10-Q Filing

VISTEON CORP CIK: 1111335 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001111335-21-000012`
Period End Date	20210331
Filing Date	20210429
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	vc-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 38 Cash Flow Statement 47 Stockholders Equity 17

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$496.00M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$482.00M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$4.00M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$4.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$466.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$484.00M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$188.00M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$177.00M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$180.00M	USD	Point-in-time
Common stock, shares, issued (in shares)	`CommonStockSharesIssued`	55.00M	shares	Point-in-time
Common stock, shares, issued (in shares)	`CommonStockSharesIssued`	55.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$152.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.34B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.29B	USD	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	28.00M	shares	Point-in-time
Common stock, shares, outstanding (in shares)	`CommonStockSharesOutstanding`	28.00M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$414.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$436.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$123.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$127.00M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$162.00M	USD	Point-in-time
Right-of-use assets	`OperatingLeaseRightOfUseAsset`	$172.00M	USD	Point-in-time
Investments in non-consolidated affiliates	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$57.00M	USD	Point-in-time
Investments in non-consolidated affiliates	`InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures`	$60.00M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$135.00M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$123.00M	USD	Point-in-time
Total assets	`Assets`	$2.17B	USD	Point-in-time
Total assets	`Assets`	$2.27B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$486.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$500.00M	USD	Point-in-time
Accrued employee liabilities	`EmployeeRelatedLiabilitiesCurrent`	$69.00M	USD	Point-in-time
Accrued employee liabilities	`EmployeeRelatedLiabilitiesCurrent`	$83.00M	USD	Point-in-time
Current lease liability	`OperatingLeaseLiabilityCurrent`	$31.00M	USD	Point-in-time
Current lease liability	`OperatingLeaseLiabilityCurrent`	$32.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$189.00M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$209.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$775.00M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$824.00M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$349.00M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$349.00M	USD	Point-in-time
Employee benefits	`EmployeeRelatedLiabilitiesNoncurrent`	$307.00M	USD	Point-in-time
Employee benefits	`EmployeeRelatedLiabilitiesNoncurrent`	$322.00M	USD	Point-in-time
Non-current lease liability	`OperatingLeaseLiabilityNoncurrent`	$146.00M	USD	Point-in-time
Non-current lease liability	`OperatingLeaseLiabilityNoncurrent`	$137.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$28.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$30.00M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$67.00M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$92.00M	USD	Point-in-time
Preferred stock (par value $0.01, 50 million shares authorized, none outstanding as of March 31, 2021 and December 31, 2020)	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock (par value $0.01, 50 million shares authorized, none outstanding as of March 31, 2021 and December 31, 2020)	`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, 2021 and December 31, 2020)	`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, 2021 and December 31, 2020)	`CommonStockValue`	$1.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.34B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.35B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.62B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.64B	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-304.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-321.00M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$2.28B	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$2.27B	USD	Point-in-time
Total Visteon Corporation stockholders equity	`StockholdersEquity`	$387.00M	USD	Point-in-time
Total Visteon Corporation stockholders equity	`StockholdersEquity`	$384.00M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$123.00M	USD	Point-in-time
Non-controlling interests	`MinorityInterest`	$122.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$595.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$510.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$506.00M	USD	Point-in-time
Total equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$501.00M	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$2.17B	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
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$643.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$746.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$590.00M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$673.00M	USD	1 Quarter
Gross margin	`GrossProfit`	$73.00M	USD	1 Quarter
Gross margin	`GrossProfit`	$53.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$54.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$45.00M	USD	1 Quarter
Restructuring, net	`RestructuringChargesNetOfReversals`	$33.00M	USD	1 Quarter
Restructuring, net	`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 non-consolidated affiliates	`EquityInNetIncomeOfLossNonConsolidatedAffiliates`	$1.00M	USD	1 Quarter
Equity in net income of non-consolidated affiliates	`EquityInNetIncomeOfLossNonConsolidatedAffiliates`	-	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$4.00M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$4.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-31.00M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$31.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.00M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$12.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$19.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-36.00M	USD	1 Quarter
Less: Net (income) loss attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.00M	USD	1 Quarter
