Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 15, 2018 | Jun. 30, 2017 | |
Entity Information [Line Items] | |||
Entity Registrant Name | VISTEON CORP | ||
Entity Central Index Key | 1,111,335 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 30,919,267 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3.2 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sales | $ 3,146 | $ 3,161 | $ 3,245 |
Cost of sales | 2,647 | 2,697 | 2,815 |
Gross margin | 499 | 464 | 430 |
Selling, general and administrative expenses | 222 | 220 | 245 |
Restructuring expense | 14 | 49 | 36 |
Interest expense | 21 | 18 | 19 |
Interest income | (5) | (6) | (5) |
Loss on debt extinguishment | 0 | 0 | 5 |
Equity in net income of non-consolidated affiliates | 7 | 2 | 7 |
Gain (Loss) on Disposition of Business | 33 | 0 | 105 |
Gain on non-consolidated affiliate transactions | 4 | 0 | 62 |
Other expense, net | 2 | 24 | 25 |
(Loss) income before income taxes | 223 | 161 | 69 |
Provision for income taxes | 48 | 30 | 27 |
Net (loss) income from continuing operations | 175 | 131 | 42 |
Net (loss) income from discontinued operations, net of tax | 17 | (40) | 2,286 |
Net income (loss) | 192 | 91 | 2,328 |
Net income attributable to non-controlling interests | 16 | 16 | 44 |
Net (loss) income attributable to Visteon Corporation | $ 176 | $ 75 | $ 2,284 |
Basic earnings (loss) per share: | |||
Continuing operations | $ 5.03 | $ 3.28 | $ 0.52 |
Discontinued operations | 0.54 | (1.14) | 53.48 |
Basic (loss) earnings attributable to Visteon Corporation | 5.57 | 2.14 | 54 |
Diluted earnings (loss) per share | |||
Continuing operations | 4.94 | 3.25 | 0.51 |
Discontinued operations | 0.53 | (1.13) | 52.12 |
Diluted (loss) earnings attributable to Visteon Corporation | $ 5.47 | $ 2.12 | $ 52.63 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income (loss) | $ 192 | $ 91 | $ 2,328 |
Other comprehensive (loss) income | |||
Foreign currency translation adjustments | 68 | (11) | (37) |
Unrealized hedging (loss) gains and other, net of tax | (6) | 6 | (8) |
Other comprehensive (loss) income, net of tax | 64 | (50) | 96 |
Comprehensive (loss) income | 256 | 41 | 2,424 |
Comprehensive income attributable to noncontrolling interests | 21 | 9 | 31 |
Comprehensive (loss) income attributable to Visteon Corporation | (235) | (32) | (2,393) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | (1) | (3) | (3) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax, Portion Attributable to Parent | (22) | 6 | 4 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | 12 | (39) | 121 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ (1) | $ 2 | $ (2) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and equivalents | $ 706 | $ 878 |
Restricted cash | 3 | 4 |
Accounts receivable, net | 530 | 505 |
Inventories, net | 189 | 151 |
Other current assets | 175 | 170 |
Total current assets | 1,603 | 1,708 |
Property and equipment, net | 377 | 345 |
Intangible assets, net | 132 | 129 |
Investments in non-consolidated affiliates | 41 | 45 |
Other non-current assets | 151 | 146 |
Total assets | 2,304 | 2,373 |
LIABILITIES AND EQUITY | ||
Short-term debt, including current portion of long-term debt | 46 | 36 |
Accounts payable | 470 | 463 |
Accrued employee liabilities | 105 | 103 |
Other current liabilities | 180 | 309 |
Total current liabilities | 801 | 911 |
Long-term debt | 347 | 346 |
Employee benefits | 277 | 303 |
Deferred tax liabilities | 23 | 20 |
Other non-current liabilities | 95 | 69 |
Stockholders' equity: | ||
Preferred stock (par value $0.01, 50 million shares authorized, none outstanding at December 31, 2017 and 2016) | 0 | 0 |
Common stock (par value $0.01, 250 million shares authorized, 55 million shares issued, 31 million and 33 million shares outstanding at December 31, 2017 and 2016, respectively) | 1 | 1 |
Additional paid-in capital | 1,339 | 1,327 |
Retained earnings | 1,445 | 1,269 |
Accumulated other comprehensive loss | (174) | (233) |
Treasury stock | (1,974) | (1,778) |
Total Visteon Corporation stockholders' equity | 637 | 586 |
Non-controlling interests | 124 | 138 |
Total equity | 761 | 724 |
Total liabilities and equity | $ 2,304 | $ 2,373 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 250 | 250 |
Common Stock, Shares, Issued | 55 | 55 |
Common Stock, Shares, Outstanding | 31 | 33 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 50 | 50 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net income (loss) | $ 192 | $ 91 | $ 2,328 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||
Gain on Climate Transaction | 0 | 2 | (2,324) |
Gain on non-consolidated affiliate transactions | (4) | 0 | (62) |
Depreciation and amortization | 87 | 84 | 169 |
Losses on divestitures and impairments | 33 | 22 | 121 |
Equity in net income of non-consolidated affiliates, net of dividends remitted | (7) | (1) | 1 |
Gain on repurchase of India operations | (7) | 0 | 0 |
Non-cash stock-based compensation | 12 | 8 | 8 |
Loss on debt extinguishment | 0 | 0 | 5 |
Other non-cash items | 15 | 24 | 6 |
Changes in assets and liabilities: | |||
Accounts receivable | 10 | (19) | 1 |
Inventories | (3) | 30 | (20) |
Accounts payable | (54) | (10) | 33 |
Other assets and other liabilities | (57) | (111) | 72 |
Net cash provided from operating activities | 217 | 120 | 338 |
Investing Activities | |||
Capital expenditures | (99) | (75) | (187) |
Short-term cash investments, net | 0 | 47 | (47) |
Loans to non-consolidated affiliates, net of repayments | 0 | (8) | (9) |
Net proceeds from Climate Transaction | 0 | 356 | 2,664 |
Proceeds from asset sales and business divestitures | 15 | 17 | 92 |
Acquisition of businesses, net of cash acquired | (2) | (15) | (4) |
Payments to Acquire Businesses and Interest in Affiliates | (47) | 0 | 0 |
Payments associated with business divestiture | (48) | (10) | (157) |
Other | 1 | (10) | 6 |
Net cash provided from (used by) investing activities | (175) | 302 | 2,358 |
Financing Activities | |||
Short-term debt, net | 10 | 2 | |
Principal payments on debt | (2) | (2) | (250) |
Payments of Capital Distribution | (1) | (1,736) | 0 |
Repurchase of common stock | (200) | (500) | (500) |
Dividends paid to non-controlling interests | (38) | (13) | (55) |
Stock warrant and option exercises | 2 | 0 | 40 |
Stock based compensation tax withholding payments | (1) | (11) | (10) |
Other | 3 | 0 | 1 |
Net cash used by financing activities | (233) | (2,262) | (774) |
Effect of exchange rate changes on cash | 19 | (11) | (20) |
Net increase (decrease) in cash and equivalents | (172) | (1,851) | 1,902 |
Cash and equivalents at beginning of the year | 878 | 2,729 | 827 |
Cash and equivalents at end of the year | 706 | 878 | 2,729 |
Supplemental Disclosures: | |||
Cash paid for interest | 16 | 14 | 24 |
Cash paid for income taxes, net of refunds | 49 | 92 | 67 |
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | 1 | ||
Derivative, Cost of Hedge Net of Cash Received | $ 5 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock | Stock Warrants | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Parent [Member] | Non-controlling interests |
Beginning Balance at Dec. 31, 2014 | $ 1,821 | $ 1 | $ 3 | $ 1,246 | $ 661 | $ (299) | $ (747) | $ 865 | $ 956 |
Net income (loss) | 2,328 | 0 | 0 | 0 | 2,284 | 0 | 0 | 2,284 | 44 |
Other comprehensive income (loss) | 96 | 0 | 0 | 0 | 0 | 109 | 0 | 109 | (13) |
Stock-based compensation, net | 8 | 0 | 0 | (9) | 0 | 0 | 17 | 8 | 0 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 8 | 0 | 0 | 8 | 0 | 0 | 0 | 8 | 0 |
Repurchase of common stock | 500 | 0 | 0 | (63) | 0 | 0 | 563 | 500 | 0 |
Warrant exercises | 34 | 0 | (3) | 37 | 0 | 0 | 0 | 34 | 0 |
Cash dividends | (60) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (60) |
Distribution payable | (1,751) | 0 | 0 | 0 | (1,751) | 0 | 0 | (1,751) | 0 |
Acquisition of business | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Business divestiture | (785) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (785) |
Ending Balance at Dec. 31, 2015 | 1,199 | 1 | 1,345 | 1,194 | (190) | (1,293) | 1,057 | 142 | |
Net income (loss) | 91 | 0 | 0 | 0 | 75 | 0 | 0 | 75 | 16 |
Other comprehensive income (loss) | (50) | 0 | 0 | 0 | 0 | (43) | 0 | (43) | (7) |
Stock-based compensation, net | (3) | 0 | 0 | (18) | 0 | 0 | 15 | (3) | 0 |
Repurchase of common stock | 500 | 0 | 0 | 0 | 0 | 0 | 500 | 500 | 0 |
Cash dividends | (13) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (13) |
Ending Balance at Dec. 31, 2016 | 724 | 1 | 0 | 1,327 | 1,269 | (233) | (1,778) | 586 | 138 |
Stockholders' Equity Attributable to Noncontrolling Interest | 138 | ||||||||
Net income (loss) | 192 | 0 | 0 | 0 | 176 | 0 | 0 | 176 | 16 |
Other comprehensive income (loss) | 64 | 0 | 0 | 0 | 0 | 59 | 0 | 59 | 5 |
Stock-based compensation, net | 16 | 0 | 0 | 12 | 0 | 0 | 4 | 16 | 0 |
Repurchase of common stock | 200 | 0 | 0 | 0 | 0 | 0 | 200 | 200 | 0 |
Cash dividends | (33) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (33) |
Distribution payable | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ (2) |
Ending Balance at Dec. 31, 2017 | 761 | $ 1 | $ 0 | $ 1,339 | $ 1,445 | $ (174) | $ (1,974) | $ 637 | |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 124 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | NOTE 1. Description of Business Visteon Corporation (the "Company" or "Visteon") is a global automotive supplier that designs, engineers and manufactures innovative electronics products for nearly every original equipment vehicle manufacturer ("OEM") worldwide including Ford, Mazda, Renault/Nissan, General Motors, Jaguar / Land Rover, Honda, Volkswagen, BMW and Daimler. Visteon is headquartered in Van Buren Township, Michigan and has an international network of manufacturing operations, technical centers and joint venture operations, supported by approximately 10,000 employees, dedicated to the design, development, manufacture and support of its product offerings and its global customers. The Company's manufacturing and engineering footprint is principally located outside of the U.S., with a heavy concentration in low-cost geographic regions. Visteon delivers value for its customers and stockholders through its technology-focused core vehicle cockpit electronics business. The Company's cockpit electronics product portfolio includes instrument clusters, information displays, infotainment systems, audio systems, telematics solutions and head-up displays. The Company's vehicle cockpit electronics business is comprised of and reported under the Electronics segment. In addition to the Electronics segment, the Company had operations in South America and Europe associated with the former Climate businesses, not subject to discontinued operations classification, that comprised Other, and were exited by December 31, 2016. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2. Summary of Significant Accounting Policies Basis of Presentation: The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP") on a going concern basis, which contemplates the continuity of operations, realization of assets and satisfaction of liabilities in the normal course of business. Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its subsidiaries that are more than 50% owned and over which the Company exercises control. Investments in affiliates of greater than 20% and for which the Company does not exercise control, but does have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. All other investments in non-consolidated affiliates are accounted for using the cost method. The Company determines whether joint ventures in which it has invested is a Variable Interest Entity (“VIE”) at the start of each new venture and when a reconsideration event has occurred. An enterprise must consolidate a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported herein. 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. Reclassifications: Certain prior period amounts have been reclassified to conform to current period presentation. Revenue Recognition: The Company records revenue when persuasive evidence of an arrangement exists, delivery occurs or services are rendered, the sales price or fee is fixed or determinable and collectibility is reasonably assured. The Company delivers products and records revenue pursuant to commercial agreements with its customers generally in the form of an approved purchase order, including the effects of committed customer price reductions. The Company does negotiate discrete price changes with its customers, which are generally the result of unique commercial issues between the Company and its customers. The Company records discrete price changes as a reduction to revenue when specific facts and circumstances indicate that a price reduction is probable and the amounts are reasonably estimable. The Company records amounts associated with discrete price changes as an increase to revenue upon execution of a legally enforceable contractual agreement and when collectibility is reasonably assured. Foreign Currency: Assets and liabilities for most of the Company’s non-U.S. businesses are translated into U.S. Dollars at end-of-period exchange rates, income and expense accounts of the Company’s non-U.S. businesses are translated into U.S. Dollars at average-period exchange rates, and the related translation adjustments are recorded in accumulated other comprehensive income (loss) ("AOCI") in the consolidated balance sheets. The effects of remeasuring monetary assets and liabilities of the Company’s businesses denominated in currencies other than their functional currency are recorded as transaction gains and losses in the consolidated statements of operations. Additionally, gains and losses resulting from transactions denominated in a currency other than the functional currency are recorded as transaction gains and losses in the consolidated statements of operations. Net transaction gains and losses, inclusive of amounts associated with discontinued operations, decreased net income by $9 million , $10 million and $10 million for the years ended December 31, 2017, 2016 and 2015 respectively. Restructuring Expense: The Company defines restructuring expense to include costs directly associated with exit or disposal activities. Such costs include employee severance and termination benefits, special termination benefits, contract termination fees and penalties, and other exit or disposal costs. In general, the Company records involuntary employee-related exit and disposal costs when there is a substantive plan for employee severance and related costs are probable and estimable. For one-time termination benefits (i.e., no substantive plan) and employee retention costs, expense is recorded when the employees are entitled to receive such benefits and the amount can be reasonably estimated. Contract termination fees and penalties and other exit and disposal costs are generally recorded when incurred. Debt Issuance Costs: The costs related to issuance or modification of long-term debt are deferred and amortized into interest expense over the life of each respective debt issue. Deferred amounts associated with debt extinguished prior to maturity are expensed upon extinguishment. Other Costs within Cost of Goods Sold: Repair and maintenance costs, research and development costs, and pre-production operating costs are expensed as incurred. Research and development expenses include salary and related employee benefits, contractor fees, information technology, occupancy, telecommunications and depreciation. Research and development expenses net of recoveries were $253 million , $295 million , and $294 million in 2017 , 2016 and 2015 , respectively. Shipping and handling costs are recorded in the Company's consolidated statements of operations as "Cost of sales." Other Expense, Net: Year Ended December 31 2017 2016 2015 (Dollars in Millions) Transformation initiatives $ 2 $ 9 $ 25 Foreign currency translation charge — 11 — Transaction hedging and exchange losses (gains) — 1 (15 ) Integration costs — 2 14 Loss on asset contributions — 2 1 Recoverable taxes — (1 ) — $ 2 $ 24 $ 25 Transformation initiative costs include information technology separation costs, integration of acquired businesses, and financial and advisory services incurred in connection with the Company's transformation into a pure play cockpit electronics business. During the year ended December 31, 2016, the Company recorded a charge of approximately $11 million related to foreign currency translation amounts recorded in accumulated other comprehensive loss associated with the sale of the Company's South Africa climate operations. Transaction hedging and exchange losses (gains) of $1 million and $(15) million for the years ended December 31, 2016 , and 2015 respectively, relate to the sale and transfer of the Company's equity ownership in Visteon Deutschland GmbH (the "Germany Interiors Divestiture") and the exit of the climate business ("Climate Transaction"). During the years ended December 31, 2016 and 2015, the Company recorded $2 million and $14 million , respectively, of costs to integrate the businesses associated with the acquisition of substantially all of the global automotive electronics business of Johnson Controls Inc. ("Electronics Acquisition"). Integration costs included re-branding, facility modification, information technology readiness and related professional services. In connection with the closure of the Climate facilities located in Argentina in 2016 and 2015, the Company contributed land and building with a net book value of $2 million and $1 million , respectively, to the local municipality for the benefit of former employees. Net Earnings (Loss) Per Share Attributable to Visteon: Basic earnings per share is calculated by dividing net income attributable to Visteon, by the average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income by the average number of common and potential dilutive common shares outstanding after deducting undistributed income allocated to participating securities. Performance based share units are considered contingently issuable shares, and are included in the computation of diluted earnings per share if their conditions have been satisfied as if the reporting date was the end of the contingency period. Cash and Equivalents: The Company considers all highly liquid investments purchased with a maturity of three months or less, including short-term time deposits, commercial paper, repurchase agreements and money market funds to be cash equivalents. As of December 31, 2017 the Company's cash balances are invested in a diversified portfolio of cash and highly liquid cash equivalents including money market funds, commercial paper rated A2/P2 and above with maturity under three months, time deposits and other short-term cash investments, which mature under three months with highly rated banking institutions. The cost of such funds approximates fair value based on the nature of the investment. Restricted Cash: Restricted cash represents amounts designated for uses other than current operations and includes $2 million related to a Letter of Credit Facility, and $1 million related to cash collateral for other corporate purposes as of December 31, 2017 . Accounts Receivable: Accounts receivable are stated at cost less an allowance for doubtful accounts. An allowance for doubtful accounts is recorded when it is probable amounts will not be collected based on specific identification of customer circumstances or age of the receivable. The allowance for doubtful accounts balance was $8 million and $10 million as of December 31, 2017 and 2016 , respectively. Included in selling, general and administrative expenses are provisions for estimated uncollectible accounts receivable of $3 million , $2 million and $4 million for the years ended December 31, 2017 and 2016 , and 2015 . Accounts are written off against the allowance when collection efforts have been exhausted. Inventories: Inventories are stated at the lower of cost, determined on a first-in, first-out (“FIFO”) basis, or market. Cost includes the cost of materials, direct labor, in-bound freight and the applicable share of manufacturing overhead. The cost of inventories is reduced for excess and obsolete inventories based on management’s review of on-hand inventories compared to historical and estimated future sales and usage. Product Tooling: Product tooling includes molds, dies and other tools used in production of a specific part or parts of the same basic design. It is generally required that non-reimbursable design and development costs for products to be sold under long-term supply arrangements be expensed as incurred and costs incurred for molds, dies and other tools that will be owned by the Company or its customers and used in producing the products under long-term supply arrangements be capitalized and amortized over the shorter of the expected useful life of the assets or the term of the supply arrangement. Product tooling owned by the Company is capitalized as property and equipment and is amortized to cost of sales over its estimated economic life, generally not exceeding six years. The Company had receivables of $18 million and $14 million as of December 31, 2017 and 2016 , respectively, related to production tools in progress, which will not be owned by the Company and for which there is a contractual agreement for reimbursement from the customer. Contractually Reimbursable Engineering Costs: Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs reimbursement is contractually guaranteed in a customer contract for which costs are capitalized as an asset as incurred and subsequently reduced upon lump sum or piece price recoveries. Property and Equipment: Property and equipment is stated at cost or fair value for impaired assets. Property and equipment is depreciated principally using the straight-line method of depreciation over the related asset's estimated useful life. Generally, buildings and improvements are depreciated over a 40 -year estimated useful