMemberus-gaap:LondonInterbankOfferedRateLIBORMember2020-01-012020-06-300001111335vc:TermLoanMember2020-04-012020-06-300001111335us-gaap:RevolvingCreditFacilityMember2020-04-012020-06-3000011113352017-12-3100011113352018-01-012018-03-310001111335vc:LocFacilityIssuedByLocalAffiliatesMember2020-06-300001111335us-gaap:ForeignPlanMember2020-04-012020-06-300001111335us-gaap:ForeignPlanMember2019-04-012019-06-300001111335us-gaap:DomesticPlanMember2020-04-012020-06-300001111335us-gaap:DomesticPlanMember2019-04-012019-06-300001111335us-gaap:ForeignPlanMember2020-01-012020-06-300001111335us-gaap:ForeignPlanMember2019-01-012019-06-300001111335us-gaap:DomesticPlanMember2020-01-012020-06-300001111335us-gaap:DomesticPlanMember2019-01-012019-06-300001111335srt:ScenarioForecastMember2020-06-300001111335vc:JurisdictionswherevaluationallowancesaremaintainedMember2020-01-012020-06-300001111335vc:JurisdictionswherevaluationallowancesaremaintainedMember2019-01-012019-06-300001111335vc:DomesticCountryAndForeignCountryWitholdingTaxesMember2019-06-300001111335vc:DomesticCountryAndForeignCountryWitholdingTaxesMember2020-06-300001111335vc:VisteonSistemasAutomotivosMember2014-01-012014-03-310001111335vc:VisteonSistemasAutomotivosMember2020-01-012020-06-300001111335vc:WorldwideMember2020-06-300001111335vc:OpenMarketShareRepurchaseProgramMember2019-01-012019-06-300001111335vc:A10b51ShareRepurchaseProgramMember2019-01-012019-06-300001111335vc:OpenMarketShareRepurchaseProgramMember2020-04-012020-06-300001111335vc:A10b51ShareRepurchaseProgramMember2020-04-012020-06-300001111335vc:YFVEMember2020-06-300001111335vc:YFVEMember2019-12-310001111335vc:SVAEShanghaiElectronicsMember2020-06-300001111335vc:SVAEShanghaiElectronicsMember2019-12-310001111335vc:VisteonInteriorsKoreaLtdMember2020-06-300001111335vc:VisteonInteriorsKoreaLtdMember2019-12-310001111335vc:OtherEntityMember2020-06-300001111335vc:OtherEntityMember2019-12-310001111335us-gaap:AccumulatedTranslationAdjustmentMember2020-03-310001111335us-gaap:AccumulatedTranslationAdjustmentMember2019-03-310001111335us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310001111335us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310001111335us-gaap:AccumulatedTranslationAdjustmentMember2020-04-012020-06-300001111335us-gaap:AccumulatedTranslationAdjustmentMember2019-04-012019-06-300001111335us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-06-300001111335us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-06-300001111335us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300001111335us-gaap:AccumulatedTranslationAdjustmentMember2019-06-300001111335us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccumulatedTranslationAdjustmentMember2020-03-310001111335us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccumulatedTranslationAdjustmentMember2019-03-310001111335us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccumulatedTranslationAdjustmentMember2019-12-310001111335us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccumulatedTranslationAdjustmentMember2018-12-310001111335us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccumulatedTranslationAdjustmentMember2020-04-012020-06-300001111335us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccumulatedTranslationAdjustmentMember2019-04-012019-06-300001111335us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-06-300001111335us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-06-300001111335us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccumulatedTranslationAdjustmentMember2020-06-300001111335us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccumulatedTranslationAdjustmentMember2019-06-300001111335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-03-310001111335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-03-310001111335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310001111335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310001111335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-04-012020-06-300001111335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-04-012019-06-300001111335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-06-300001111335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-06-300001111335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-06-300001111335us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-06-300001111335us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-03-310001111335us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-03-310001111335us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-12-310001111335us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2018-12-310001111335us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-04-012020-06-300001111335us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-04-012019-06-300001111335us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-01-012020-06-300001111335us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-01-012019-06-300001111335us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-06-300001111335us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2019-06-300001111335us-gaap:ForeignExchangeContractMember2019-12-310001111335us-gaap:CashFlowHedgingMember2019-06-300001111335us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LiabilityMember2019-12-310001111335us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-01-012020-06-300001111335us-gaap:CurrencySwapMember2019-12-310001111335us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-06-300001111335us-gaap:CurrencySwapMember2019-12-310001111335us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-01-012020-06-300001111335us-gaap:SwapMember2020-06-300001111335us-gaap:SwapMember2019-12-310001111335us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2019-06-300001111335us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2019-12-310001111335us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2020-01-012020-06-300001111335us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2020-04-012020-06-300001111335us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2020-04-012020-06-300001111335us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2019-04-012019-06-300001111335us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-04-012020-06-300001111335us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2019-04-012019-06-300001111335us-gaap:ForeignExchangeContractMember2020-04-012020-06-300001111335us-gaap:ForeignExchangeContractMember2019-04-012019-06-300001111335us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2019-01-012019-06-300001111335us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2020-01-012020-06-300001111335us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMember2019-01-012019-06-300001111335us-gaap:ForeignExchangeContractMember2020-01-012020-06-300001111335us-gaap:ForeignExchangeContractMember2019-01-012019-06-300001111335us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2018-12-310001111335us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2019-12-310001111335us-gaap:CreditConcentrationRiskMembervc:FordAndAffiliatesMemberus-gaap:AccountsReceivableMember2020-01-012020-06-300001111335us-gaap:CreditConcentrationRiskMembervc:FordAndAffiliatesMemberus-gaap:AccountsReceivableMember2019-01-012019-03-310001111335us-gaap:CreditConcentrationRiskMembervc:NissanRenaultMemberus-gaap:AccountsReceivableMember2020-01-012020-06-300001111335us-gaap:CreditConcentrationRiskMembervc:NissanRenaultMemberus-gaap:AccountsReceivableMember2019-01-012019-03-3100011113352018-06-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
________________
FORM 10-Q
(Mark One)
  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission file number 001-15827
VISTEON CORPORATION
(Exact name of registrant as specified in its charter)
State ofDelaware38-3519512
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
One Village Center Drive,Van Buren Township,Michigan48111
(Address of principal executive offices)(Zip code)
Registrant’s telephone number, including area code: (800)-VISTEON
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $.01 Per ShareVCThe NASDAQ Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ü No__
Indicate by check mark whether the registrant: has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ü No __
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer," "accelerated filer,” "smaller reporting company" and “emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  ü  Accelerated filer  __   Non-accelerated filer __   Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. __
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ü
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ü No__
As of July 24, 2020, the registrant had outstanding 27,827,266 shares of common stock.
Exhibit index located on page number 40.
1




