10-Q Filing

VISTEON CORP CIK: 1111335 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001111335-20-000016`
Period End Date	20200331
Filing Date	20200430
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	visteonq1202010-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 86 Income Statement 38 Cash Flow Statement 47 Stockholders Equity 17

Balance Sheet 86 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	55.00M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	55.00M	shares	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	31.00M	shares	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$822.00M	USD	Point-in-time
Common Stock, Shares, Outstanding	`CommonStockSharesOutstanding`	30.00M	shares	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$466.00M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$3.00M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$3.00M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$514.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$401.00M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$180.00M	USD	Point-in-time
Inventories, net	`InventoryNet`	$169.00M	USD	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, Shares Issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$193.00M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$177.00M	USD	Point-in-time
Preferred Stock, Shares Outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.34B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.58B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$436.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$420.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$126.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$127.00M	USD	Point-in-time
Operating Lease, Right-of-Use Asset	`OperatingLeaseRightOfUseAsset`	$165.00M	USD	Point-in-time
Operating Lease, Right-of-Use Asset	`OperatingLeaseRightOfUseAsset`	$161.00M	USD	Point-in-time
Investments in non-consolidated affiliates	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$48.00M	USD	Point-in-time
Investments in non-consolidated affiliates	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$48.00M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$150.00M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$150.00M	USD	Point-in-time
Total assets	`Assets`	$2.49B	USD	Point-in-time
Total assets	`Assets`	$2.27B	USD	Point-in-time
Short-term debt, including current portion of long-term debt	`DebtCurrent`	$36.00M	USD	Point-in-time
Short-term debt, including current portion of long-term debt	`DebtCurrent`	$37.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$442.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$511.00M	USD	Point-in-time
Accrued employee liabilities	`EmployeeRelatedLiabilitiesCurrent`	$73.00M	USD	Point-in-time
Accrued employee liabilities	`EmployeeRelatedLiabilitiesCurrent`	$59.00M	USD	Point-in-time
Operating Lease, Liability, Current	`OperatingLeaseLiabilityCurrent`	$30.00M	USD	Point-in-time
Operating Lease, Liability, Current	`OperatingLeaseLiabilityCurrent`	$30.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$162.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$147.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$729.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$798.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$748.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$348.00M	USD	Point-in-time
Employee benefits	`EmployeeRelatedLiabilitiesNoncurrent`	$284.00M	USD	Point-in-time
Employee benefits	`EmployeeRelatedLiabilitiesNoncurrent`	$292.00M	USD	Point-in-time
Operating Lease, Liability, Noncurrent	`OperatingLeaseLiabilityNoncurrent`	$139.00M	USD	Point-in-time
Operating Lease, Liability, Noncurrent	`OperatingLeaseLiabilityNoncurrent`	$140.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$27.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredTaxLiabilitiesNoncurrent`	$27.00M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$72.00M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$59.00M	USD	Point-in-time
Preferred stock (par value $0.01, 50 million shares authorized, none outstanding as of March 31, 2020 and December 31, 2019)	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock (par value $0.01, 50 million shares authorized, none outstanding as of March 31, 2020 and December 31, 2019)	`PreferredStockValue`	-	USD	Point-in-time
Common stock (par value $0.01, 250 million shares authorized, 55 million shares issued, 28 million shares outstanding as of March 31, 2020 and December 31, 2019)	`CommonStockValue`	$1.00M	USD	Point-in-time