life, leasehold improvements are depreciated on a straight-line basis over the initial lease term period, and machinery, equipment and other are depreciated over estimated useful lives ranging from 3 to 15 years. Certain costs incurred in the acquisition or development of software for internal use are capitalized. Capitalized software costs are amortized using the straight-line method over estimated useful lives generally ranging from 3 to 5 years. Asset impairment charges are recorded for assets held-in-use when events and circumstances indicate that such assets may not be recoverable and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying amounts. If estimated future undiscounted cash flows are not sufficient to recover the carrying value of the assets, an impairment charge is recorded for the amount by which the carrying value of the assets exceeds fair value. The Company classifies assets and liabilities as held for sale when management approves and commits to a formal plan of sale, generally following board of director approval, and it is probable that the sale will be completed within one year. The carrying value of assets and liabilities held for sale is recorded at the lower of carrying value or fair value less cost to sell, and the recording of depreciation is ceased. For impairment purposes, fair value is determined using appraisals, management estimates or discounted cash flow calculations. Goodwill: The Company performs either a qualitative or quantitative assessment of goodwill for impairment on an annual basis. Goodwill impairment testing is performed at the reporting unit level. The qualitative assessment considers several factors at the reporting unit level including the excess of fair value over carrying value as of the last quantitative impairment test, the length of time since the last fair value measurement, the current carrying value, market and industry metrics, actual performance compared to forecast performance, and the Company's current outlook on the business. If the qualitative assessment indicates it is more likely than not that goodwill is impaired, the reporting unit is quantitatively tested for impairment. To quantitatively test goodwill for impairment, the fair value of each reporting unit is determined and compared to the carrying value. An impairment charge is recognized for the amount by which the reporting unit's carrying value exceeds its fair value. Intangible Assets: Definite-lived intangible assets are amortized over their estimated useful lives, and tested for impairment in accordance with the methodology discussed above under "Property and Equipment." Definite-lived intangible assets include: • Developed technology intangible assets, which are amortized over average, estimated useful lives generally ranging from 6 to 12 years. • Customer-related intangible assets, which are amortized over average, estimated useful lives generally ranging from 7 to 12 years. • Capitalized software intangible assets are amortized using the straight-line method over estimated useful lives generally ranging from 3 to 5 years. • Other intangible assets are amortized using the straight-line method over estimated useful lives based on the nature of the intangible asset. Product Warranty and Recall: Amounts accrued for product warranty and recall claims are based on management’s best estimates of the amounts that will ultimately be required to settle such items. The Company’s estimates for product warranty and recall obligations are developed with support from its sales, engineering, quality and legal functions and include due consideration of contractual arrangements, past experience, current claims and related information, production changes, industry and regulatory developments and various other considerations. Income Taxes: Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company records a valuation allowance to reduce deferred tax assets when it is more likely than not that such assets will not be realized. This assessment requires significant judgment, and must be done on a jurisdiction-by-jurisdiction basis. In determining the need for a valuation allowance, all available positive and negative evidence, including historical and projected financial performance, is considered along with any other pertinent information. Value Added Taxes: The Company follows a net basis policy with regard to value added taxes collected from customers and remitted to government authorities, which excludes them from both net sales and expenses. Fair Value Measurements: The Company uses fair value measurements in the preparation of its financial statements, which utilize various inputs including those that can be readily observable, corroborated or are generally unobservable. The Company utilizes market-based data and valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Additionally, the Company applies assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. Financial Instruments: The Company uses derivative financial instruments, including forward contracts, swaps, and options to manage exposures to changes in currency exchange rates and interest rates. The Company's policy specifically prohibits the use of derivatives for speculative or trading purposes. Business Combinations: In accounting for business combinations, the purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management's judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. Discontinued Operations: As of January 1, 2015, the Company adopted Accounting Standards Update ("ASU") No. 2014-8, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU changed the requirements for reporting discontinued operations to disposals of components of an entity that represent strategic shifts that have a major effect on an entity’s operations and financial results and does not prohibit continuing involvement. The Company reports operating results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. The operating results associated with the 2015 Climate Transaction and the 2014 Interiors Divestiture are presented as discontinued operations. Recently Issued Accounting Pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-9, "Revenue from Contracts with Customers," which is the new comprehensive revenue recognition standard that will supersede existing revenue recognition guidance under U.S. GAAP. The standard's core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. This ASU allows for both retrospective and prospective methods of adoption. The Company has, with other industry leaders, interacted with the FASB on certain interpretation issues as well as interacted with non-authoritative industry groups with respect to the implementation of the ASU. The Company concluded that pre-production engineering and engineering costs are not within the scope of the ASU. Therefore, there will be no change in how it accounts for reimbursements of pre-production costs, currently accounted for as a cost-reduction. In addition, the Company has evaluated its contracts with customers and has concluded there will be no impact on the Company's recognition of revenue from the sale of production parts. Furthermore, the Company did not identify any current material rights or any termination clauses that would have an impact on the timing of revenue recognition. The Company may enter into contracts with customers in future periods that may result in a different conclusion due to the changing nature of its business. The Company will adopt this standard January 1, 2018 and has implemented new processes and internal controls to facilitate the evaluation of new contracts with customers and the new footnote disclosures required by the ASU. As policy elections, the Company will exclude from revenue all value added tax ("VAT"), a consumption tax placed on certain products in countries outside the U.S. In addition, the Company will elect not to identify shipping and handling as a separate performance obligation. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." The amendments in Topic 842 supersede current lease requirements in Topic 840 which require lessees to recognize most leases on their balance sheets as lease liabilities with corresponding right-of-use assets. The objective of Topic 842 is to establish the principles that lessees and lessors shall apply to report useful information to users of financial statements about the amount, timing, and uncertainty of cash flows arising from a lease. This new guidance is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. While aimed at reducing the cost and complexity of the accounting for share-based payments, these amendments are not expected to significantly impact net income, earnings per share, and the statement of cash flows. This new guidance was effective for interim and annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company's prospective adoption of this standard on January 1, 2017 did not have a material impact on its consolidated financial statements. The Company has adopted an entity-wide accounting policy election to account for forfeitures in compensation cost when they occur. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230):" Classification of certain cash receipts and cash payments. The ASU addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice in how certain transactions are classified in the statement of cash flows. The ASU will be applied using a retrospective transition method to each period presented. This new guidance is effective for interim and annual reporting periods beginning after December 15, 2017 with early adoption permitted. The Company will adopt this standard on January 1, 2018 and is currently evaluating the impact of adopting this standard on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350):" This accounting standard update eliminates Step 2 from the existing guidance to simplify how goodwill impairment tests are performed. With the elimination of this step, a goodwill impairment test is performed by comparing the fair value of a reporting unit to its carrying value. An impairment charge is recognized for the amount by which the reporting unit's carrying value exceeds its fair value. Visteon elected to early adopt this accounting standard update in the fourth quarter of 2017 on a prospective basis. The adoption of this update is not expected to have an impact on the financial statements in the current or future periods. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the presentation of net periodic pension cost and net periodic postretirement benefit cost." The ASU requires entities to present the service cost component of the net periodic benefit cost in the same income statement line item(s) as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. Entities will present the other components separately from the line item(s) that includes the service cost and outside of any subtotal of operating income, and disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. The standard will be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, for the guidance limiting the capitalization of net periodic benefit cost in assets to the service cost. This new guidance is effective for interim and annual reporting periods beginning after December 15, 2017, with early adoption permitted. The Company will adopt this standard on January 1, 2018 and is currently evaluating the impact of adopting this standard on its consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting." The ASU amends the scope of modification accounting for share-based payment arrangements, provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. The new guidance will allow companies to make certain changes to awards without accounting for them as modifications. It does not change the accounting for modifications. The new guidance will be applied prospectively to awards modified on or after the adoption date. This new guidance is effective for interim and annual reporting periods beginning after December 15, 2017 with early adoption permitted. The Company will adopt this standard on January 1, 2018 and is currently evaluating the impact of adopting this standard on its consolidated financial statements. In July 2017, the FASB issued ASU 2017-11, "Earnings Per Share (Topic 260): Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for certain financial instruments with down round features, (Part II)Replacement of the indefinite deferral for mandatory redeemable financial instruments of certain Nonpublic entities and certain mandatory Non-controlling interests with a scope exception." The amendments in Part I of this update change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity’s own stock. The amendments also clarify existing disclosure requirements for equity-classified instruments. This new guidance is effective for interim and annual reporting periods beginning after December 15, 2018 and interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, "Derivative and Hedging (Topic 815): Targeted improvements to accounting for hedging activities." The ASU was created to better align accounting rules with a company’s risk management activities to better reflect the economic results of hedging in the financial statements; and simplify hedge accounting treatment. This new guidance is effective for interim and annual reporting periods beginning after December 15, 2018 and interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2017 | |
Business Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 3. Business Acquisitions AllGo Purchase On July 8, 2016 Visteon acquired AllGo Embedded Systems Private Limited, a leading developer of embedded multimedia system solutions to global vehicle manufacturers, for a purchase price of $17 million ("AllGo Purchase") including $2 million of contingent consideration payable upon completion of certain technology milestones, achieved and paid on July 6, 2017. In addition, the purchase agreement includes contingent payments of $5 million if key employees remain employed through July 2019. The company has recorded a payment obligation of approximately $2 million , classified as "Other current liabilities" within the Company's balance sheet as of December 31, 2017. The AllGo Purchase was a strategic acquisition to add greater scale and depth to the Company's infotainment software capabilities. During the year ended December 31, 2016, the Company incurred acquisition-related costs of approximately $1 million . These amounts were recorded as incurred and have been classified as "Other expenses, net" within the Company's consolidated statements of comprehensive income. The AllGo Purchase was accounted for as a business combination, with the purchase price allocation reflecting the final valuation results, as shown below (dollars in millions): Assets Acquired: Liabilities Assumed: Accounts receivable $ 1 Deferred tax liabilities $ 2 Intangible assets 7 Total liabilities assumed 2 Goodwill 11 Total assets acquired $ 19 Purchase price $ 17 Assets acquired and liabilities assumed were recorded at estimated fair values based on management's estimates, available information, and reasonable and supportable assumptions. Additionally, the Company utilized a third-party to assist with certain estimates of fair values. Fair values for intangible assets were based on the income approach including excess earnings and relief from royalty methods. These fair value measurements are classified within level 3 of the fair value hierarchy. The purchase price allocation resulted in goodwill of $11 million , which is not deductible for income tax purposes; however, purchase accounting requires the establishment of deferred tax liabilities on the fair value increments related primarily to intangible assets that will be recognized as a future income tax benefit as the related assets are amortized. The pro forma effect of the AllGo Purchase does not materially impact the Company's reported results for any period presented, and as a result no pro forma financial statements are presented. |
Divestitures
Divestitures | 12 Months Ended |
Dec. 31, 2017 | |
Divestitures [Abstract] | |
Divestitures | NOTE 4. Divestitures France Transaction On December 1, 2017, the Company completed an asset sale related to an Electronics facility in France to a third party (the "France Transaction"). In connection with the France Transaction, the Company recorded pre-tax losses of approximately $33 million including a cash contribution of $13 million , long-lived asset impairment charges $13 million and other working capital and transaction related impacts of $7 million . The Company entered into certain other agreements upon closing, including a transition agreement (pursuant to which the parties will provide certain transition services for a specified period following the closing), a manufacturing agreement (pursuant to which the buyer will provide manufacturing services to Visteon), and a sourcing agreement (pursuant to which Visteon commits to a minimum purchase value for a two year period for prototypes and production equipment). Climate Transaction On June 9, 2015, Visteon Corporation and its wholly owned subsidiary, VIHI, LLC (collectively, “Visteon”) completed the sale of all of its shares of Halla Visteon Climate Control Corporation, a Korean corporation (“HVCC”). The Company received net cash proceeds of approximately $2.7 billion and recognized a pretax gain of approximately $2.3 billion in connection with the closing of the Climate Transaction in the second quarter 2015. The results of operations for the Climate business have been classified as income (loss) from discontinued operations, net of tax in the consolidated statements of operation for the year ended December 31, 2015. The gain is summarized below (dollars in millions): Gross proceeds (1) $ 3,423 Korea withholding tax (2) (377 ) Professional fees (3) (20 ) Korea security transaction tax (4) (17 ) Divested cash balances (5) (345 ) Net cash provided from investing activities 2,664 Net assets divested, excluding cash balances (5) (565 ) Information technology separation and service obligations (6) (53 ) Employee related charges (7) (45 ) Electronics business repurchase obligation (8) (50 ) Professional fees (3) (4 ) Korea withholding tax recoverable (2) 377 Net gain on Climate Transaction $ 2,324 (1) Gross proceeds of $3.423 billion were received in connection with the Climate Transaction, translated at a spot rate of 1121.5 KRW to USD on June 9, 2015. Impacts of related hedging activities and exchange on proceeds conversion into USD are included in the Company's consolidated statements of comprehensive income as "Other expense, net" for the year ended December 31, 2015. (2) In connection with the transaction, the Company recorded a tax recoverable of $377 million for Korean capital gains tax withheld by the Purchasers and paid to the Korean government. This amount reduced proceeds classified as net cash provided from investing activities within the Company's consolidated statements of cash flows for the year ended December 31, 2015. The Company received the entire amount of the expected capital gains withholding tax in January 2016, amounting to $356 million as adjusted for interest and exchange as the refund was denominated in Korean won. Net exchange and interest impacts are recorded as provision for income taxes within discontinued operations. (3) Professional fees of $24 million , representing fees paid to financial advisors, were based on a percentage of the gross proceeds, partially offset by previously paid retainer fees of $4 million , for a net payment of $20 million reducing proceeds classified as net cash provided from investing activities within the Company's consolidated statements of cash flows for the year ended December 31, 2015. (4) Security transaction taxes of $17 million were remitted to the Korean government as of the transaction close, reducing proceeds classified as net cash provided from investing activities within the Company's consolidated statements of cash flows for the year ended December 31, 2015. (5) Net assets of $910 million , including assets, liabilities, accumulated other comprehensive income and non-controlling interests, were divested in connection with the Climate Transaction. Divested assets included $345 million of cash balances, reflected as a reduction of transaction proceeds classified as net cash provided from investing activities within the Company's consolidated statements of cash flows for the year ended December 31, 2015. (6) In connection with the Climate Transaction, the Company has entered an agreement pursuant to which Visteon will provide information technology ongoing and separation services for HVCC to fully operate as an independent entity with estimated costs of approximately $53 million . The remaining information technology liabilities are included in the Company's consolidated balance sheets as "Other current liabilities" as of December 31, 2016. (7) Employee related charges of $45 million include bonus payments, the Company's assumption of incentive plan liabilities, and impacts of employment change in control provisions. Payments of $12 million and $30 million are classified in the Company's net cash provided from operating activities within the Company's consolidated statements of cash flows for the years ended December 31, 2016 and 2015, respectively. Amounts remaining to be paid are included in the Company's consolidated balance sheets as "Accrued employee liabilities" as of December 31, 2017 and 2016. (8) In connection with the Climate Transaction, the Company completed the repurchase of the electronics operations located in India during the first quarter of 2017 for $47 million , recognizing a $7 million gain on settlement of purchase commitment contingencies. The gain on settlement is recorded in the Company's consolidated statements of operations as Net income (loss) from discontinued operations, net of tax. The Company had previously consolidated the India operations based on the Company's controlling financial interest