Visteon Corporation and Subsidiaries
Index
Page
Consolidated Statements of Changes in Equity (Unaudited)
2



Part I
Financial Information

Item 1.Consolidated Financial Statements

VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions except per share amounts)
(Unaudited)
Three Months Ended June 30Six Months Ended
June 30
2020201920202019
Net sales
$371  $733  $1,014  $1,470  
Cost of sales
(367) (663) (957) (1,334) 
Gross margin
4  70  57  136  
Selling, general and administrative expenses
(41) (58) (95) (115) 
Restructuring expense, net
(4)   (37) (1) 
Interest expense
(5) (3) (8) (6) 
Interest income
2  1  3  2  
Equity in net income of non-consolidated affiliates
1  3  2  6  
Other income, net
3  3  7  5  
Income (loss) before income taxes
(40) 16  (71) 27  
Provision for income taxes
(2) (8) (7) (3) 
Net income (loss)
(42) 8  (78) 24  
Net income attributable to non-controlling interests
(3) (1) (2) (3) 
Net income (loss) attributable to Visteon Corporation
$(45) $7  $(80) $21  
Comprehensive income (loss)
$(37) $4  $(110) $25  
Comprehensive income (loss) attributable to Visteon Corporation
$(40) $4  $(112) $22  
Basic earnings (loss) per share attributable to Visteon Corporation
$(1.62) $0.25  $(2.87) $0.75  
Diluted earnings (loss) per share attributable to Visteon Corporation
$(1.62) $0.25  $(2.87) $0.74  