Common stock (par value $0.01, 250 million shares authorized, 55 million shares issued, 28 million shares outstanding as of March 31, 2020 and December 31, 2019)	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.34B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.34B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.64B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.68B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-267.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-216.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-304.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-212.00M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$2.27B	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$2.28B	USD	Point-in-time
Total Visteon Corporation stockholders' equity	`StockholdersEquity`	$480.00M	USD	Point-in-time
Total Visteon Corporation stockholders' equity	`StockholdersEquity`	$394.00M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$115.00M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$107.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$501.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$605.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$595.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$582.00M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$2.49B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$2.27B	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$737.00M	USD	1 Quarter
Revenues	`Revenues`	$643.00M	USD	1 Quarter
Cost of Goods and Services Sold	`CostOfGoodsAndServicesSold`	$671.00M	USD	1 Quarter
Cost of Goods and Services Sold	`CostOfGoodsAndServicesSold`	$590.00M	USD	1 Quarter
Gross margin	`GrossProfit`	$66.00M	USD	1 Quarter
Gross margin	`GrossProfit`	$53.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$57.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$54.00M	USD	1 Quarter
Restructuring charges, net of reversals	`Restructuringchargesnetofreversals`	$-33.00M	USD	1 Quarter
Restructuring charges, net of reversals	`Restructuringchargesnetofreversals`	$1.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.00M	USD	1 Quarter
Interest expense	`InterestExpense`	$3.00M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.00M	USD	1 Quarter
Equity in net income of (loss) non-consolidated affiliates	`Equityinnetincomeoflossnonconsolidatedaffiliates`	$3.00M	USD	1 Quarter
Equity in net income of (loss) non-consolidated affiliates	`Equityinnetincomeoflossnonconsolidatedaffiliates`	$1.00M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$4.00M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$2.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-31.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$11.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$-5.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.00M	USD	1 Quarter
(Loss) income from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
(Loss) income from discontinued operations, net of tax	`IncomeLossFromDiscontinuedOperationsNetOfTax`	-	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-36.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$16.00M	USD	1 Quarter
Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$2.00M	USD	1 Quarter
Net income attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.00M	USD	1 Quarter
Net income (loss) attributable to Visteon Corporation	`NetIncomeLoss`	$-35.00M	USD	1 Quarter
Net income (loss) attributable to Visteon Corporation	`NetIncomeLoss`	$14.00M	USD	1 Quarter
Basic earnings (loss) attributable to Visteon Corporation	`EarningsPerShareBasic`	$-1.25	USD	1 Quarter
Basic earnings (loss) attributable to Visteon Corporation	`EarningsPerShareBasic`	$0.50	USD	1 Quarter
Diluted earnings (loss) attributable to Visteon Corporation	`EarningsPerShareDiluted`	$-1.25	USD	1 Quarter
Diluted earnings (loss) attributable to Visteon Corporation	`EarningsPerShareDiluted`	$0.49	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$21.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-73.00M	USD	1 Quarter
Comprehensive income (loss) attributable to Visteon Corporation	`ComprehensiveIncomeNetOfTax`	$18.00M	USD	1 Quarter
Comprehensive income (loss) attributable to Visteon Corporation	`ComprehensiveIncomeNetOfTax`	$-72.00M	USD	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Cash and Cash Equivalents, at Carrying Value	`RestrictedCashAndCashEquivalents`	$435.00M	USD	Point-in-time
Cash and Cash Equivalents, at Carrying Value	`RestrictedCashAndCashEquivalents`	$825.00M	USD	Point-in-time
Net income (loss)	`ProfitLoss`	$-36.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$16.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$25.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$25.00M	USD	1 Quarter
Equity in net income of non-consolidated affiliates, net of dividends remitted	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$1.00M	USD	1 Quarter
Equity in net income of non-consolidated affiliates, net of dividends remitted	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$3.00M	USD	1 Quarter
Non-cash stock-based compensation	`ShareBasedCompensation`	$5.00M	USD	1 Quarter
Non-cash stock-based compensation	`ShareBasedCompensation`	$5.00M	USD	1 Quarter