Less: Net (income) loss attributable to non-controlling interests	`NetIncomeLossAttributableToNoncontrollingInterest`	$3.00M	USD	1 Quarter
Net income (loss) attributable to Visteon Corporation	`NetIncomeLoss`	$-35.00M	USD	1 Quarter
Net income (loss) attributable to Visteon Corporation	`NetIncomeLoss`	$16.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-73.00M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$1.00M	USD	1 Quarter
Less: Comprehensive (income) loss attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$2.00M	USD	1 Quarter
Less: Comprehensive (income) loss attributable to non-controlling interests	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$-1.00M	USD	1 Quarter
Comprehensive income (loss) attributable to Visteon Corporation	`ComprehensiveIncomeNetOfTax`	$-72.00M	USD	1 Quarter
Comprehensive income (loss) attributable to Visteon Corporation	`ComprehensiveIncomeNetOfTax`	$-1.00M	USD	1 Quarter
Basic earnings (loss) per share attributable to Visteon (in dollars per share)	`EarningsPerShareBasic`	$-1.25	USD	1 Quarter
Basic earnings (loss) per share attributable to Visteon (in dollars per share)	`EarningsPerShareBasic`	$0.57	USD	1 Quarter
Diluted earnings (loss) per share attributable to Visteon (in dollars per share)	`EarningsPerShareDiluted`	$0.56	USD	1 Quarter
Diluted earnings (loss) per share attributable to Visteon (in dollars per share)	`EarningsPerShareDiluted`	$-1.25	USD	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$19.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-36.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$25.00M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$27.00M	USD	1 Quarter
Non-cash stock-based compensation	`ShareBasedCompensation`	$5.00M	USD	1 Quarter
Non-cash stock-based compensation	`ShareBasedCompensation`	$4.00M	USD	1 Quarter
Equity in net income of non-consolidated affiliates, net of dividends remitted	`IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions`	$1.00M	USD	1 Quarter
Other non-cash items	`OtherOperatingIncomeExpenseNet`	$-6.00M	USD	1 Quarter
Other non-cash items	`OtherOperatingIncomeExpenseNet`	$-1.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-4.00M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-102.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$16.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$17.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-42.00M	USD	1 Quarter
Other assets and other liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$29.00M	USD	1 Quarter
Other assets and other liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$18.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$11.00M	USD	1 Quarter
Net cash provided from operating activities	`NetCashProvidedByUsedInOperatingActivities`	$25.00M	USD	1 Quarter
Capital expenditures, including intangibles	`PaymentsToAcquirePropertyPlantEquipmentAndIntangibleAssets`	$18.00M	USD	1 Quarter
Capital expenditures, including intangibles	`PaymentsToAcquirePropertyPlantEquipmentAndIntangibleAssets`	$44.00M	USD	1 Quarter
Loan repayments from non-consolidated affiliates	`LoansToNonConsolidatedAffiliatesNetOfRepayments`	$-2.00M	USD	1 Quarter
Loan repayments from non-consolidated affiliates	`LoansToNonConsolidatedAffiliatesNetOfRepayments`	$-2.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-1.00M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-1.00M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.00M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-15.00M	USD	1 Quarter
Borrowings on revolving credit facility	`ProceedsFromIssuanceOfDebt`	$400.00M	USD	1 Quarter
Borrowings on revolving credit facility	`ProceedsFromIssuanceOfDebt`	-	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$16.00M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Dividends paid to non-controlling interests	`PaymentsOfDividendsMinorityInterest`	$7.00M	USD	1 Quarter
Dividends paid to non-controlling interests	`PaymentsOfDividendsMinorityInterest`	-	USD	1 Quarter
Net cash provided from financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided from financing activities	`NetCashProvidedByUsedInFinancingActivities`	$377.00M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-10.00M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-5.00M	USD	1 Quarter
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$356.00M	USD	1 Quarter
Net (decrease) increase in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-14.00M	USD	1 Quarter
Cash, equivalents, and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$486.00M	USD	Point-in-time
Cash, equivalents, and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$825.00M	USD	Point-in-time
Cash, equivalents, and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$469.00M	USD	Point-in-time
Cash, equivalents, and restricted cash at beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$500.00M	USD	Point-in-time
Cash, equivalents, and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$486.00M	USD	Point-in-time
Cash, equivalents, and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$825.00M	USD	Point-in-time
Cash, equivalents, and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$469.00M	USD	Point-in-time
Cash, equivalents, and restricted cash at end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$500.00M	USD	Point-in-time

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$595.00M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$510.00M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$506.00M	USD	Point-in-time
Beginning balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$501.00M	USD	Point-in-time
Net income (loss)	`ProfitLoss`	$19.00M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$-36.00M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-18.00M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-37.00M	USD	1 Quarter
Stock-based compensation, net	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.00M	USD	1 Quarter
Stock-based compensation, net	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$-2.00M	USD	1 Quarter
Repurchase of shares of common stock	`StockRepurchasedDuringPeriodValue`	$16.00M	USD	1 Quarter
Dividends declared to non-controlling interests	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$3.00M	USD	1 Quarter
Dividends declared to non-controlling interests	`MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders`	$7.00M	USD	1 Quarter
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$595.00M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$510.00M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$506.00M	USD	Point-in-time
Ending balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$501.00M	USD	Point-in-time

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