See accompanying notes to the consolidated financial statements.
3



VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
June 30December 31
20202019
ASSETS
Cash and equivalents
$755  $466  
Restricted cash
4  3  
Accounts receivable, net
334  514  
Inventories, net
170  169  
Other current assets
163  193  
Total current assets
1,426  1,345  
Property and equipment, net
416  436  
Intangible assets, net
125  127  
Right-of-use assets
157  165  
Investments in non-consolidated affiliates
50  48  
Other non-current assets
146  150  
Total assets
$2,320  $2,271  
LIABILITIES AND EQUITY
Short-term debt
$22  $37  
Accounts payable
332  511  
Accrued employee liabilities
59  73  
Current lease liability
29  30  
Other current liabilities
156  147  
Total current liabilities
598  798  
Long-term debt, net
748  348  
Employee benefits
281  292  
Non-current lease liability
135  139  
Deferred tax liabilities
28  27  
Other non-current liabilities
62  72  
Stockholders’ equity:
Preferred stock (par value $0.01, 50 million shares authorized, none outstanding as of June 30, 2020 and December 31, 2019)
    
Common stock (par value $0.01, 250 million shares authorized, 55 million shares issued, 28 million shares outstanding as of June 30, 2020 and December 31, 2019)
1  1  
Additional paid-in capital
1,341  1,342  
Retained earnings
1,599  1,679  
Accumulated other comprehensive loss
(299) (267) 
Treasury stock
(2,284) (2,275) 
Total Visteon Corporation stockholders’ equity
358  480  
Non-controlling interests
110  115  
Total equity
468  595  
Total liabilities and equity
$2,320  $2,271  

See accompanying notes to the consolidated financial statements.
4



VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six Months Ended June 30
20202019
Operating Activities
Net income (loss)
$(78) $24  
Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities:
Depreciation and amortization
50  49  
Non-cash stock-based compensation
9  11  
Equity in net income of non-consolidated affiliates, net of dividends remitted
(2) (6) 
Other non-cash items
2  5  
Changes in assets and liabilities:
Accounts receivable
170  18  
Inventories
(5) (3) 
Accounts payable
(149) 20  
Other assets and other liabilities
(10) (57) 
Net cash provided from (used by) operating activities
(13) 61  
Investing Activities
Capital expenditures, including intangibles
(65) (71) 
Loan repayments from non-consolidated affiliates2  2  
Other6  2  
Net cash used by investing activities
(57) (67) 
Financing Activities
Borrowings on revolving credit facility
400    
Repurchase of common stock
(16) (20) 
Dividends paid to non-controlling interests
(7)   
Short-term debt repayments, net
(14) (3) 
Net cash provided from (used by) financing activities
363  (23) 
Effect of exchange rate changes on cash
(3) —  
Net increase (decrease) in cash
290  (29) 
Cash and restricted cash at beginning of the period
469  467  
Cash and restricted cash at end of the period
$759  $438  

See accompanying notes to the consolidated financial statements.
5



VISTEON CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In millions)
(Unaudited)
Total Visteon Corporation Stockholders' Equity
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total Visteon Corporation Stockholders' EquityNon-Controlling InterestsTotal Equity
December 31, 2019
$1  $1,342  $1,679  $(267) $(2,275) $480  $115  $595  
Net loss
    (35)     (35) (1) (36) 
Other comprehensive loss
      (37)   (37)   (37) 
Stock-based compensation, net
  (5)     7  2    2  
Repurchase of shares of common stock
        (16) (16)   (16) 
Cash dividends
            (7) (7) 
March 31, 2020
$1  $1,337  $1,644  $(304) $(2,284) $394  $107  $501  
Net loss
    (45)     (45) 3  (42) 
Other comprehensive income
      5    5    5  
Stock-based compensation, net
  4        4    4  
June 30, 2020
$1  $1,341  $1,599  $(299) $(2,284) $358  $110  $468  

Total Visteon Corporation Stockholders' Equity
Common
Stock
Additional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total Visteon Corporation Stockholders' EquityNon-Controlling InterestsTotal Equity
December 31, 2018
$1  $1,335  $1,609  $(216) $(2,264) $465  $117  $582  
Net income
    14      14  2  16  
Other comprehensive income
      4    4  1  5  
Stock-based compensation, net
  (5)     7  2    2  
Acquisition of non-controlling interest
  2        2  (2)   
March 31, 2019
$1  $1,332  $1,623  $(212) $(2,257) $487  $118  $605  
Net income
    7      7  1  8  
Other comprehensive loss
      (3)   (3) (1) (4) 
Stock-based compensation, net
  6        6    6  
Dividends payable
            (2) (2) 
Repurchase of shares of common stock
        (20) (20)   (20) 
June 30, 2019
$1  $1,338  $1,630  $(215) $(2,277) $477  $116  $593  

See accompanying notes to the consolidated financial statements.