Other Operating Income (Expense), Net	`OtherOperatingIncomeExpenseNet`	$-3.00M	USD	1 Quarter
Other Operating Income (Expense), Net	`OtherOperatingIncomeExpenseNet`	$-6.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-3.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-102.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$11.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$16.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$9.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-42.00M	USD	1 Quarter
Other assets and other liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$18.00M	USD	1 Quarter
Other assets and other liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$43.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$4.00M	USD	1 Quarter
Payments to acquire property, plant, equipment, and intangible assets	`Paymentstoacquirepropertyplantequipmentandintangibleassets`	$44.00M	USD	1 Quarter
Payments to acquire property, plant, equipment, and intangible assets	`Paymentstoacquirepropertyplantequipmentandintangibleassets`	$37.00M	USD	1 Quarter
Loans to non-consolidated affiliates, net of repayments	`Loanstononconsolidatedaffiliatesnetofrepayments`	$-2.00M	USD	1 Quarter
Loans to non-consolidated affiliates, net of repayments	`Loanstononconsolidatedaffiliatesnetofrepayments`	$-2.00M	USD	1 Quarter
Payments for (Proceeds from) Other Investing Activities	`PaymentsForProceedsFromOtherInvestingActivities`	$-1.00M	USD	1 Quarter
Payments for (Proceeds from) Other Investing Activities	`PaymentsForProceedsFromOtherInvestingActivities`	$-1.00M	USD	1 Quarter
Net cash provided from (used by) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.00M	USD	1 Quarter
Net cash provided from (used by) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.00M	USD	1 Quarter
Line of Credit Facility, Increase (Decrease), Net	`LineOfCreditFacilityIncreaseDecreaseForPeriodNet`	-	USD	1 Quarter
Line of Credit Facility, Increase (Decrease), Net	`LineOfCreditFacilityIncreaseDecreaseForPeriodNet`	$400.00M	USD	1 Quarter
Short-term debt, net	`ProceedsFromRepaymentsOfShortTermDebt`	-	USD	1 Quarter
Short-term debt, net	`ProceedsFromRepaymentsOfShortTermDebt`	$-2.00M	USD	1 Quarter
Payments of Ordinary Dividends, Noncontrolling Interest	`PaymentsOfDividendsMinorityInterest`	-	USD	1 Quarter
Payments of Ordinary Dividends, Noncontrolling Interest	`PaymentsOfDividendsMinorityInterest`	$7.00M	USD	1 Quarter
Payments for Repurchase of Common Stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Payments for Repurchase of Common Stock	`PaymentsForRepurchaseOfCommonStock`	$16.00M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$377.00M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.00M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-5.00M	USD	1 Quarter
Net increase (decrease) in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-32.00M	USD	1 Quarter
Net increase (decrease) in cash and equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$356.00M	USD	1 Quarter
Cash and restricted cash at beginning of the period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$469.00M	USD	Point-in-time
Cash and restricted cash at beginning of the period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$467.00M	USD	Point-in-time
Cash and restricted cash at end of the period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$469.00M	USD	Point-in-time
Cash and restricted cash at end of the period	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$467.00M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Stockholders' Equity Attributable to Noncontrolling Interest	`MinorityInterest`	$115.00M	USD	Point-in-time
Stockholders' Equity Attributable to Noncontrolling Interest	`MinorityInterest`	$107.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$501.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$605.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$595.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$582.00M	USD	Point-in-time
Net income (loss)	`ProfitLoss`	$-36.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$16.00M	USD	1 Quarter
Other Comprehensive Income (Loss), Net of Tax	`OtherComprehensiveIncomeLossNetOfTax`	$-37.00M	USD	1 Quarter
Other Comprehensive Income (Loss), Net of Tax	`OtherComprehensiveIncomeLossNetOfTax`	$5.00M	USD	1 Quarter
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00M	USD	1 Quarter
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00M	USD	1 Quarter
Payments for Repurchase of Common Stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Payments for Repurchase of Common Stock	`PaymentsForRepurchaseOfCommonStock`	$16.00M	USD	1 Quarter
Dividends to non-controlling interests	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$7.00M	USD	1 Quarter
Net income (loss) attributable to Visteon Corporation	`NetIncomeLoss`	$14.00M	USD	1 Quarter
Net income (loss) attributable to Visteon Corporation	`NetIncomeLoss`	$-35.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.