as a result of the repurchase obligation, operating control, and the obligation to fund losses or benefit from earnings. During the fourth quarter of 2016, the Company separately sold its South Africa climate operations with 2015 annual sales of $9 million for proceeds of $2 million , and recorded a loss of $11 million related to foreign currency translation amounts previously recorded in accumulated other comprehensive loss, included in the Company's consolidated statements of comprehensive as "Other expense, net" for the year ended December 31, 2016. This disposal did not qualify for discontinued operations treatment. Interiors Transactions Germany Interiors Divestiture On December 1, 2015, Visteon completed the Germany Interiors Divestiture. The Company contributed cash, of approximately $141 million , assets of $27 million , and liabilities of $198 million including pension related liabilities. The Company made a final contribution payment of approximately $35 million in December 2017. The Company recognized a pretax loss on divestiture of $105 million during the year ended December 31, 2015, related to foreign currency translation and pension benefit plan amounts previously recorded in accumulated other comprehensive loss in 2015. Although the Germany Interiors Divestiture represents a continuation of the Company’s exit from the Interiors business, the divestiture is not considered a strategic shift given the size of the operations representing $86 million in 2015 sales. Therefore, the operations did not qualify for discontinued operations presentation and operating results prior to the sale are classified within Other as continuing operations. Interiors Divestiture In May 2014, pursuant to a Master Purchase Agreement, Visteon agreed to divest substantially all of its global Interiors business in exchange for the assumption of certain liabilities related to the Company's Interiors business and the payment of nominal cash consideration. Effective November 1, 2014, the Company closed on the majority of the Interiors Divestiture. Subsequent to the Master Closing, Visteon completed the sale of Interiors operations in Thailand on February 2, 2015. On December 1, 2016 the Company completed the sale of its Interiors operations in Argentina and Brazil. The Company recorded losses of $20 million and $16 million of impairment and divestiture losses during the years ended December 31, 2016 and 2015, respectively, in connection with the divestitures. The results of operations for the Interiors business have been classified as income (loss) from discontinued operations, net of tax in the consolidated statements of operations for the years ended December 31, 2016 and 2015. In accordance with the Interiors Divestitures, the buyer had the option to request replacement of the existing revolving credit facility with a three year term loan between $5 million and $10 million . Upon closing on December 1, 2016, the buyer exercised the option and entered into a three year term loan for $10 million . |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 5. Discontinued Operations During 2014 and 2015, the Company divested the majority of its global Interiors business (the "Interiors Divestiture") and completed the sale of its Argentina and Brazil interiors operations on December 1, 2016. Separately, the Company completed the sale of the majority of its global Climate business (the "Climate Transaction") during 2015. As the operations subject to the Interiors Divestiture and Climate Transaction met conditions required to qualify for discontinued operations reporting, the results of operations for the Interiors and Climate businesses have been reclassified to income (loss) from discontinued operations, net of tax in the consolidated statements of comprehensive income for the years ended December 31, 2017 , 2016 and 2015 . Discontinued operations are summarized as follows: Year Ended December 31 2017 2016 2015 (Dollars in Millions) Sales $ — $ 45 $ 2,199 Cost of sales — 59 2,039 Gross margin — (14 ) 160 Selling, general and administrative expenses — 5 77 (Gain) loss on Climate Transaction (7 ) 2 (2,324 ) Long-lived asset impairment — 1 4 (Gain) loss on Interiors Divestiture (8 ) 19 12 Restructuring expense — 4 2 Interest expense, net — — 2 Equity in net income of non-consolidated affiliates — — 6 Other expense, net — 2 10 Income (loss) from discontinued operations before income taxes 15 (47 ) 2,383 (Benefit) provision for income taxes (2 ) (7 ) 97 Net (loss) income from discontinued operations 17 (40 ) 2,286 Net income attributable to non-controlling interests — — 24 Net (loss) income from discontinued operations attributable to Visteon $ 17 $ (40 ) $ 2,262 In connection with the Climate Transaction, the Company completed the repurchase of the electronics operations located in India during the first quarter of 2017 for $47 million , recognizing a $7 million gain on settlement of purchase commitment contingencies. The Company had previously consolidated the India operations based on the Company's controlling financial interest as a result of the repurchase obligation, operating control, and the obligation to fund losses or benefit from earnings. In connection with the Interiors Divestiture, the Company negotiated a settlement with the Buyer for certain non-income tax items and recognized a gain on divestiture of $7 million for the year ended December 31, 2017. During the year ended December 31, 2016, the Company recorded a $17 million income tax benefit to reflect change in estimates associated with the filing of the Company’s U.S. tax returns that resulted in a reduction in U.S. income tax related to the 2015 Climate Transaction, partially offset by $10 million of income tax expense primarily associated with $8 million adverse currency impacts in connection with the Korean capital gains withholding tax recovered and uncertain tax positions identified during 2016. The Company has combined cash flows from discontinued operations with cash flows from continuing operations within the operating, investing and financing categories within the consolidated statement of cash flows. Non-cash items for operating and investing activities related to discontinued operations for the years ended December 31, 2017 , 2016 and 2015 are as follows: Year Ended December 31 2017 2016 2015 (Dollars in Millions) Depreciation and amortization $ — $ — $ 85 Asset impairments and (gains) losses on divestitures $ (8 ) $ 14 $ 16 Capital expenditures $ — $ 1 $ 81 |
Non-Consolidated Affiliates
Non-Consolidated Affiliates | 12 Months Ended |
Dec. 31, 2017 | |
Yanfeng Transactions | NOTE 6. Non-Consolidated Affiliates Non-Consolidated Affiliate Transaction s Visteon and Yangfeng Automotive Trim Systems Co. Ltd. ("YF") each own 50% of a joint venture under the name of Yanfeng Visteon Investment Co., Ltd. ("YFVIC"). In October 2014, YFVIC completed the purchase of YF’s 49% direct ownership in Yanfeng Visteon Automotive Electronics Co., Ltd ("YFVE") a consolidated joint venture of the Company. The purchase by YFVIC was financed through a shareholder loan from YF and external borrowings which were guaranteed by Visteon, of which $15 million is outstanding as of December 31, 2017. The guarantee contains standard non-payment provisions to cover the borrowers in event of non-payment of principal, accrued interest, and other fees, and the loan is expected to be fully paid by September 2019. During the year ended December 31, 2017, the Company completed the sale of its 50% interest in an equity method investment for proceeds of $7 million , consistent with its carrying value. During 2017 the Company disposed of its remaining cost method investments for proceeds of approximately $8 million and recorded a net pretax gain of $4 million , classified as "Gain on non-consolidated affiliate transactions, net" during the year ended December 31, 2017. During 2016, the Company agreed to sell a 50% interest in an equity investment for approximately $7 million and recorded an impairment loss of approximately $5 million related to this transaction. Also in 2016, the Company sold a cost method investment to a third party for proceeds of approximately $11 million . The Company recorded a pre-tax gain of $5 million related to this transaction during the year ended December 31, 2016, classified as "Gain on sale of non-consolidated affiliates, net." In June 2015, the Company completed the sale of its 12.5% ownership interest in Yangfeng Visteon Jinqiao Automotive Trim Systems Co., Ltd. ("Jinqiao"), a Chinese automotive supplier, as contemplated under the Master Agreement, for proceeds of approximately $91 million and recorded a pretax gain of $62 million classified as "Gain on non-consolidated affiliate transactions, net" during the year ended December 31, 2015. Investments in Affiliates The Company recorded equity in the net income of non-consolidated affiliates of $7 million , $2 million and $7 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The Company monitors its investments in affiliates for indicators of other-than-temporary declines in value on an ongoing basis. If the Company determines that an “other-than-temporary” decline in value has occurred, an impairment loss will be recorded, which is measured as the difference between the recorded book value and the fair value of the investment. As of December 31, 2017 the Company's retained earnings did not contain any undistributed income of non-consolidated affiliates accounted for using the equity method. Investments in affiliates were $41 million and $45 million as of December 31, 2017 and 2016 , respectively. As of December 31, 2017 and 2016 , investment in affiliates accounted for under the equity method totaled $41 million and $40 million , respectively. As of December 31, 2016 investment in affiliates accounted for under the cost method totaled $5 million . A summary of the Company's investments in non-consolidated affiliates is provided below: December 31 2017 2016 (Dollars in Millions) YFVIC (50%) $ 28 $ 22 Changchun FAWAY Auto Electronics Co., Ltd. (50%) 10 8 Others 3 8 Chongqing Changan Visteon Engine Control Systems Co., Ltd. (50%) — 7 Total investments in non-consolidated affiliates $ 41 $ 45 A summary of transactions with affiliates is shown below: Year Ended December 31 2017 2016 (Dollars in Millions) Billings to affiliates (a) $ 52 $ 41 Purchases from affiliates (b) $ 64 $ 63 (a) Primarily relates to parts production and engineering reimbursement (b) Primarily relates to engineering services as well as selling, general, and administrative expenses Variable Interest Entities The Company determines whether joint ventures in which it has invested are Variable Interest Entities (“VIE”) at the start of each new venture and when a reconsideration event has occurred. An enterprise must consolidate a VIE if it is determined to be the primary beneficiary of the VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determined that Yanfeng Visteon Electronics (China) Investment Co., Ltd. ("YFVIC"), is a VIE. The Company holds a variable interest in YFVIC primarily related to its ownership interests and subordinated financial support. The Company and YF each own 50% of YFVIC and neither entity has the power to control the operations of YFVIC, therefore the Company is not the primary beneficiary of YFVIC and does not consolidate the joint venture. A summary of the Company's investments in YFVIC is provided below. December 31 2017 2016 (Dollars in Millions) Payables due to YFVIC $ 12 $ 14 Exposure to loss in YFVIC Investment in YFVIC $ 28 $ 22 Receivables due from YFVIC 35 15 Subordinated loan receivable 22 22 Loan guarantee 15 22 Maximum exposure to loss in YFVIC $ 100 $ 81 |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | NOTE 7 . Restructuring Activities The Company has undertaken various restructuring activities to achieve its strategic and financial objectives. Restructuring activities include, but are not limited to, plant closures, production relocation, administrative cost structure realignment and consolidation of available capacity and resources. The Company expects to finance restructuring programs through cash on hand, cash generated from operations, reimbursements pursuant to customer accommodation and support agreements or through cash available under its existing debt agreements, subject to the terms of applicable covenants. Restructuring costs are recorded as elements of a plan are finalized and the timing of activities and the amount of related costs are not likely to change. However, such costs are estimated based on information available at the time such charges are recorded. In general, management anticipates that restructuring activities will be completed within a time frame such that significant changes to the plan are not likely. Due to the inherent uncertainty involved in estimating restructuring expenses, actual amounts paid for such activities may differ from amounts initially estimated. Including amounts associated with discontinued operations, the Company recorded restructuring expenses, net of reversals, of $14 million , $53 million and $63 million during the years ended December 31, 2017, 2016 and 2015, respectively. Significant restructuring programs are summarized below by product group. Electronics During the fourth quarter of 2016, the Company announced a restructuring program impacting engineering and administrative functions to further align the Company's engineering and related administrative footprint with its core product technologies and customers. The Company expects to incur up to $45 million of restructuring costs for this program. The Company has recorded restructuring expenses under this program of approximately $14 million and $26 million , net of reversals, during the years ended December 31, 2017 and 2016, respectively, associated with approximately 250 employees, of which $16 million remains accrued as of December 31, 2017. During the first quarter of 2016, the Company announced a restructuring program to transform the Company's engineering organization and supporting functional areas to focus on execution and technology. The organization will be comprised of regional engineering, product management and advanced technologies, and global centers of competence. During 2016, the Company recorded approximately $11 million , net of reversals, of restructuring expenses under this program, associated with approximately 100 employees. As of December 31, 2017, the plan is considered substantially complete. In connection with the Electronics Acquisition, the Company commenced a restructuring program designed to achieve cost savings through transaction synergies. During the year ended December 31, 2015, the Company recorded $20 million , net of reversals, of severance and termination benefits under this program associated with approximately 1,100 employees. Charges for the program are considered substantially complete and approximately $1 million remains accrued as of December 31, 2017. During 2015 the Company announced a restructuring program designed to reduce the workforce at a European Electronics facility. The Company recorded $12 million of severance and termination benefits under this program associated with approximately 100 employees. As of December 31, 2017, this program is considered substantially complete. The Company previously announced a restructuring program designed to reduce fixed costs and to improve operational efficiencies by addressing certain under-performing operations. In connection with that program, the Company announced plans to realign its corporate and administrative functions directly to their corresponding operational beneficiary. During 2015, the Company recorded $4 million of restructuring expenses, primarily related to severance and termination benefits associated with certain executives. This program is considered complete. Other and Discontinued Operations As of December 31, 2017, the Company retained approximately $6 million of restructuring reserves as part of the Interiors Divestiture associated with previously announced programs for the fundamental reorganization of operations at facilities in Brazil and France. During the year ended December 31, 2016, the Company recorded $16 million of restructuring expenses related to severance and termination benefits related to the wind-down of certain operations in South America. As of December 31, 2017 this program is considered substantially complete. In connection with the reorganization of the Company's Climate operations in France, the Company recorded and paid cash to settle employee severance and termination benefits of $2 million for the years ended December 31, 2015, associated with approximately 135 employees. Restructuring Reserves Restructuring reserve balances of $24 million and $40 million as of December 31, 2017 and 2016, respectively, are classified as Other current liabilities on the Consolidated Balance Sheets. The Company anticipates that the activities associated with the restructuring reserve balance as of December 31, 2017 will be substantially complete within one year. The Company’s consolidated restructuring reserves and related activity are summarized below including amounts associated with discontinued operations. Electronics Other Total (Dollars in Millions) December 31, 2014 $ 30 $ 9 $ 39 Expense 40 2 42 Reversals (4 ) — (4 ) Utilization (31 ) (3 ) (34 ) Business divestiture — (1 ) (1 ) Foreign currency (2 ) (2 ) (4 ) December 31, 2015 33 5 38 Expense 41 16 57 Reversals (4 ) — (4 ) Utilization (38 ) (12 ) (50 ) Foreign currency (1 ) — (1 ) December 31, 2016 31 9 40 Expense 19 — 19 Reversals (4 ) (1 ) (5 ) Utilization (30 ) (2 ) (32 ) Foreign currency 2 — 2 December 31, 2017 $ 18 $ 6 $ 24 Given the economically-sensitive and highly competitive nature of the automotive industry, the Company continues to closely monitor current market factors, industry trends, and opportunities to streamline the Company's operations, including but not limited to, additional restructuring actions. However, there can be no assurance that any such actions will be sufficient to fully offset the impact of adverse factors on the Company or its results of operations, financial position and cash flows. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 8. Inventories Inventories consist of the following components: December 31 2017 2016 (Dollars in Millions) Raw materials $ 109 $ 83 Work-in-process 49 34 Finished products 31 34 $ 189 $ 151 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Other Assets | NOTE 9. Other Assets Other current assets are comprised of the following components: December 31 2017 2016 (Dollars in Millions) Recoverable taxes $ 56 $ 60 Joint venture receivables 43 39 Prepaid assets and deposits 36 35 Notes receivable 23 18 Contractually reimbursable engineering costs 14 7 Foreign currency hedges 1 6 Other 2 5 $ 175 $ 170 The Company receives bank notes from certain of its customers in China to settle trade accounts receivable. The Company may hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third party financial institutions in exchange for cash. The Company has entered into arrangements with financial institutions to sell certain bank notes, generally maturing within nine months. Notes are sold with recourse, but qualify as a sale as all rights to the notes have passed to the financial institution. The Company sold $16 million during the year ended December 31, 2017 to financial institutions, $10 million of which remain outstanding and will mature within the first quarter of 2018. The collections of such bank notes are included in operating cash flows based on the substance of the underlying transactions, which are operating in nature. Other non-current assets are comprised of the following components: December 31 2017 2016 (Dollars in Millions) Deferred tax assets $ 46 $ 48 Recoverable taxes 35 34 Joint venture note receivables 26 25 Contractually reimbursable engineering costs 24 11 Long term notes receivable 10 10 Other 10 18 $ 151 $ 146 In conjunction with the Interiors Divestiture, the Company entered into a three year term loan with the buyer for $10 million , which matures on December 1, 2019. Current and non-current contractually reimbursable engineering costs of $14 million and $24 million , respectively, as of December 31, 2017 , and $7 million and $11 million , respectively, as of December 31, 2016 , are related to pre-production design and development costs incurred pursuant to long-term supply arrangements that are contractually guaranteed for reimbursement by customers. The Company expects to receive cash reimbursement payments of approximately $14 million in 2018 , $16 million in 2019 , $2 million in 2020 , $2 million in 2021 , and $4 million in 2022 and beyond. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 10. Property and Equipment Property and equipment, net consists of the following: December 31 2017 2016 (Dollars in Millions) Land $ 13 $ 16 Buildings and improvements 73 65 Machinery, equipment and other 471 401 Construction in progress 65 54 Total property and equipment 622 536 Accumulated depreciation (269 ) (210 ) 353 326 Product tooling, net of amortization 24 19 Property and equipment, net $ 377 $ 345 Depreciation and amortization expenses for property and equipment, excluding discontinued operations, are summarized as follows: Year Ended December 31 2017 2016 2015 (Dollars in Millions) Depreciation $ 71 $ 66 $ 66 Amortization 3 3 4 $ 74 $ 69 $ 70 The net book value of capitalized software costs was approximately $11 million and $7 million as of December 31, 2017 and 2016 , respectively. Related amortization expense was approximately $4 million for the years ended 2017 , 2016 and 2015 . Amortization expense of approximately $4 million , $3 million , $2 million , $1 million and less than $1 million is expected for the annual periods ended December 31, 2018 , 2019 , 2020 , 2021 , and 2022 , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 11. Intangible Assets Intangible assets as of December 31, 2017 and 2016 , were as follows: December 31, 2017 December 31, 2016 Estimated Weighted Average Useful Life (years) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value (Dollars in Millions) Definite-Lived: Developed technology 8 $ 40 $ 27 $ 13 $ 40 $ 25 $ 15 Customer related 10 88 35 53 83 25 58 Capitalized software development 4 8 1 7 4 — 4 Other 23 13 1 12 8 1 7 Subtotal 149 64 85 135 51 84 Indefinite-Lived: Goodwill 47 — 47 45 — 45 Total $ 196 $ 64 $ 132 $ 180 $ 51 $ 129 During the year ended December 31, 2017, the Company contributed $2 million to American Center for Mobility, a non-profit corporation who is building a state of the art research and development facility. The contribution provides the Company certain rights regarding access to the facility for three years. The Company will use the facility for autonomous driving research and development activities for multiple products and therefore capitalized the contribution as an intangible asset. The Company expects to make a second contribution of $2 million during the first half of 2018 when the facility is substantially complete. The asset will be amortized over a 36 month period on a straight-line basis beginning in January 2018 when the term of the arrangement begins. The Company capitalizes software development costs after the software product development reaches technological feasibility and until the software product becomes releasable to customers. During each of the years ended December 31, 2017 and 2016, the Company capitalized $4 million related to software development cost intended for integration into customer products. The capitalized software development costs are amortized over the useful life of the technology on a straight-line basis. During 2016, in connection with the AllGo Purchase, the Company recorded intangible assets including developed technology of $2 million and customer related assets of $5 million . These definite lived intangible assets are being amortized using the straight-line method over their estimated useful lives of 10 to 12 years for developed technology and 7 to 12 years for customer related assets. Additionally, the Company recorded goodwill of $11 million for the excess of the net purchase price over the fair values of the identifiable assets and liabilities acquired. The Company recorded approximately $13 million and $15 million of amortization expense related to definite-lived intangible assets for the years ended December 31, 2017 and 2016. The Company currently estimates annual amortization expense to be $16 million for years 2018 and 2019, $13 million for 2020, and $10 million for years 2021 and 2022. Indefinite-lived intangible assets are not amortized but are tested for impairment at least annually, or earlier when events and circumstances indicate that it is more likely than not that such assets have been impaired. A roll-forward of the net carrying amounts of intangible assets is presented below: Definite-lived intangibles Indefinite-lived intangibles Developed Technology Customer Related Capitalized Software Development Other Goodwill Total (Dollars in Millions) Electronics: December 31, 2015 $ 19 $ 67 $ — $ 7 $ 40 $ 133 Additions 2 5 4 — 11 22 Foreign currency — (5 ) — — (2 ) (7 ) Amortization (6 ) (9 ) — — — (15 ) YFVE purchase adjustment — — — — (4 ) (4 ) December 31, 2016 $ 15 $ 58 $ 4 $ 7 $ 45 $ 129 Additions — — 4 4 — 8 Foreign currency 1 4 — 1 2 8 Amortization (3 ) (9 ) (1 ) — — (13 ) December 31, 2017 $ 13 $ 53 $ 7 $ 12 $ 47 $ 132 |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | NOTE 12. Other Liabilities Other current liabilities are summarized as follows: December 31 2017 2016 (Dollars in Millions) Product warranty and recall accruals $ 33 $ 43 Restructuring reserves 24 40 Rents and royalties 24 23 Deferred income 18 14 Distribution payable 14 15 Income taxes payable 12 22 Joint venture payables 12 22 Non-income taxes payable 10 8 Dividends payable 3 5 Foreign currency hedges 1 7 Electronics operations repurchase commitment — 50 Contribution payable — 31 Other 29 29 $ 180 $ 309 On January 22, 2016 the Company paid to shareholders a special distribution of $1.74 billion , an additional $14 million will be paid upon vesting and settlement of restricted stock units and performance-based share units previously granted to the Company's employees. The special cash distribution was funded from the Climate Transaction proceeds. Following the initial sale as part of the Climate Transaction, the Company repurchased an Electronics operation located in India on March 27, 2017 as further described in Note 5, "Discontinued Operations." On December 1, 2015, Visteon completed the sale and transfer of its equity ownership in Visteon Deutschland GmbH, which operated the Berlin, Germany interiors plant ("Germany Interiors Divestiture"). The Company contributed cash, of approximately $141 million , assets of $27 million , and liabilities of $198 million including pension related liabilities. The Company made a final contribution payment of approximately $35 million adjusted for currency impacts in December 2017. Other non-current liabilities are summarized as follows: December 31 2017 2016 (Dollars in Millions) Foreign currency hedges $ 23 $ — Deferred income 16 18 Product warranty and recall accruals 16 12 Income tax reserves 12 14 Non-income tax reserves 7 10 Other 21 15 $ 95 $ 69 As of December 31, 2017 and 2016, deferred income, other non-current liabilities, includes approximately $14 million and $15 million , respectively, of deferred gain on the sale-leaseback of the Company's corporate headquarters. The gain on the sale is being amortized into income on a straight-line basis over the term of the lease which terminates in 2027. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 13. Debt The Company’s short and long-term debt consists of the following: Weighted Average Interest Rate Carrying Value Maturity 2017 2016 2017 2016 (Dollars in Millions) Short-Term Debt: Current portion of long-term debt 3.9% 4.2% $ 2 $ 3 Short-term borrowings 3.9% 2.6% 44 33 $ 46 $ 36 Long-Term Debt: Term facility due March 24, 2024 2024 3.6% 4.0% $ 347 $ 346 $ 347 $ 346 Short-Term Debt Short-term borrowings are primarily related to the Company's non-U.S. joint venture and are payable in Chinese Renminbi and India Rupee. As of December 31, 2017 and 2016 , the Company had short-term borrowings of $44 million and $33 million , respectively. Short-term borrowings increased in 2017 primarily due to changes in local working capital needs. Available borrowings on outstanding affiliate credit facilities as of December 31, 2017 , are approximately $22 million and certain of these facilities have pledged assets as security. Long-Term Debt As of December 31, 2016, the Company had an amended credit agreement (the “Credit Agreement”) which included a $350 million Term Facility maturing April 9, 2021 and a Revolving Credit Facility with capacity of $200 million maturing April 9, 2019 . Borrowings under the Term Facility accrued interest at the greater of LIBOR or 0.75% , plus 2.75% , with an option by the Company to specify the LIBOR tenor of either 1, 2, 3, or 6 months. Loans drawn under the Revolving Credit Facility had an interest rate equal to LIBOR plus a margin ranging from 2.00% to 2.75% as specified by a ratings grid contained in the Credit Agreement. As of December 31, 2016, borrowings under the Revolving Credit Facility would accrue interest at LIBOR plus 2.50% . As of December 31, 2016, the Term Facility had $350 million of aggregate principal outstanding and there were no outstanding borrowings under the Revolving Credit Facility. On March 24, 2017, the Company entered into a second amendment to the Credit Agreement to, among other things, extend the maturity dates of both facilities by three years and increase the Revolving Credit Facility capacity to $300 million . The amended Revolving Credit Facility and the amended Term Facility will mature on March 24, 2022 and March 24, 2024 , respectively. The amendment reduced the LIBOR spread applicable to each of the Revolving Credit Facility and the Term Facility by 0.50% and reduced the LIBOR floor related to the Term Facility from 0.75% to 0.00% . The $350 million of borrowings under the amended Term Facility accrued interest at a rate of LIBOR plus 2.25% . In conjunction with the refinancing, the Company received a credit rating upgrade from Standard & Poor's to BB from BB-. Pursuant to the ratings grid contained within the amended Revolving Credit Facility agreement, any borrowing thereunder shall accrue interest at LIBOR plus 1.75% . On November 14, 2017, the Company entered into a third amendment to the Credit Agreement. The Amendment provides for the repricing of the initial Term Facility in an aggregate principal amount of $350 million . At the Company's option, loans under the amended Term Facility will accrue interest at a rate of LIBOR plus 2.00% . The Amendment did not modify any terms related to the Revolving Credit Facility. The Company is required to pay accrued interest on any outstanding principal balance under the credit facility with a frequency of the lesser of the LIBOR tenor or every three months. Any outstanding principal under this facility will be due upon the maturity date. The Company may also terminate or reduce the lending commitments under this facility, in whole or in part, upon three business days’ notice. The Revolving Credit Facility also provides $75 million availability for the issuance of letters of credit and a maximum of $20 million for swing line borrowing. Any amount of the facility utilized for letters of credit or swing line loans outstanding will reduce the amount available under the amended Revolving Credit Facility. The Company may request increases in the limits under the amended Term Facility and the amended Revolving Credit Facility and may request the addition of one or more term loan facilities under the Credit Agreement. Outstanding borrowings may be prepaid without penalty (other than borrowings made for the purpose of reducing the effective interest rate margin or weighted average yield of the loans). There are mandatory prepayments of principal in connection with: (i) excess cash flow sweeps above certain leverage thresholds, (ii) certain asset sales or other dispositions, (iii) certain refinancing of indebtedness and (iv) over-advances under the Revolving Credit Facility. There are no excess cash flow sweeps required at the Company’s current leverage level. The Credit Agreement requires the Company and its subsidiaries to comply with customary affirmative and negative covenants, and contains customary events of default. The Revolving Credit Facility also requires that the Company maintain a total net leverage ratio no greater than 3.00 : 1.00 . During any period when the Company’s corporate and family ratings meet investment grade ratings, certain of the negative covenants shall be suspended. As of December 31, 2017, the Company was in compliance with all its debt covenants. All obligations under the Credit Agreement and obligations in respect of certain cash management services and swap agreements with the lenders and their affiliates are unconditionally guaranteed by certain of the Company’s subsidiaries. Under the terms of the Credit Agreement, all obligations under the Credit Agreement are secured by a first-priority perfected lien (subject to certain exceptions) on substantially all property of the Company and the subsidiaries party to the security agreement, subject to certain limitations. In connection with amending both the Term Facility and Revolving Credit Facility during 2017, the Company recorded $1 million of interest expense and deferred $2 million of costs as a non-current asset. The deferred costs are being amortized over the term of the debt facilities. As of December 31, 2017, the amended Term Facility remains at $350 million of aggregate principal and there were no outstanding borrowings under the amended Revolving Credit Facility. Other On September 29, 2017, the Company amended certain terms of its letter of credit facility. The amended agreement reduced the facility amount from $15 million to $5 million and extended the expiration date by three years to September 30, 2020. Under the agreement the Company is required to maintain a collateral account equal to 103% of the aggregate stated amount of issued letters of credit (or 110% for non-U.S. currencies) and must reimburse any amounts drawn under issued letters of credit. The Company had $2 million and $3 million of outstanding letters of credit issued under this facility secured by restricted cash, as of December 31, 2017 and 2016, respectively. Additionally, the Company had $17 million of locally issued letters of credit as of December 31, 2017 and 2016, to support various tax appeals, customs arrangements and other obligations at its local affiliates, of which less than $1 million is secured by cash collateral for the years ended December 31, 2017 and 2016. |
Employee Retirement Benefits
Employee Retirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 14. Employee Benefit Plans Defined Benefit Plans The Company sponsors pay related benefit plans for employees in the U.S., UK, Germany, Brazil, France, Mexico, Japan, India, and Canada. Employees in the U.S. and UK are no longer accruing benefits under the Company's defined benefit plans as these plans were frozen. The Company’s defined benefit plans are partially funded with the exception of certain supplemental benefit plans for executives and certain non-U.S. plans, primarily in Germany, which are unfunded. The Company's expense for all defined benefit pension plans, is as follows: U.S. Plans Non-U.S. Plans Year Ended December 31 Year Ended December 31 2017 2016 2015 2017 2016 2015 (Dollars in Millions) Costs Recognized in Income: Service cost $ — $ — $ — $ 2 $ 3 $ 14 Interest cost 29 28 34 9 10 19 Expected return on plan assets (41 ) (42 ) (42 ) (9 ) (10 ) (17 ) Amortization of losses and other — — 1 2 1 8 Settlements and curtailments — — — (2 ) 1 — Special termination benefits (a) — 6 — 2 1 — Net pension (income) expense $ (12 ) $ (8 ) $ (7 ) $ 4 $ 6 $ 24 Weighted Average Assumptions: Discount rate 4.12 % 4.37 % 4.00 % 3.51 % 4.60 % 3.17 % Compensation increase N/A N/A N/A 3.66 % 3.70 % 3.49 % Long-term return on assets 6.73 % 7.00 % 7.00 % 5.24 % 4.87 % 4.87 % (a) Primarily related to restructuring actions announced and recognized in during the fourth quarter of 2016 The Company's total accumulated benefit obligations for all defined benefit plans was $1,093 million and $1,047 million as of December 31, 2017 and 2016, respectively. The benefit plan obligations for employee retirement plans with accumulated benefit obligations in excess of plan assets were as follows: Year Ended December 31 2017 2016 (Dollars in Millions) Accumulated benefit obligation $ 892 $ 1,019 Projected benefit obligation 898 1,049 Fair value of plan assets 661 764 Assumptions used by the Company in determining its defined benefit pension obligations as of December 31, 2017 and 2016 are summarized in the following table: U.S. Plans Non-U.S. Plans Weighted Average Assumptions 2017 2016 2017 2016 Discount rate 3.65 % 4.12 % 3.28 % 4.39 % Rate of increase in compensation N/A N/A 3.62 % 3.70 % The Company’s obligation for all defined benefit pension plans, is as follows: U.S. Plans Non-U.S. Plans Year Ended December 31 Year Ended December 31 2017 2016 2017 2016 (Dollars in Millions) Change in Benefit Obligation: Benefit obligation — beginning $ 828 $ 803 $ 249 $ 231 Service cost — — 2 3 Interest cost 29 28 9 10 Actuarial loss (gain) 29 34 8 46 Settlements and curtailments — — (4 ) (5 ) Special termination benefits — 6 2 1 Foreign exchange translation — — 26 (27 ) Divestitures — — (4 ) (4 ) Benefits paid and other (46 ) (43 ) (7 ) (6 ) Benefit obligation — ending $ 840 $ 828 $ 281 $ 249 Change in Plan Assets: Plan assets — beginning $ 608 $ 604 $ 190 $ 174 Actual return on plan assets 84 43 14 43 Sponsor contributions 1 4 8 8 Settlements — — (1 ) (4 ) Foreign exchange translation — — 16 (21 ) Divestitures — — — (4 ) Benefits paid and other (46 ) (43 ) (7 ) (6 ) Plan assets — ending $ 647 $ 608 $ 220 $ 190 Total funded status at end of period $ (193 ) $ (220 ) $ (61 ) $ (59 ) Balance Sheet Classification: Other non-current assets $ — $ — $ 3 $ 6 Accrued employee liabilities — — (1 ) — Employee benefits (193 ) (220 ) (63 ) (67 ) Accumulated other comprehensive loss: Actuarial loss 40 54 33 31 Tax effects/other — — (10 ) (10 ) $ 40 $ 54 $ 23 $ 21 Components of the net change in AOCI related to all defined benefit pension plans, exclusive of amounts attributable to non-controlling interests on the Company’s Consolidated Statements of Changes in Equity for the years ended December 31, 2017 and 2016, are as follows: U.S. Plans Non-U.S. Plans 2017 2016 2017 2016 (Dollars in Millions) Actuarial (gain) loss $ (15 ) $ 32 $ (6 ) $ 15 Deferred taxes — — — (3 ) Currency/other — — 6 (4 ) Reclassification to net income — — (2 ) (1 ) Divestitures — — 4 — $ (15 ) $ 32 $ 2 $ 7 Actuarial gains for the year ended December 31, 2017 are primarily related to an increase in return on assets partially offset by a decrease in discount rates. Actuarial losses of $2 million for the non-U.S. retirement plans are expected to be amortized to income during 2018. Actuarial gains and losses are amortized using the 10% corridor approach representing 10% times the greater of plan assets and the projected benefit obligation. Generally, the expected return is determined using a market-related value of assets where gains (losses) are recognized in a systematic manner over five years. For less significant plans, fair value is used. Benefit payments, which reflect expected future service, are expected to be paid by the Company plans as follows: U.S. Plans Non-U.S. Plans (Dollars in Millions) 2018 $ 40 $ 5 2019 39 6 2020 40 6 2021 40 7 2022 41 8 Years 2023 - 2027 212 52 During the year ended December 31, 2017, cash contributions to the Company's U.S. defined benefit plans were $1 million and non-U.S. defined benefit pension plans were $8 million . Additionally, the Company expects to make cash contributions to its U.S. defined benefit pension plans of $1 million in 2018. Contributions to non-U.S. defined benefit pension plans are expected to be $7 million during 2018. The Company’s expected 2018 contributions may be revised. On April 28, 2016, the Company purchased a non-participating annuity contract for all participants of the Canada non-represented plan. The annuity purchase covered 52 participants and resulted in the use of $5 million of plan assets for pension benefit obligation settlements of approximately $5 million . In connection with the annuity purchase, the Company recorded a settlement loss of approximately $1 million during the year ended December 31, 2016. Substantially all of the Company’s defined benefit pension plan assets are managed by external investment managers and held in trust by third-party custodians. The selection and oversight of these external service providers is the responsibility of the investment committees of the Company and their advisers. The selection of specific securities is at the discretion of the investment manager and is subject to the provisions set forth by written investment management agreements and related policy guidelines regarding permissible investments, risk management practices and the use of derivative securities. Derivative securities may be used by investment managers as efficient substitutes for traditional securities, to reduce portfolio risks or to hedge identifiable economic exposures. The use of derivative securities to engage in unrelated speculation is expressly prohibited. The primary objective of the pension funds is to pay the plans’ benefit and expense obligations when due. Given the relatively long time horizon of these obligations and their sensitivity to interest rates, the investment strategy is intended to improve the funded status of its U.S. and non-U.S. plans over time while maintaining a prudent level of risk. Risk is managed primarily by diversifying each plan’s target asset allocation across equity, fixed income securities and alternative investment strategies, and then maintaining the allocation within a specified range of its target. In addition, diversification across various investment subcategories within each plan is also maintained within specified ranges. The Company’s retirement plan asset allocation as of December 31, 2017 and 2016 and target allocation for 2018 are as follows: Target Allocation Percentage of Plan Assets U.S. Non-U.S. U.S. Non-U.S. 2018 2018 2017 2016 2017 2016 Equity securities 38 % 32 % 41 % 38 % 35 % 25 % Fixed income 15 % 45 % 16 % 16 % 43 % 52 % Alternative strategies 46 % 14 % 42 % 45 % 12 % 10 % Cash 1 % 3 % 1 % 1 % 4 % 7 % Other — % 6 % — % — % 6 % 6 % 100 % 100 % 100 % 100 % 100 % 100 % The expected long-term rate of return for defined benefit pension plan assets was selected based on various inputs, including returns projected by various external sources for the different asset classes held by and to be held by the Company’s trusts and its targeted asset allocation. These projections incorporate both historical returns and forward looking views regarding capital market returns, inflation and other variables. Pension plan assets are valued at fair value using various inputs and valuation techniques. A description of the inputs and valuation techniques used to measure the fair value for each class of plan assets is included in Note 19 Fair Value Measurements. Discount Rate for Estimated Service and Interest Cost: Through December 31, 2015, the Company recognized service and interest cost components of pension expense using a single weighted average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. The single weighted average discount method represents the constant annual rate required to discount all future benefit payments related to past service from the date of expected future payment