6



VISTEON CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. Summary of Significant Accounting Policies

The unaudited consolidated financial statements of Visteon Corporation (the "Company" or "Visteon") have been prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. These interim consolidated financial statements include all adjustments (consisting of normal recurring adjustments, except as otherwise disclosed) that management believes are necessary for a fair presentation of the results of operations, financial position and cash flows of the Company for the interim periods presented. Interim results are not necessarily indicative of full-year results.

Use of Estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported herein. Such estimates and assumptions affect, among other things, the Company’s goodwill and long-lived asset valuation; inventory valuation; assessment of the annual effective tax rate; valuation of deferred income taxes and income tax contingencies; and credit losses related to our financial assets. Considerable judgment is involved in making these determinations and the use of different estimates or assumptions could result in significantly different results. Management believes its assumptions and estimates are reasonable and appropriate. However, actual results could differ from those reported herein. Events and changes in circumstances arising after June 30, 2020, including those resulting from the impacts of COVID-19, will be reflected in management’s estimates for future periods.

Recently Adopted Accounting Pronouncements:

The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, "Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments", effective for fiscal years beginning after December 15, 2019. The guidance requires financial asset (or a group of financial assets) measured on the basis of amortized cost to be presented at the net amount expected to be collected. The guidance also requires that the income statement reflect the measurement of credit losses for newly recognized financial assets as well as the expected increases or decreases of expected credit losses that have taken place during the period. Additionally, the guidance limits the credit loss to the amount by which fair value is below amortized cost.

The Company adopted the guidance effective January 1, 2020. The guidance allows for various methods for measuring expected credit losses. The Company elected to apply a historical loss rate based on historic write offs by region to aging categories. The historical loss rate will be adjusted for current conditions and reasonable and supportable forecasts of future losses as necessary. The adoption of the guidance did not have a material impact on the Company's consolidated financial statements. The allowance for doubtful accounts balance was $8 million and $10 million as of June 30, 2020 and December 31, 2019, respectively.

The FASB issued ASU 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes." The new guidance simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, hybrid taxes and the recognition of deferred tax liabilities for outside basis differences.  It also clarifies and simplifies other aspects of the accounting for income taxes.  For public companies, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years.  Early adoption is permitted in interim or annual periods with any adjustments reflected as of the beginning of the annual period that includes that interim period.  Additionally, entities that elect early adoption must adopt all the amendments in the same period.  Amendments are to be applied prospectively, except for certain amendments that are to be applied either retrospectively or with a modified retrospective approach through a cumulative effect adjustment recorded to retained earnings.  The Company adopted the guidance effective January 1, 2020. The adoption of the guidance did not have a material impact on the Company's consolidated financial statements.
Accounting Pronouncements Not Yet Adopted:

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The guidance provides optional expedients and exceptions for applying U.S. GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another rate that is expected to be discontinued. The amendments in the guidance are effective for all entities as of March 12, 2020 through
7



December 31, 2022. The Company is currently evaluating the impacts of the provisions of ASU 2020-04 on its financial position, results of operations, and cash flows.

In August 2018, the FASB issued ASU 2018-14, "Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans." The guidance removes disclosures that no longer are considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. For public companies, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The Company does not expect application of this accounting standards update to have a material impact on its consolidated financial statements.

NOTE 2. Revenue Recognition
Disaggregated revenue by geographical market and product lines is as follows:
Three Months Ended June 30Six Months Ended
June 30
(In millions)2020201920202019
Geographical Markets
Europe$132  $243  $386  $505  
Americas62  206  254  396  
China Domestic126  121  183  229  
China Export23  65  87  134  
Other Asia-Pacific38  142  154  299  
Eliminations(10) (44) (50) (93) 
$371  $733  $1,014  $1,470  
Three Months Ended June 30Six Months Ended
June 30
(In millions)2020201920202019
Product Lines
Instrument clusters$201