to the measurement date, such that the aggregate present value equals the obligation. The U.S. and certain non-U.S. frozen plans do not have a service component, as additional benefits are no longer accrued. During the fourth quarter of 2015, the Company changed the method used to estimate the service and interest components of net periodic benefit cost for pension benefits for its U.S. and certain non-U.S. plans. The Company has elected to utilize an approach that discounts individual expected cash flows underlying interest and service costs using the applicable spot rates derived from the yield curve used to determine the benefit obligation to the relevant projected cash flows. The election and adoption of this method provides a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows and the corresponding spot yield curve rates. The use of disaggregated discount rates results in a different amount of interest cost compared to the traditional single weighted-average discount rate approach because of different weightings given to each subset of payments. The use of disaggregated discount rates affects the amount of service cost because the benefit payments associated with new service credits for active employees tend to be of longer duration than the overall benefit payments associated with the plan’s benefit obligation. As a result, the payments would be associated with longer-term spot rates on the yield curve, resulting in lower present values than the calculations using the traditional single weighted-average discount rate. This change does not affect the measurement of the total benefit obligation, but resulted in a decrease in the service and interest components of benefit cost in 2016. The service cost and interest cost for the affected plans reduced by approximately $6 million in 2016 as a result of the change in method. The Company has accounted for this as a change in accounting estimate that is inseparable from a change in accounting principle, and accordingly has accounted for it on a prospective basis. Defined Contribution Plans Most U.S. salaried employees and certain non-U.S. employees are eligible to participate in defined contribution plans by contributing a portion of their compensation, which is partially matched by the Company. Matching contributions for the U.S. defined contribution plan are 100% on the first 6% of pay contributed. The expense related to all matching contributions was approximately $8 million in 2017, $6 million in 2016, and $10 million in 2015. Other Postretirement Employee Benefit Plans In the U.S. and Canada, the Company has a financial obligation for the cost of providing other postretirement health care and life insurance benefits to certain of its employees under Company-sponsored plans. These plans generally pay for the cost of health care and life insurance for retirees and dependents, less retiree contributions and co-pays. Other postretirement benefit obligations were $2 million and $2 million as of December 31, 2017 and 2016, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | NOTE 15. Stock-Based Compensation The Visteon Corporation 2010 Incentive Plan (the “2010 Incentive Plan”) provides for the grant of up to 4.75 million shares of common stock for restricted stock awards (“RSAs”), restricted stock units (“RSUs”), non-qualified stock options ("Stock Options"), stock appreciation rights (“SARs”), performance based share units ("PSUs"), and other stock based awards. The Company's stock-based compensation instruments are accounted for as equity awards or liability awards based on settlement intention as follows. • For equity settled stock-based compensation instruments, compensation cost is measured based on grant date fair value of the award and is recognized over the applicable service period. For equity settled stock-based compensation instruments, the delivery of Company shares may be on a gross settlement basis or on a net settlement basis, as determined by the recipient. The Company's policy is to deliver such shares using treasury shares or issuing new shares. • Cash settled stock-based compensation instruments are subject to liability accounting. At the end of each reporting period, the vested portion of the obligation for cash settled stock-based compensation instruments is adjusted to fair value based on the period-ending market prices of the Company's common stock. Related compensation expense is recognized based on changes to the fair value over the applicable service period. Generally, the Company's stock-based compensation instruments are subject to graded vesting and recognized on an accelerated basis. The settlement intention of the awards is at the discretion of the Organization and Compensation Committee of the Company's Board of Directors. These stock-based compensation awards generally provide for accelerated vesting upon a change-in-control, which is defined in the 2010 Incentive Plan and requires a double-trigger. Accordingly, the Company may be required to accelerate recognition of related expenses in future periods in connection with the change-in-control events and subsequent changes in employee responsibilities, if any. On December 9, 2015 , the Company approved a special cash distribution in the amount of $43.40 per share with a record date of January 15, 2016 and a payment date of January 22, 2016 . Additionally, the Company recognized an incremental distribution payable of $14 million representing the distribution equivalent payments to be made to certain RSU and PSU holders upon vesting pursuant to the terms of the 2010 Incentive Plan and related RSU and PSU Agreements. In total, the Company recorded approximately $1.75 billion of Distribution payable on the Consolidated Balance Sheets as of December 31, 2015. Subsequent to this special cash distribution in January 2016, the Company modified exercise prices for outstanding stock options and SARs in accordance with the anti-dilution provision in the 2010 Incentive Plan and no incremental compensation expense was recognized. On October 1, 2017, the Company modified certain cash settled stock-based compensation PSUs and RSUs. These awards, previously subject to liability accounting, are now expected to settle in stock. The employee liability of $3 million related to these awards has been reclassified to shareholders' equity as of December 31, 2017 and will be subject to equity method accounting going forward. The total recognized and unrecognized stock-based compensation expense, including discontinued operations, was as follows: Year Ended December 31 Unrecognized Stock-Based Compensation Expense 2017 2016 2015 December 31, 2017 (Dollars in Millions) Performance based share units $ 6 $ 4 $ 12 $ 8 Restricted stock units 11 6 4 8 Stock options 2 2 1 1 Total stock-based compensation expense $ 19 $ 12 $ 17 $ 17 Performance Based Share Units The number of PSUs that will vest is based on the Company's achievement of a pre-established relative total shareholder return goal compared to its peer group of automotive companies over a three year period, which may range from 0% to 150% of the target award. A summary of employee activity for PSUs is provided below: PSUs Weighted Average Grant Date Fair Value (In Thousands) Non-vested as of December 31, 2014 994 $ 35.25 Granted 44 104.81 Vested (255 ) 36.57 Forfeited (121 ) 43.21 Non-vested as of December 31, 2015 662 37.92 Granted 82 89.79 Vested (324 ) 32.58 Forfeited (6 ) 68.70 Non-vested as of December 31, 2016 414 51.94 Granted 78 110.66 Vested (16 ) 90.45 Forfeited (15 ) 103.72 Non-vested as of December 31, 2017 461 $ 58.76 The grant date fair value for PSUs was determined using the Monte Carlo valuation model. Unrecognized compensation expense as of December 31, 2017 for PSUs to be settled in shares of the Company's common stock was $8 million for the non-vested portion and will be recognized over the remaining vesting period of approximately 1.8 years. The Company made cash settlement payments of $1 million during the year ended December 31, 2017 for PSUs expected to be settled in cash. Unrecognized compensation expense as of December 31, 2017 was less than $ 1 million for the non-vested portion of these awards and will be recognized over the remaining vesting period of approximately 1.7 years. The Monte Carlo valuation model requires management to make various assumptions including the expected volatility, risk free interest rate and dividend yield. Prior to 2017, expected volatility was based on a rolling average of the daily stock closing prices of a peer group of companies with a period equal to the expected life of the award. The peer group of companies was used due to the relatively short history of the Company's common stock since its emergence from bankruptcy and due to the significant Company transformation between 2012 and 2016. Beginning in 2017, the Company elected to utilize the Company's own volatility based on the Company’s stock history using daily stock prices over a period commensurate with the expected life. The Company now has enough history as a pure play electronics automotive supplier to use its own volatility when applying the Monte Carlo Method. The risk-free rate was based on the U.S. Treasury yield curve in relation to the contractual life of the stock-based compensation instrument. The dividend yield was based on historical patterns and future expectations for Company dividends. Weighted average assumptions used to estimate the fair value of PSUs granted during the years ended as of December 31, 2017 and 2016 are as follows: Year Ended December 31 2017 2016 Expected volatility 23.8 % 33.9 % Risk-free rate 1.59 % 0.83 % Expected dividend yield — % — % Restricted Stock Units The grant date fair value of RSUs is measured as the average of the high and low market price of the Company's common stock as traded on the public stock exchange on the date of grant. These awards generally vest in one-third increments on the grant date anniversary over a three year vesting period. The Company granted 76,000 , 94,000 and 50,000 RSUs, expected to be settled in shares, during the years ended December 31, 2017 , 2016 and 2015 , respectively, at a weighted average grant date fair value of $94.51 , $81.54 and $103.89 per share, respectively. Unrecognized compensation expense as of December 31, 2017 was $8 million for non-vested RSUs and will be recognized over the remaining vesting period of approximately 1.9 years. The Company granted 23,000 , 18,000 and 6,000 RSUs, expected to be settled in cash, during the years ended December 31, 2017 , 2016 and 2015 , respectively, at weighted average grant date fair values $95.45 , $78.49 and $101.66 per share, respectively. The Company made cash settlement payments of $1 million , less than $1 million and $7 million during the years ended December 31, 2017 , 2016 and 2015 , respectively. Unrecognized compensation expense as of December 31, 2017 was less than $1 million for non-vested RSUs and will be recognized on a weighted average basis over the remaining vesting period of approximately 1.5 years. A summary of employee activity for RSUs is provided below: RSUs Weighted Average Grant Date Fair Value Non-vested as of December 31, 2014 91 $ 54.64 Granted 55 103.66 Vested (50 ) 54.47 Forfeited (10 ) 71.33 Non-vested as of December 31, 2015 86 84.26 Granted 112 81.05 Vested (17 ) 90.45 Forfeited (11 ) 79.11 Non-vested as of December 31, 2016 170 83.30 Granted 99 94.73 Vested (29 ) 83.46 Forfeited (10 ) 83.66 Non-vested as of December 31, 2017 230 $ 87.09 Additionally, as of December 31, 2017 , the Company has 45,000 outstanding RSUs awarded at a weighted average grant date fair value of $87.97 under the Non-Employee Director Stock Unit Plan which vest immediately but are not cash settled until the participant terminates service. Stock Options and Stock Appreciation Rights Stock Options and SARs are recorded with an exercise price equal to the average of the high and low market price at which the Company's common stock was traded on the public stock exchange on the date of grant. The grant date fair value of these awards is measured using the Black-Scholes option pricing model. Stock Options and SARs generally vest in one-third increments on the grant date anniversary over a three year vesting period and have an expiration date 7 or 10 years from the date of grant. The Company received payments of $2 million , less than $1 million and $6 million related to the exercise of stock options with total intrinsic value of options exercised of $1 million , less than $1 million and $3 million during the years ended December 31, 2017 , 2016 and 2015, respectively. Unrecognized compensation expense for non-vested Stock Options and SARs as of December 31, 2017 was approximately $1 million and less than $1 million , respectively, and are expected to be recognized over a weighted average period of 1.5 years and 1.4 years, respectively. The Black-Scholes option pricing model requires management to make various assumptions including the expected term, risk-free interest rate, dividend yield and expected volatility. The expected term represents the period of time that granted awards are expected to be outstanding and is estimated based on considerations including the vesting period, contractual term and anticipated employee exercise patterns. The risk-free rate is based on the U.S. Treasury yield curve in relation to the contractual life of the stock-based compensation instrument. The dividend yield is based on historical patterns and future expectations for Company dividends. Prior to 2017, expected volatility was based on a rolling average of the daily stock closing prices of a peer group of companies with a period equal to the expected life of the award. The peer group of companies was used due to the relatively short history of the Company's common stock since its emergence from bankruptcy and due to the significant Company transformation between 2012 and 2016. Beginning in 2017, the Company elected to utilize the Company's own volatility based on the Company’s stock history using daily stock prices over a period commensurate with the expected life. The Company now has enough history as a pure play electronics automotive supplier to use its own volatility when applying the Black-Scholes Method. Weighted average assumptions used to estimate the fair value of awards granted during the years ended December 31, 2017 , 2016 and 2015 are as follows: Stock Options SARs 2017 2016 2015 2017 2016 2015 Expected term (in years) 5.00 5.00 5.00 5.00 4.50 4.41 Expected volatility 27.31 % 36.84 % 38.19 % 27.31 % 34.65 % 37.19 % Risk-free interest rate 2.03 % 1.37 % 1.60 % 2.03 % 1.83 % 1.63 % Expected dividend yield — % — % — % — % — % — % A summary of employee activity for Stock Options and SARs is provided below: Stock Options Weighted Average Exercise Price SARs Weighted Average Exercise Price (In Thousands) (In Thousands) December 31, 2014 74 $ 71.22 46 $ 70.46 Granted 54 60.60 9 59.59 Exercised (71 ) 71.12 (38 ) 69.81 Forfeited or expired (9 ) 101.58 (2 ) 98.46 December 31, 2015 48 59.41 15 44.36 Granted 96 73.02 2 78.24 Exercised (6 ) 57.46 (3 ) 31.28 Forfeited or expired (23 ) 72.01 (1 ) 59.59 December 31, 2016 115 68.37 13 51.10 Granted 84 94.77 2 94.77 Exercised (26 ) 65.79 (7 ) 44.33 Forfeited or expired (7 ) 77.36 — 59.59 December 31, 2017 166 $ 81.72 8 $ 69.21 Exercisable at December 31, 2017 25 $ 66.12 3 $ 49.19 Stock Options and SARs Outstanding Exercise Price Number Outstanding Weighted Average Remaining Life Weighted Average Exercise Price (In Thousands) (In Years) $10.00 - $60.00 14 4.1 $ 53.12 $60.01 - $80.00 76 5.2 $ 71.48 $80.01 - $100.00 84 6.3 $ 94.77 174 Tables above are reflective of the modified exercise price for stock options and SARs due to the special distribution of $43.40 in January 2016, where applicable. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 16. Income Taxes Income Tax Provision Details of the Company's income tax provision from continuing operations are provided in the table below: Year Ended December 31 2017 2016 2015 (Dollars in Millions) Income (Loss) Before Income Taxes: (a) U.S $ 84 $ 41 $ (69 ) Non-U.S 132 118 131 Total income before income taxes $ 216 $ 159 $ 62 Current Tax Provision: U.S. federal $ — $ (11 ) $ (18 ) Non-U.S 42 54 71 U.S. state and local — — — Total current tax provision 42 43 53 Deferred Tax Provision (Benefit): U.S. federal — — — Non-U.S 6 (13 ) (26 ) Total deferred tax provision (benefit) 6 (13 ) (26 ) Provision for income taxes $ 48 $ 30 $ 27 (a) Income (loss) before income taxes excludes equity in net income of non-consolidated affiliates. A summary of the differences between the provision for income taxes calculated at the U.S. statutory tax rate of 35% and the consolidated provision for income taxes is shown below: Year Ended December 31 2017 2016 2015 (Dollars in Millions) Tax provision (benefit) at U.S. statutory rate of 35% $ 76 $ 56 $ 22 Impact of foreign operations (5 ) (26 ) 33 Non-U.S withholding taxes 15 13 9 Tax holidays in foreign operations (7 ) (7 ) (10 ) State and local income taxes (1 ) (1 ) 1 Tax reserve adjustments (14 ) 5 (9 ) Change in valuation allowance (270 ) 25 (53 ) Impact of U.S. tax reform 250 — — Impact of tax law change 5 26 2 Worthless stock deduction — (58 ) — Research credits (1 ) (3 ) — Germany interiors divestiture — — 48 Tax benefits allocated to loss from continuing operations — — (18 ) Other — — 2 Provision for income taxes $ 48 $ 30 $ 27 On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the U.S. Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, the migration from a worldwide tax system to a territorial system, which institutes a dividends received deduction for foreign earnings with a one-time transition tax on cumulative post-1986 foreign earnings, a modification of the characterization and treatment of certain intercompany transactions and the creation of a new U.S. corporate minimum tax on certain earnings of foreign subsidiaries. The Company has calculated its best estimate of the impact of the Act in its year-end income tax provision in accordance with the guidance available as of the date of this filing. Accordingly, the Company has recognized a provisional income tax charge of $250 million , the impact of which was entirely offset by a corresponding income tax benefit associated with a reduction in the U.S. valuation allowance. The provisional amount related to the remeasurement of certain deferred tax assets and liabilities, based on the rates at which they are expected to reverse in the future, was $267 million . The provisional amount related to the one-time transition tax on the mandatory deemed repatriation of foreign earnings was $19 million , which was more than offset by the $36 million reversal of the Company’s existing deferred tax liability (net of foreign tax credits) associated with repatriation of unremitted foreign earnings. The Company continues to gather information related to estimates surrounding the remeasurement of deferred taxes and information related to unremitted earnings from foreign affiliates to more precisely analyze and compute the remeasurement of deferred taxes and the impact of the transition tax under the Act. Any subsequent adjustment to these amounts is not expected to have a significant impact to income tax expense due to the U.S. valuation allowance. Other items impacting the Company’s effective tax rate include the favorable impact of foreign operations of $5 million which includes a $34 million favorable variance due to income taxes on foreign earnings taxed at rates lower than the U.S. statutory rate partially offset by $29 million related to U.S. income taxes in connection with repatriation of earnings, excluding the transition tax on the deemed repatriation of foreign earnings described above, entirely offset by a corresponding $29 million decrease in the U.S. valuation allowance. Tax reserve adjustments of $14 million primarily reflects the $16 million decrease in uncertain tax benefits in connection with the Internal Revenue Service completing its audit during the first quarter of 2017 which was fully offset by the U.S. valuation allowance, while adverse tax reserve adjustments of $2 million related to various matters in the U.S. and India for which the uncertainty is expected to be resolved while a full valuation allowance is maintained, and thus, are entirely offset by a corresponding reduction in the valuation allowance. The $5 million unfavorable impact of tax law change in 2017 (excluding the Act) reflects the reduction in deferred tax assets, including net operating loss carryforwards, primarily attributable to the reduction in the corporate income tax rates in France and Argentina, which were entirely offset by the related valuation allowances in those jurisdictions. The Company’s provision for income tax for continuing operations was $30 million for year ended December 31, 2016. The favorable impact of foreign operations of $26 million includes a $19 million favorable variance due to income taxes on foreign earnings taxed at rates lower than the U.S. statutory rate, and a $7 million tax benefit, net of foreign tax credits, related to U.S. income taxes in connection with repatriation of earnings, entirely offset by a corresponding $7 million increase in the U.S. valuation allowance. The favorable worthless stock deduction variance relates to the Company’s investment in its Argentina Climate subsidiary where manufacturing operations have ceased, resulting in a $58 million tax benefit that generated a current year U.S. net operating loss, the majority of which was offset by the U.S. valuation allowance, while $3 million reduced the Company’s income tax liability for the 2015 tax year and $8 million reduced the Company’s unrecognized tax benefits that impact the effective tax rate. Tax reserve adjustments of $5 million primarily reflect adverse developments associated with ongoing negotiations to settle certain transfer pricing issues raised with an ongoing audit in Mexico of $2 million and $3 million related to various matters in the U.S. and India for which the uncertainty is expected to be resolved while a full valuation allowance is maintained, and thus, are entirely offset by a corresponding reduction in the valuation allowance. The $26 million unfavorable impact of tax law change in 2016 reflects the reduction in deferred tax assets, including net operating loss carryforwards, primarily attributable to the reduction in the corporate income tax rates in Hungary and Japan, which were largely offset by the related valuation allowance in Hungary of $24 million . The Company's provision for income tax for continuing operations was $27 million for year ended December 31, 2015. The unfavorable impact of foreign operations of $33 million includes a $25 million favorable variance due to income taxes on foreign earnings taxed at rates lower than the U.S. statutory rate. These amounts were more than offset by $27 million U.S. and non-U.S. income taxes related to the repatriation of earnings, and $31 million represents foreign tax credit adjustments primarily related to electing to deduct expiring credits. The U.S. income tax consequences of repatriation of earnings and foreign tax credit adjustment items approximate $58 million and were entirely offset by the U.S. valuation allowance. Tax reserve adjustments of $9 million primarily related to favorable audit developments in Asia during the first quarter of 2015, and statue expirations in Europe during the fourth quarter of 2015. The unfavorable $48 million variance related to the German interiors divestiture primarily reflects the inability to recognize the loss for German tax purposes, partially offset by a loss recognized for U.S. tax purposes and other adjustments which were fully offset by the U.S. valuation allowance. Accounting for income taxes generally requires that the amount of tax expense or benefit allocated to continuing operations be determined without regard to the tax effects of other categories of income or loss, such as discontinued operations and other comprehensive income. However, an exception to the general rule is provided when there is a pretax loss from continuing operations and aggregate pretax income from other categories in the current year. In such instances, income from other categories must offset the current loss from operations, the tax benefit of such offset being reflected in continuing operations even when a valuation allowance has been established against the deferred tax assets. Prior to considering the effects of income taxes, the Company’s operations in the U.S. reported losses from continuing operations primarily as a result of the Germany Interiors Divestiture completed during the fourth quarter of 2015. Also in 2015, the Company reported net pretax income from other categories of income or loss, in particular, U.S. pretax income from discontinued operations attributable to the Climate Divestiture. The exception described in the preceding paragraph resulted in a tax charge to discontinued operations of $18 million and an offsetting tax benefit was recognized in continuing operations. Deferred Income Taxes and Valuation Allowances The Company recorded deferred tax liabilities, net of valuation allowances, for U.S. and non-U.S. income taxes and non-U.S. withholding taxes of approximately $19 million and $16 million as of December 31, 2017 and 2016 , respectively; on the undistributed earnings of certain consolidated and unconsolidated foreign affiliates as such earnings are intended to be repatriated in the foreseeable future. The amount the Company expects to repatriate is based upon a variety of factors including current year earnings of the foreign affiliates, foreign investment needs and the cash flow needs the Company has in the U.S. and this practice has not changed following incurring the transition tax under the Act. The Company has not provided for deferred income taxes or foreign withholding taxes on the remainder of undistributed earnings from consolidated foreign affiliates because such earnings are considered to be permanently reinvested. It is not practicable to determine the amount of deferred tax liability on such earnings as the actual tax liability, if any, is dependent on circumstances existing when remittance occurs. The need to maintain valuation allowances against deferred tax assets in the U.S. and other affected countries will cause variability in the Company’s quarterly and annual effective tax rates. Full valuation allowances against deferred tax assets in the U.S. and applicable foreign countries will be maintained until sufficient positive evidence exists to reduce or eliminate them. The factors considered by management in its determination of the probability of the realization of the deferred tax assets include, but are not limited to, recent historical financial results, historical taxable income, projected future taxable income, the expected timing of the reversals of existing temporary differences and tax planning strategies. If, based upon the weight of available evidence, it is more likely than not the deferred tax assets will not be realized, a valuation allowance is recorded. The weight given to the positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. As such, it is generally difficult for positive evidence regarding projected future taxable income exclusive of reversing taxable temporary differences to outweigh objective negative evidence of recent financial reporting losses, in particular, when there is a cumulative loss incurred over a three-year period. In regards to the full valuation allowance recorded against the U.S. net deferred tax assets, the cumulative U.S. pretax book loss adjusted for significant permanent items incurred over the three-year period ended December 31, 2017 limits the ability to consider other subjective evidence such as the Company’s plans to improve U.S. profits, and as such, the Company continues to maintain a full valuation allowance against the U.S. net deferred tax assets. Based on the Company’s current assessment, it is possible that within the next 12 to 24 months, the existing valuation allowance against the U.S. net deferred tax assets could be partially released. Any such release is dependent upon the sustained improvement in U.S. operating results, and, if such a release of the valuation allowance were to occur, it could have a significant impact on net income in the quarter in which it is deemed appropriate to partially release the reserve. The components of deferred income tax assets and liabilities are as follows: December 31 2017 2016 (Dollars in Millions) Deferred Tax Assets: Employee benefit plans $ 74 $ 119 Capitalized expenditures for tax reporting 3 15 Net operating losses and credit carryforwards 1,178 1,495 Fixed assets and intangibles 10 15 Restructuring 7 26 Deferred income 9 10 Warranty 13 16 Other 46 65 Valuation allowance (1,242 ) (1,532 ) Total deferred tax assets $ 98 $ 229 Deferred Tax Liabilities: Fixed assets and intangibles $ 15 $ 21 Outside basis investment differences, including withholding tax 54 174 All other 6 6 Total deferred tax liabilities $ 75 $ 201 Net deferred tax assets (liabilities) $ 23 $ 28 Consolidated Balance Sheet Classification: Other non-current assets 46 48 Deferred tax liabilities non-current 23 20 Net deferred tax assets (liabilities) $ 23 $ 28 At December 31, 2017, the Company had available non-U.S. net operating loss carryforwards and capital loss carryforwards of $1.5 billion and $5 million , respectively, which have carryforward periods ranging from 5 years to indefinite . The Company had available U.S. federal net operating loss carryforwards of $1.5 billion at December 31, 2017, which will expire at various dates between 2028 and 2030 . U.S. foreign tax credit carryforwards are $393 million at December 31, 2017. These credits will begin to expire in 2020 . U.S. research tax credit carryforwards are $14 million at December 31, 2017. These credits will begin to expire in 2030. The Company had available tax-effected U.S. state operating loss carryforwards of $33 million at December 31, 2017, which will expire at various dates between 2018 and 2037 . In connection with the Company's emergence from bankruptcy and resulting change in ownership on the Effective Date, an annual limitation was imposed on the utilization of U.S. net operating losses, U.S. credit carryforwards and certain U.S. built-in losses (collectively referred to as “tax attributes”) under Internal Revenue Code (“IRC”) Sections 382 and 383. The collective limitation is approximately $120 million per year on tax attributes in existence at the date of change in ownership. Additionally, the Company has approximately $393 million of U.S. foreign tax credits that are not subject to any current limitation since they were realized after the Effective Date. As of December 31, 2017, valuation allowances totaling $1.2 billion have been recorded against the Company’s deferred tax assets. Of this amount, $813 million relates to the Company’s deferred tax assets in the U.S. and $429 million relates to deferred tax assets in certain foreign jurisdictions, primarily Germany and France. Unrecognized Tax Benefits, Inclusive of Discontinued Operations The Company operates in multiple jurisdictions throughout the world and the income tax returns of its subsidiaries in various tax jurisdictions are subject to periodic examination by respective tax authorities. The Company regularly assesses the status of these examinations and the potential for adverse and/or favorable outcomes to determine the adequacy of its provision for income taxes. The Company believes that it has adequately provided for tax adjustments that it believes are more likely than not to be realized as a result of any ongoing or future examination. Accounting estimates associated with uncertain tax positions require the Company to make judgments regarding the sustainability of each uncertain tax position based on its technical merits. If the Company determines it is more likely than not a tax position will be sustained based on its technical merits, the Company records the largest amount that is greater than 50% likely of being realized upon ultimate settlement. These estimates are updated at each reporting date based on the facts, circumstances and information available. Due to the complexity of these uncertainties, the ultimate resolution may result in a payment that is materially different from the Company's current estimate of the liabilities recorded. Gross unrecognized tax benefits at December 31, 2017 and 2016 were $18 million and $35 million , respectively. Of these amounts, approximately $9 million and $12 million , respectively, represent the amount of unrecognized benefits that, if recognized, would impact the effective tax rate. The gross unrecognized tax benefit differs from that which would impact the effective tax rate due to uncertain tax positions embedded in other deferred tax attributes carrying a full valuation allowance. The Company records interest and penalties related to uncertain tax positions as a component of income tax expense and related amounts accrued at December 31, 2017 and 2016 were $3 million and $4 million , respectively. There were several items that impacted the Company’s unrecognized tax benefits resulting in a $2 million net reduction in income tax expense, inclusive of interest and penalties, during 2017, which was substantially reflected in discontinued operations. During 2017, the IRS completed the audit of the Company's U.S. tax returns for the 2012 and 2013 tax years. The closing of the audit did not have a material impact on the Company's effective tax rate due to the valuation allowances maintained against the Company's U.S. tax attributes resulting in a decrease in unrecognized tax benefits of $16 million . Also during 2017, the Company settled tax assessments for $2 million related to audits in Mexico and for $1 million related to audits in Spain and France in connection with the Company’s former operations in those jurisdictions. During 2016, there were several items that impacted the Company’s unrecognized tax benefits resulting in a $10 million net reduction in income tax expense, inclusive of interest and penalties, during 2016, of which $7 million and $3 million of income tax benefits were reflected in continuing operations and discontinued operations, respectively. The $7 million income tax benefit in continuing operations reflects the $8 million reduction in unrecognized tax benefits that impact the effective rate due to the ability to utilize estimated U.S. net operating loss via carryback against U.S. income tax liabilities, partially offset by primarily adverse audit developments in Mexico. The $3 million income tax benefit in discontinued operations primarily relates to change in estimates associated with the filing of the Company’s 2015 U.S. tax returns that resulted in a reduction in U.S. income tax after utilizing available tax attributes related to the 2015 Climate Transaction, partially offset by adverse developments in connection with several ongoing audits related to former discontinued operations. With few exceptions, the Company is no longer subject to U.S. federal tax examinations for years before 2014 or state, local, or non-U.S. income tax examinations for years before 2003 although U.S. net operating losses and other tax attributes carried forward into open tax years technically remain open to adjustment. During the second quarter of 2017, the IRS contacted the Company to begin the examination process of the Company’s U.S. tax returns for 2014 and 2015. Although it is not possible to predict the timing of the resolution of all other ongoing tax audits with accuracy, it is reasonably possible that certain tax proceedings in Europe, Asia, and Mexico could conclude within the next twelve months and result in a significant increase or decrease in the balance of gross unrecognized tax benefits. Given the number of years, jurisdictions and positions subject to examination, the Company is unable to estimate the full range of possible adjustments to the balance of unrecognized tax benefits. The long-term portion of uncertain income tax positions (including interest) in the amount of $12 million , is included in Other non-current liabilities on the consolidated balance sheet. A reconciliation of the beginning and ending amount of unrecognized tax benefits including amounts attributable to discontinued operations is as follows: Year Ended December 31 2017 2016 (Dollars in Millions) Beginning balance $ 35 $ 37 Tax positions related to current period Additions 3 4 Tax positions related to prior periods Additions — 3 Reductions (18 ) (2 ) Settlements with tax authorities (3 ) (7 ) Effect of exchange rate changes 1 — Ending balance $ 18 $ 35 During 2012, Brazil tax authorities issued tax assessment notices to Visteon Sistemas Automotivos (“Sistemas”) related to the sale of its chassis business to a third party, which required a deposit in the amount of $16 million during 2013 necessary to open a judicial proceeding against the government in order to suspend the debt and allow Sistemas to operate regularly before the tax authorities after attempts to reopen an appeal of the administrative decision failed. Adjusted for currency impacts and accrued interest, the deposit amount is approximately $16 million , as of December 31, 2017. The Company believes that the risk of a negative outcome is remote once the matter is fully litigated at the highest judicial level. These appeal payments, as well as income tax refund claims associated with other jurisdictions, total $19 million as of December 31, 2017, and are included in Other non-current assets on the consolidated balance sheet. |
Stockholders' Equity and Non-co
Stockholders' Equity and Non-controlling Interests | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity and Non-controlling Interests | NOTE 17. Stockholders’ Equity and Non-controlling Interests Share Repurchase Program During 2015, the Company entered an accelerated stock buyback ("ASB") program for an aggregate purchase price of $500 million . Under this program the Company repurchased 4,771,262 shares of common stock for an average settlement price of $104.79 . In 2016, Visteon entered into stock repurchase programs with a third-party financial institution to purchase shares of common stock for an aggregate purchase price of $500 million . Under these programs, Visteon purchased 7,190,506 shares at an average price of $69.48 . On January 9, 2017, the Company's Board of Directors authorized $400 million of share repurchases of its shares of common stock through March 2018, of which $200 million remains outstanding as of December 31, 2017. On February 27, 2017, the Company entered into an accelerated share buyback ("ASB") program with a third-party financial institution to purchase shares of Visteon common stock for an aggregate purchase price of $125 million . On March 2, 2017, the Company received an initial delivery of 1,062,022 shares of common stock using a reference price $94.16 . The program was concluded in May 2017 and the Company received an additional 238,344 shares. In total, the Company purchased 1,300,366 shares at an average price of $96.13 under this ASB program. Beginning in the second quarter of 2017, the Company entered into a brokerage agreement with third-party financial institutions to execute open market share purchases of the Company's common stock. During 2017, the Company paid approximately $75 million to repurchase 677,778 shares at an average price of $110.63 . On January 15, 2018, the Company's Board of Directors authorized an additional $500 million of share repurchases, for a total authorization of $700 million , of its share of common stock through 2020. On December 19, 2017, the Company entered into a forward-starting share repurchase agreement with a third party financial institution to purchase shares of its common stock complying with the provisions of Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934. Share purchases under the program commenced January 2, 2018 and will expire on February 26, 2018. The maximum purchase amount is $100 million . Under this program, the third-party financial institution will repurchase the Company’s shares at the prevailing market prices pursuant to specified share price and daily volume limits. Year-to-date through February 15, 2018, the Company paid approximately $13 million to purchase a total of 109,190 shares with an average price of $120.41 . As of February 15, 2018, the Company has an outstanding authorization to purchase up to $687 million of its shares through 2020. The Company anticipates that additional repurchases of common stock, if any, would occur from time to time in open market transactions or in privately negotiated transactions depending on market and economic conditions, share price, trading volume, alternative uses of capital and other factors. Distribution On December 9, 2015 , the Company declared a special distribution of $43.40 per share of its common stock outstanding as of January 15, 2016 , or approximately $1.75 billion in the aggregate. On January 22, 2016 approximately $1.74 billion was paid. The remaining $14 million will be paid upon vesting and settlement of previously granted awards. These amounts were classified as "Other liabilities" in the Consolidated balance sheets as of December 31, 2017 and 2016. The special cash distribution was funded from Climate Transaction proceeds. Treasury Stock As of December 31, 2017 , the Company's Board of Directors has authorized a total of $2.2 billion in share repurchases since July of 2012. Since then, the Company's treasury stock has increased by $1.96 billion . As of December 31, 2017 and 2016 , the Company held 24,141,088 and 22,211,410 shares of common stock in treasury for use in satisfying obligations under employee incentive compensation arrangements. The Company values shares of common stock held in treasury at cost. Non-Controlling Interests Non-controlling interests in the Visteon Corporation economic entity are as follows: December 31 2017 2016 (Dollars in Millions) Yanfeng Visteon Automotive Electronics Co., Ltd. $ 77 $ 97 Shanghai Visteon Automotive Electronics, Co., Ltd. 44 39 Other 3 2 Total non-controlling interests $ 124 $ 138 Stock Warrants In October 2010, the Company issued ten year warrants expiring October 1, 2020 at an exercise price of $9.66 per share. As of December 31, 2017 , 2016 , and 2015 there are 909 warrants outstanding. The warrants may be net share settled and are recorded as permanent equity in the Company’s consolidated balance sheets. These warrants were valued at $15.00 per share on the October 1, 2010 issue date using the Black-Scholes option pricing model. Pursuant to the Ten Year Warrant Agreement, the original exercise price of $9.66 for the ten year warrants is subject to adjustment as a result of the special distribution of $43.40 per share to shareholders at the beginning of 2016. The new exercise price for each of the remaining 909 ten year warrants outstanding as of December 31, 2017 is reduced to a nominal $0.01 and each warrant is entitled to approximately 1.3 shares of stock upon exercise based on share price as of December 31, 2017. Restricted Net Assets Restricted net assets related to the Company’s non-consolidated affiliates were approximately $41 million and $45 million , respectively, as of December 31, 2017 and 2016 . Restricted net assets related to the Company’s consolidated subsidiaries were approximately $179 million and $164 million , respectively as of December 31, 2017 and 2016 . Restricted net assets of consolidated subsidiaries are attributable to the Company’s consolidated joint ventures in China, where certain regulatory requirements and governmental restraints result in significant restrictions on the Company’s consolidated subsidiaries ability to transfer funds to the Company. Accumulated Other Comprehensive Income (Loss) Changes in AOCI and reclassifications out of AOCI by component includes: Year Ended December 31 2017 2016 (Dollars in Millions) Changes in AOCI: Beginning balance $ (233 ) $ (190 ) Other comprehensive income (loss) before reclassification, net of tax 49 (58 ) Amounts reclassified from AOCI 5 3 Divestitures 5 12 Ending balance $ (174 ) $ (233 ) Changes in AOCI by component: Foreign currency translation adjustments Beginning balance $ (163 ) $ (159 ) Other comprehensive income (loss) before reclassification, net of tax (a) 62 (19 ) Amounts reclassified from AOCI — 3 Divestitures (b) 1 12 Ending balance (100 ) (163 ) Net investment hedge Beginning balance 10 4 Other comprehensive (loss) income before reclassification, net of tax (a) (22 ) 6 Ending balance (12 ) 10 Benefit plans Beginning balance (75 ) (36 ) Other comprehensive income (loss) before reclassification, net of tax (a) 10 (40 ) Amounts reclassified from AOCI (c) (2 ) 1 Divestitures (b) 4 — Ending balance (63 ) (75 ) Unrealized hedging gain (loss) Beginning balance (5 ) 1 Other comprehensive (loss) before reclassification, net of tax (d) (1 ) (5 ) Amounts reclassified from AOCI 7 (1 ) Ending balance 1 (5 ) AOCI ending balance $ (174 ) $ (233 ) (a) There were no income tax effects for either period. (b) Amounts are included in Cost of Goods Sold and Loss on Divestiture within the Consolidated Statements of Operations. (c) Amount included in the computation of net periodic pension cost. (See Note 14 Employee benefit plans for additional details.) Net tax expense of $1 million and net tax benefit of $3 million related to benefit plans for the years ended December 31, 2017 and 2016 , respectively. (d) Net tax expense of $1 million and net tax benefit of $2 million are related to unrealized hedging (loss) gain for the years ended December 31, 2017 and 2016 , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 18. Earnings (Loss) Per Share A summary of information used to compute basic and diluted earnings (loss) per share attributable to Visteon is as follows: Year Ended December 31 2017 2016 2015 (In Millions, Except Per Share Amounts) Numerator: Net income from continuing operations attributable to Visteon $ 159 $ 115 $ 22 Net income (loss) from discontinued operations attributable to Visteon 17 (40 ) 2,262 Net income attributable to Visteon $ 176 $ 75 $ 2,284 Denominator: Average common stock outstanding - basic 31.6 35.0 42.3 Dilutive effect of performance based share units and other 0.6 0.4 1.1 Diluted shares 32.2 35.4 43.4 Basic and Diluted Per Share Data: Basic earnings (loss) per share attributable to Visteon: Continuing operations $ 5.03 $ 3.28 $ 0.52 Discontinued operations 0.54 (1.14 ) 53.48 $ 5.57 $ 2.14 $ 54.00 Diluted earnings (loss) per share attributable to Visteon: Continuing operations $ 4.94 $ 3.25 $ 0.51 Discontinued operations 0.53 (1.13 ) 52.12 $ 5.47 $ 2.12 $ 52.63 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 19. Fair Value Measurements Fair Value Hierarchy The Company uses a three-level fair value hierarchy that categorizes assets and liabilities measured at fair value based on the observability of the inputs utilized in the valuation. The fair value hierarchy gives the highest priority to the quoted prices in active markets for identical assets and liabilities and lowest priority to unobservable inputs. • Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access. • Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable for substantially the full term of the asset or liability. • Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Assets which are valued at net asset value per share ("NAV"), or its equivalent, as a practical expedient are reported outside the fair value hierarchy, but are included in the total assets for reporting and reconciliation purposes. The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis are as follows: December 31, 2017 Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Asset Category: Retirement plan assets $ 180 $ 328 $ 13 $ 346 $ 867 Interest rate swaps — 1 — — 1 Liability Category: Foreign currency instruments $ — $ 25 $ — $ — $ 25 December 31, 2016 Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Asset Category: Retirement plan assets $ 311 $ 380 $ 11 $ 96 $ 798 Foreign currency instruments — 6 — — 6 Liability Category: Foreign currency instruments $ — $ 6 $ — $ — $ 6 Interest rate swaps $ — $ 1 $ — $ — $ 1 Foreign currency instruments and interest rate swaps are valued using industry-standard models that consider various assumptions, including time value, volatility factors, current market and contractual prices for the underlying and non-performance risk. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. The carrying amounts of all other non-retirement plan financial instruments approximate their fair values due to their relatively short-term maturities. Retirement plan assets pertain to a diverse set of securities and investment vehicles held by the Company’s defined benefit pension plans. These assets possess varying fair value measurement attributes such that certain portions are categorized within each level of the fair value hierarchy as based upon the level of observability of the inputs utilized in the valuation of the particular asset. The Company may, as a practical expedient, estimate the fair value of certain investments using NAV of the investment as of the reporting date. This practical expedient generally deals with investments that permit an investor to redeem its investment directly with, or receive distributions from, the investee at times specified in the investee’s governing documents. Examples of these investments (often referred to as alternative investments) may include ownership interests in real assets, certain credit strategies, and hedging and diversifying strategies. They are commonly in the form of limited partnership interests. The Company uses NAV as a practical expedient when valuing investments in alternative asset classes and funds which are a limited partnership or similar investment vehicle. Retirement Plan Assets Retirement plan assets consist of the following: • Short-term investments, such as cash and cash equivalents, are immediately available or are highly liquid and not subject to significant market risk. Assets comprised of cash, short-term sovereign debt, or high credit-quality money market securities and instruments held directly by the plan are categorized as Level 1. Assets in a registered money market fund are reported as registered investment companies. Assets in a short-term investment fund ("STIF") are categorized as Level 2. Cash and cash equivalent assets denominated in currencies other than the U.S. dollar are reflected in U.S. dollar terms at the exchange rate prevailing at the balance sheet dates. • Registered investment companies are mutual funds that are registered with the Securities and Exchange Commission. Mutual funds may invest in various types of securities or combinations thereof including equities, fixed income securities, and other assets that are subject to varying levels of market risk and are categorized as Level 1. The share prices for mutual funds are published at the close of each business day. • Treasury and government securities consist of debt securities issued by the U.S. and non-U.S. sovereign governments and agencies, thereof. Assets with a high degree of liquidity and frequent trading activity are categorized as Level 1 while others are valued by independent valuation firms that employ standard methodologies associated with valuing fixed-income securities and are categorized as Level 2. • Corporate debt securities consist of fixed income securities issued by corporations. Assets with a high degree of liquidity and frequent trading activity are categorized as Level 1 while others are valued by independent valuation firms that employ standard methodologies associated with valuing fixed-income securities and are categorized as Level 2. • Common and preferred stocks consist of shares of equity securities. These are directly-held assets that are generally publicly traded in regulated markets that provide readily available market prices and are categorized as Level 1. • Common trust funds are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds, including equities and fixed income securities, are generally publicly traded in regulated markets that provide readily available market prices. The entire balance of an investment in a common trust fund that does not have a readily observable market prices as available on a third-party information source, notwithstanding whether the investment has daily liquidity, is categorized as Level 2; unless the investment fund has investment holdings significant to its valuation that are considered as Level 3; or the fund is considered as an alternative strategy (including hedge and diversifying strategies) for which valuation is established by NAV as a practical expedient. • Liability Driven Investing (“LDI”) is an investment strategy that utilizes certain instruments and securities, interest-rate swaps and other financial derivative instruments intended to hedge a portion of the changes in pension liabilities associated with changes in the actuarial discount rate as applied to the plan’s liabilities. The instruments and securities used typically include total return swaps and other financial derivative instruments. The valuation methodology of the financial derivative instruments contained in this category of assets utilizes standard pricing models associated with fixed income derivative instruments and are categorized as Level 2. • Other investments include miscellaneous assets and liabilities and are primarily comprised of pending transactions and collateral settlements and are categorized as Level 2. • Limited partnerships represent investment vehicles with underlying exposures in alternative credit, hedge and diversifying strategies (including hedge fund of funds), real assets, and certain equity exposures. The underlying assets in these funds may include securities transacted in active markets as well as other assets that have values less readily observable and may require valuation techniques that require inputs that are not readily observable. Investment in these funds may be subject to a specific notice period prior to the intended transaction date. In addition, transactions in these funds may require longer settlement terms than traditional mutual funds. These assets are valued based on their respective NAV as a practical expedient to estimate fair value due to the absence of readily available market prices. • Insurance contracts are reported at cash surrender value and have significant unobservable inputs and are categorized as Level 3. The fair values of the Company’s U.S. retirement plan assets are as follows: December 31, 2017 Asset Category Level 1 Level 2 NAV Total (Dollars in Millions) Registered investment companies $ 3 $ — $ — $ 3 Common and preferred stocks 27 — — 27 Common trust funds — 185 94 279 LDI — 103 — 103 Limited partnerships — — 226 226 Short-term investments — 9 — 9 Total $ 30 $ 297 $ 320 $ 647 December 31, 2016 Asset Category Level 1 Level 2 NAV Total (Dollars in Millions) Registered investment companies $ 180 $ — $ — $ 180 Common trust funds — 296 — 296 LDI — 53 — 53 Limited partnerships — — 76 76 Short-term investments — 3 — 3 Total $ 180 $ 352 $ 76 $ 608 The fair values of the Company’s Non-U.S. retirement plan assets are as follows: December 31, 2017 Asset Category Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Registered investment companies $ 93 $ — $ — $ — $ 93 Treasury and government securities 45 26 — — 71 Cash and cash equivalents 7 1 — — 8 Corporate debt securities 3 4 — — 7 Common and preferred stock 2 — — — 2 Limited partnerships — — — 26 26 Insurance contracts — — 13 — 13 Total $ 150 $ 31 $ 13 $ 26 $ 220 December 31, 2016 Asset Category Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Registered investment companies $ 71 $ — $ — $ — $ 71 Treasury and government securities 47 23 — — 70 Cash and cash equivalents 8 — — — 8 Corporate debt securities 3 5 — — 8 Common trust funds 2 — — — 2 Limited partnerships — — — 20 20 Insurance contracts — — 11 — 11 Total $ 131 $ 28 $ 11 $ 20 $ 190 Fair value measurements which used significant unobservable inputs are as follows: Actual Return on Plan Assets Insurance Contracts (Dollars in Millions) December 31, 2014 $ 169 Divestitures (159 ) December 31, 2015 $ 10 Purchases 1 December 31, 2016 $ 11 Return on assets held at the reporting date, including currency impacts 1 Purchases 1 December 31, 2017 $ 13 Items Measured at Fair Value on a Non-recurring Basis In addition to items that are measured at fair value on a recurring basis, the Company measures certain assets and liabilities at fair value on a non-recurring basis, which are not included in the table above. As these non-recurring fair value measurements are generally determined using unobservable inputs, these fair value measurements are classified within Level 3 of the fair value hierarchy. As further described in Note 3, "Business Acquisitions", the Company utilized a third party to assist in the fair value determination of the purchase price allocation for the AllGo Acquisition. Management’s allocation of fair values to asset and liabilities was completed through a combination of cost, market and income approaches. These fair value measurements are classified within Level 3 of the fair value hierarchy. As further described in Note 4, "Divestitures", the fair value of the assets subject to the France Transaction was less than carrying value and therefore, the long-lived assets were reduced to zero and impairment charges of $13 million were recorded in the year ended December 31, 2017. Additionally, the fair value of assets and liabilities subject to the Interiors Divestiture was less than the carrying value. As a result, the long-lived assets were reduced to zero and impairment loss of $1 million and $4 million was recorded in the years ended December 31, 2016 and 2015, respectively. As the impairment was determined using other observable inputs, the fair value measurements are classified within Level 2 of the fair value hierarchy. Fair Value of Debt The fair value of debt, excluding amounts classified as held for sale, was approximately $401 million and $389 million as of December 31, 2017 and 2016 , respectively. Fair value estimates were based on quoted market prices or current rates for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities. Accordingly, the Company's debt is classified as Level 1 "Market Prices," and Level 2 "Other Observable Inputs" in the fair value hierarchy, respectively. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | NOTE 20. Financial Instruments The Company is exposed to various market risks including, but not limited to, changes in foreign currency exchange rates and market interest rates. The Company manages these risks, in part, through the use of derivative financial instruments. The maximum length of time over which the Company hedges the variability in the future cash flows for forecast transactions excluding those forecast transactions related to the payment of variable interest on existing debt is up to eighteen months from the date of the forecast transaction. The maximum length of time over which the Company hedges forecast transactions related to the payment of variable interest on existing debt is the term of the underlying debt. The use of derivative financial instruments creates exposure to credit loss in the event of nonperformance by the counter-party to the derivative financial instruments. The Company limits this exposure by entering into agreements including master netting arrangements directly with a variety of major financial institutions with high credit standards that are expected to fully satisfy their obligations under the contracts. Additionally, the Company’s ability to utilize derivatives to manage risks is dependent on credit and market conditions. The Company presents its derivative positions and any related material collateral under master netting arrangements that provide for the net settlement of contracts, by counterparty, in the event of default or termination. Derivative financial instruments designated and non-designated as hedging instruments are included in the Company’s consolidated balance sheets. There is no cash collateral on any of these derivatives. Accounting for Derivative Financial Instruments Derivative financial instruments are recorded as assets or liabilities in the consolidated balance sheets at fair value. The fair values of derivatives used to hedge the Company’s risks fluctuate over time, generally in relation to the fair values or cash flows of the underlying hedged transactions or exposures. The accounting for changes in fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and, further, on the type of hedging relationship. At inception, the Company formally designates and documents the financial instrument as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction, including designation of the instrument as a fair value hedge, a cash flow hedge or a hedge of a net investment in a foreign operation. Additionally, at inception and at least quarterly thereafter, the Company formally assesses whether the financial instruments that are used in hedging transactions are effective at offsetting changes in either the fair value or cash flows of the related underlying exposure. For a designated cash flow hedge, the effective portion of the change in the fair value of the derivative instrument is recorded in AOCI in the consolidated balance sheet. When the underlying hedged transaction is realized, the gain or loss included in AOCI is recorded in earnings and reflected in the consolidated statement of operations on the same line as the gain or loss on the hedged item attributable to the hedged risk. Any ineffective portion of a financial instrument's change in fair value is immediately recognized in operating results. For a designated net investment hedge, the effective portion of the change in the fair value of the derivative instrument is recorded as a cumulative translation adjustment in AOCI in the consolidated balance sheet. Derivatives not designated as a hedge are adjusted to fair value through operating results. Cash flows associated with designated hedges are reported in the same category as the underlying hedged item. Cash flows associated with derivatives are reported in Net cash provided from operating activities in the Company’s consolidated statements of cash flows except for cash flows associated with net investment hedges, which are reported in Net cash used by investing activities. Foreign Currency Exchange Rate Risk Foreign Exchange Risk: The Company’s net cash inflows and outflows exposed to the risk of changes in foreign currency exchange rates arise from the sale of products in countries other than the manufacturing source, foreign currency denominated supplier payments, debt and other payables, subsidiary dividends, investments in subsidiaries and anticipated foreign currency denominated transaction proceeds. Where possible, the Company utilizes derivative financial instruments to manage foreign currency exchange rate risks. Forward and option contracts may be utilized to reduce the impact to the Company's cash flow from adverse movements in exchange rates. Foreign currency exposures are reviewed periodically and any natural offsets are considered prior to entering into a derivative financial instrument. The Company’s current primary hedged foreign currency exposures include the Japanese Yen, Euro, Thai Baht, and Mexican Peso. Where possible, the Company utilizes a strategy of partial coverage for transactions in these currencies. The Company's policy requires that hedge transactions relate to a specific portion of the exposure not to exceed the aggregate amount of the underlying transaction. In addition to the transactional exposure described above, the Company's operating results are impacted by the translation of its foreign operating income into U.S. dollars. The Company does not enter into foreign exchange contracts to mitigate this exposure. As of December 31, 2017 and 2016 , the Company had derivative instruments that consisted primarily of option and forward contracts to hedge changes in foreign currency exchange rates with notional amounts of approximately $119 million and $169 million , respectively. Fair value estimates of these contracts are based on quoted market prices and other observable inputs. As of December 31, 2017 and December 31, 2016, respectively, approximately $101 million and $138 million of the instruments have been designated as cash flow hedges with the effective portion of the gain or loss reported in the "AOCI" component of Stockholders’ equity in the Company’s consolidated balance sheet. There was no ineffectiveness associated with such derivatives as of December 31, 2017 and 2016, and the fair value of these derivatives was a liability of $2 million and $6 million , respectively. The difference between the gross amounts recognized and the gross amounts subject to offsetting of these derivatives is not material. The estimated AOCI that is expected to be reclassified into earnings within the next 12 months is a loss of $1 million . During 2015, the Company entered into cross currency swaps to mitigate the variability of the value of the Company's investment in certain non-U.S. entities. In April 2017, the Company terminated and settled the cross currency swaps and received $5 million of proceeds. There was no ineffectiveness associated with such derivatives at the time of the termination. The Company subsequently entered into new cross currency swap transactions with an aggregate notional amount of $150 million . In connection with the third amendment to the Credit Agreement the Company terminated the cross currency swaps in November 2017 and subsequently entered into new cross currency swap transactions with an aggregate notional amount of $150 million . There was no ineffectiveness associated with such derivatives at the time of termination nor did the Company have an associated cash flow or income statement impact. The new transactions are designated as net investment hedges of certain of the Company's European affiliates. Accordingly, the effective portion of periodic changes in the fair value of the transactions is recognized in other comprehensive income, a component of shareholders' equity. There was no ineffectiveness associated with such derivatives as of December 31, 2017 and 2016, and the fair value of these derivatives was a liability of $23 million and an asset of $6 million , respectively. Interest Rate Risk: The Company is subject to interest rate risk principally in relation to variable-rate debt. The Company uses derivative financial instruments to manage exposure to fluctuations in interest rates in connection with its risk management policies. During 2015, the Company entered into interest rate swaps to manage interest rate risk associated with the Term Facility. In April 2017 the Company terminated the interest rate swaps and paid $1 million to settle the contracts. The Company subsequently entered into interest rate swap contracts with an aggregate notional value of $150 million to effectively convert designated interest payments related to the amended Term Facility from variable to fixed cash flows. In November 2017, in connection with the third amendment to the Credit Agreement, the Company terminated the interest rate swaps and received $1 million upon settlement of the contracts. The Company subsequently entered into interest rate swap contracts with an aggregate notional value of $150 million to effectively convert designated interest payments related to amendment three of the Term Facility from variable to fixed cash flows. The maturities of these swaps do not exceed the underlying obligations under the amended Term Facility. The instruments have been designated as cash flow hedges and the effective portion of the changes in the fair value of the swap transactions is recognized in other comprehensive income, a component of shareholders' equity. Subsequently, the accumulated gains and losses recorded in equity are reclassified to income in the period during which the hedged cash transaction impacts earnings. The ineffective portion of changes in the fair value of the swap transactions, if any, is recognized directly in income. As of December 31, 2017 and 2016, the fair value was an asset of $1 million and a liability of $1 million , respectively, and there has been no ineffectiveness associated with these derivatives. AOCI expected to be reclassified into earnings within the next 12 months is a loss of $1 million . The interest rate swaps are valued under an income approach using industry-standard models that consider various assumptions, including time value, volatility factors, current market and contractual prices for the underlying and non-performance risk. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Accordingly, the Company's interest rate swaps are classified as Level 2, "Other Observable Inputs" in the fair value hierarchy. Financial Statement Presentation Gains and losses on derivative financial instruments for the year ended December 31, 2017 and 2016 are as follows: Amount of Gain (Loss) Recorded (Loss) Income in AOCI, net of tax Reclassified from AOCI into (Income) Loss Recorded in (Income) Loss 2017 2016 2017 2016 2017 2016 (Dollars in Millions) Foreign currency risk – Cost of sales: Cash flow hedges $ (2 ) $ (3 ) $ 6 $ (3 ) $ — $ — Net investment hedges (22 ) 5 — — — — Non-designated cash flow hedges — — — — (2 ) (2 ) Interest rate risk - Interest expense, net: Interest rate swap 1 (2 ) 1 2 — — Foreign currency risk - Other expense, net: Non-designated cash flow hedges — — — — — 2 $ (23 ) $ — $ 7 $ (1 ) $ (2 ) $ — Concentrations of Credit Risk Financial instruments including cash equivalents, derivative contracts, and accounts receivable, expose the Company to counter-party credit risk for non-performance. The Company’s counterparties for cash equivalents and derivative contracts are banks and financial institutions that meet the Company’s requirement of high credit standing. The Company’s counterparties for derivative contracts are substantially investment and commercial banks with significant experience using such derivatives. The Company manages its credit risk through policies requiring minimum credit standing and limiting credit exposure to any one counter-party and through monitoring counter-party credit risks. The Company’s concentration of credit risk related to derivative contracts as of December 31, 2017 and 2016 is not material. Ford, Mazda and Renault/Nissan are the Company's largest ultimate customers and in 2017 accounted for sales of approximately 28% , 17% and 14% , respectively. In 2016 and 2015, Ford accounted for 30% and 34% , respectively, Mazda and Renault/Nissan accounted for 17% and 15% of sales for 2016 and 16% and 14% of sales for 2015, respectively. The Company's credit risk with any individual customer does not exceed ten percent of total accounts receivable except for Ford and its affiliates represent 14% and 16% , Renault/Nissan represent 10% and 10% , and Mazda represent less than 10% and 10% as of December 31, 2017 and 2016 , respectively. Management periodically performs credit evaluations of its customers and generally does not require collateral. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 21. Commitments and Contingencies Litigation and Claims In 2003, the Local Development Finance Authority of the Charter Township of Van Buren, Michigan (the “Township”) issued approximately $28 million in bonds finally maturing in 2032, the proceeds of which were used at least in part to assist in the development of the Company’s U.S. headquarters located in the Township. During January 2010, the Company and the Township entered into a settlement agreement (the “Settlement Agreement”) that, among other things, reduced the taxable value of the headquarters property to current market value and facilitated certain claims of the Township in the Company’s chapter 11 proceedings. The Settlement Agreement also provided that the Company would negotiate in good faith with the Township in the event that property tax payments was inadequate to permit the Township to meet its payment obligations with respect to the bonds. In September 2013, the Township notified the Company in writing that it is estimating a shortfall in tax revenues of between $25 million and $36 million , which could render it unable to satisfy its payment obligations under the bonds. On May 12, 2015, the Township commenced a proceeding against the Company in the U. S. Bankruptcy Court for the District of Delaware in connection with the foregoing. Upon the Company’s motion to dismiss, the Township dismissed the proceeding before the Delaware Bankruptcy Court and re-commenced the proceeding against the Company in the Michigan Wayne County Circuit Court for the State of Michigan on July 2, 2015. The Township sought damages or, alternatively, declaratory judgment that, among other things, the Company is responsible under the Settlement Agreement for payment of any shortfall in the bond debt service payments. On February 2, 2016, the Wayne County Circuit Court dismissed the Township’s lawsuit without prejudice on the basis that the Township’s claims were not ripe for adjudication. The Township appealed the decision to the Michigan Court of Appeals, which affirmed the dismissal of the Township’s lawsuit. The Township has sought leave to appeal from the Michigan Supreme Court. The Company disputes the factual and legal assertions made by the Township and intends to vigorously defend the matter. The Company is not able to estimate the possible loss or range of loss in connection with this matter. The Company is currently involved in disputes with its former President and Chief Executive Officer, Timothy D. Leuliette. On February 19, 2016, Mr. Leuliette filed an arbitration demand against the Company with the American Arbitration Association, alleging claims relating to the cessation of his employment. The arbitration concluded on August 11, 2017, and the arbitrator, on October 31, 2017, awarded certain accrued benefits but denied other claims. The Company also filed a complaint against Mr. Leuliette in the U.S. District Court for the Eastern District of Michigan on March 31, 2016, asserting additional claims relating to the cessation of Mr. Leuliette’s employment. On January 30, 2018, the federal court affirmed the arbitration ruling and entered judgment in the case and the Company is currently reviewing its options for additional judicial review. The Company disputes the factual and legal assertions made by Mr. Leuliette, and, although there can be no assurances, the Company does not currently believe that the resolution of these disputes will have a material adverse impact on its results of operations or financial condition. In November 2013, the Company and HVCC, jointly filed an Initial Notice of Voluntary Self-Disclosure statement with the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) regarding certain sales of automotive HVAC components by a minority-owned, Chinese joint venture of HVCC into Iran. The Company updated that notice in December 2013, and subsequently filed a voluntary self-disclosure regarding these sales with OFAC in March 2014. In May 2014, the Company voluntarily filed a supplementary self-disclosure identifying additional sales of automotive HVAC components by the Chinese joint venture, as well as similar sales involving an HVCC subsidiary in China, totaling approximately $12 million , and filed a final voluntary-self disclosure with OFAC on October 17, 2014. OFAC is currently reviewing the results of the Company’s investigation. Following that review, OFAC may conclude that the disclosed sales resulted in violations of U.S. economic sanctions laws and warrant the imposition of civil penalties, such as fines, limitations on the Company's ability to export products from the United States, and/or referral for further investigation by the U.S. Department of Justice. Any such fines or restrictions may be material to the Company’s financial results in the period in which they are imposed, but is not able to estimate the possible loss or range of loss in connection with this matter. Additionally, disclosure of this conduct and any fines or other action relating to this conduct could harm the Company’s reputation and have a material adverse effect on our business, operating results and financial condition. The Company cannot predict when OFAC will conclude its own review of our voluntary self-disclosures or whether it may impose any of the potential penalties described above. The Company's operations in Brazil and Argentina are subject to highly complex labor, tax, customs and other laws. While the Company believes that it is in compliance with such laws, it is periodically engaged in litigation regarding the application of these laws. As of December 31, 2017 , the Company maintained accruals of approximately $16 million and $4 million for claims aggregating approximately $114 million and $4 million in Brazil and Argentina, respectively. The amounts accrued represent claims that are deemed probable of loss and are reasonably estimable based on the Company's assessment of the claims and prior experience with similar matters. While the Company believes its accruals for litigation and claims are adequate, the final amounts required to resolve such matters could differ materially from recorded estimates and the Company's results of operations and cash flows could be materially affected. Product Warranty and Recall Amounts accrued for product warranty and recall claims are based on management’s best estimates of the amounts that will ultimately be required to settle such items. The Company’s estimates for product warranty and recall obligations are developed with support from its sales, engineering, quality and legal functions and include due consideration of contractual arrangements, past experience, current claims and related information, production changes, industry and regulatory developments and various other considerations. The Company can provide no assurances that it will not experience material claims in the future or that it will not incur significant costs to defend or settle such claims beyond the amounts accrued or beyond what the Company may recover from its suppliers. Specific cause actions represent customer actions related to defective supplier parts and related software. The following table provides a reconciliation of changes in the product warranty and recall claims liability: Year Ended December 31 2017 2016 (Dollars in Millions) Beginning balance $ 55 $ 38 Accruals for products shipped 20 17 Change in estimates 4 6 Specific cause actions 6 15 Recoverable warranty/recalls 3 2 Foreign currency translation 2 (2 ) Settlements (41 ) (21 ) Ending balance $ 49 $ 55 Guarantees and Commitments The Company provided a $15 million loan guarantee to YFVIC. The guarantee contains standard non-payment provisions to cover the borrowers in event of non-payment of principal, accrued interest, and other fees, and the loan is expected to be fully paid by September 2019. As part of the agreements of the Climate Transaction and Interiors Divestiture, the Company continues to provide lease guarantees to divested Climate and Interiors entities. As of December 31, 2017 , the Company has approximately $5 million and $3 million outstanding guarantees respectively, related to divested Climate and Interiors entities. These guarantees will generally cease upon expiration of current lease agreements. Operating Leases As of December 31, 2017 , the Company had the following minimum rental commitments under non-cancelable operating leases: 2018 - $36 million ; 2019 - $33 million ; 2020 - $29 million ; 2021 - $23 million ; 2022 - $19 million ; thereafter - $73 million . Rent expense was approximately $33 million , $35 million , and $45 million for the years ended December 31, 2017 , 2016 and 2015, respectively. Other Contingent Matters Various legal actions, governmental investigations and proceedings and claims are pending or may be instituted or asserted in the future against the Company, including those arising out of alleged defects in the Company’s products; governmental regulations relating to safety; employment-related matters; customer, supplier and other contractual relationships; intellectual property rights; product warranties; product recalls; and environmental matters. Some of the foregoing matters may involve compensatory, punitive or antitrust or other treble damage claims in very large amounts, or demands for recall campaigns, environmental remediation programs, sanctions, or other relief which, if granted, would require very large expenditures. The Company enters into agreements that contain indemnification provisions in the normal course of business for which the risks are considered nominal and impracticable to estimate. Contingencies are subject to many uncertainties, and the outcome of individual litigated matters is not predictable with assurance. Reserves have been established by the Company for matters discussed in the immediately foregoing paragraph where losses are deemed probable and reasonably estimable. It is possible, however, that some of the matters discussed in the foregoing paragraph could be decided unfavorably to the Company and could require the Company to pay damages or make other expenditures in amounts, or a range of amounts, that cannot be estimated as of December 31, 2017 and that are in excess of established reserves. The Company does not reasonably expect, except as otherwise described herein, based on its analysis, that any adverse outcome from such matters would have a material effect on the Company’s financial condition, results of operations or cash flows, although such an outcome is possible. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 22. Segment Information Financial results for the Company's reportable segment have been prepared using a management approach, which is consistent with the basis and manner in which financial information is evaluated by the Company's chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker, the Chief Executive Officer, evaluates the performance of the Company’s segment primarily based on net sales, before elimination of inter-company shipments, Adjusted EBITDA (a non-GAAP financial measure, as defined below) and operating assets. The accounting policies for the reportable segments are the same as those described in the Note 2 "Summary of Significant Accounting Policies” to the Company’s consolidated financial statements. The Company’s current reportable segment is Electronics. The Company's Electronics segment provides vehicle cockpit electronics products to customers, including instrument clusters, information displays, infotainment systems, audio systems, telematics solutions and head-up displays. Prior to 2017, the Company also had Other operations consisting primarily of South Africa and South America climate operations substantially exited during the fourth quarter of 2016. During 2015, Other also included the Berlin, Germany operations previously associated with the Interiors business and sold during the fourth quarter of 2015. As the Company ceased Other operations in 2016, future impacts of the legacy operations will be included with the Company's continuing Electronics operations. Electronics accounted for approximately 98% , and 95% of the Company’s total product sales, excluding intra-product group eliminations, for the years ended December 31, 2016 and 2015 , respectively. Key financial measures reviewed by the Company’s chief operating decision maker are as follows. Segment Sales Year Ended December 31 2017 2016 2015 (Dollars in Millions) Electronics $ 3,146 $ 3,107 $ 3,107 Other — 54 153 Eliminations — — (15 ) Total consolidated sales $ 3,146 $ 3,161 $ 3,245 Segment Adjusted EBITDA The Company defines Adjusted EBITDA as net income attributable to the Company adjusted to eliminate the impact of depreciation and amortization, restructuring expense, net interest expense, loss on debt extinguishment, equity in net income of non-consolidated affiliates, loss on divestiture, gain on non-consolidated affiliate transactions, other net expense, provision for income taxes, discontinued operations, net income attributable to non-controlling interests, non-cash stock-based compensation expense, pension settlement gains, and other gains and losses not reflective of the Company's ongoing operations. Adjusted EBITDA is presented as a supplemental measure of the Company's financial performance that management believes is useful to investors because the excluded items may vary significantly in timing or amounts and/or may obscure trends useful in evaluating and comparing the Company's operating activities across reporting periods. Not all companies use identical calculations and, accordingly, the Company's presentation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. Adjusted EBITDA is not a recognized term under GAAP and does not purport to be a substitute for net income as an indicator of operating performance or cash flows from operating activities as a measure of liquidity. Adjusted EBITDA has limitations as an analytical tool and is not intended to be a measure of cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. In addition, the Company uses Adjusted EBITDA (i) as a factor in incentive compensation decisions, (ii) to evaluate the effectiveness of the Company's business strategies and (iii) the Company's credit agreements use measures similar to Adjusted EBITDA to measure compliance with certain covenants. Segment Adjusted EBITDA for the years ended December 31, 2017 , 2016 and 2015 is summarized below. Year Ended December 31 2017 2016 2015 (Dollars in Millions) Electronics $ 370 $ 346 $ 294 Other — (9 ) (12 ) Adjusted EBITDA $ 370 $ 337 $ 282 The reconciliation of Adjusted EBITDA to net income attributable to Visteon for the years ended December 31, 2017 , 2016 and 2015 is as follows: Year Ended December 31 2017 2016 2015 (Dollars in Millions) Adjusted EBITDA $ 370 $ 337 $ 282 Depreciation and amortization 87 84 85 Restructuring expense, net 14 49 36 Interest expense, net 16 12 14 Equity in net income of non-consolidated affiliates (7 ) (2 ) (7 ) Loss on debt extinguishment — — 5 Loss on divestiture 33 — 105 Gain on non-consolidated affiliate transactions (4 ) — (62 ) Other expense, net 2 24 25 Provision for income taxes 48 30 27 Net (income) loss from discontinued operations, net of tax (17 ) 40 (2,286 ) Net income attributable to non-controlling interests 16 16 44 Non-cash, stock-based compensation expense 12 8 8 Other (6 ) 1 4 Net income attributable to Visteon Corporation $ 176 $ 75 $ 2,284 Segment Total Assets Total Assets Year Ended December 31 2017 2016 (Dollars in Millions) Electronics $ 2,304 $ 2,370 Other — 3 Total segment operating assets $ 2,304 $ 2,373 Segment Expenditures Depreciation and Amortization Capital Expenditures Year Ended December 31 Year Ended December 31 2017 2016 2015 2017 2016 2015 (Dollars in Millions) Electronics $ 87 $ 84 $ 83 $ 99 $ 74 $ 102 Other — — 2 — — 4 Total segment $ 87 $ 84 $ 85 $ 99 $ 74 $ 106 Financial Information by Geographic Region Sales (a) Property and Equipment, net Year Ended December 31 2017 2016 2015 2017 2016 (Dollars in Millions) United States $ 776 $ 822 $ 844 $ 11 $ 12 Mexico 70 72 73 54 50 North America 846 894 917 65 62 Portugal 508 443 419 75 62 Slovakia 294 288 262 36 29 Germany — — 86 4 2 Tunisia 109 151 185 10 12 France 84 113 144 7 21 Other Europe 20 49 98 10 6 Intra-region eliminations (11 ) (31 ) (71 ) — — Europe 1,004 1,013 1,123 142 132 China 751 711 688 86 75 Japan 495 516 498 21 16 India 92 66 73 29 26 Thailand 81 82 86 10 10 Korea 12 18 20 — 1 Intra-region eliminations (151 ) (163 ) (171 ) — — Asia 1,280 1,230 1,194 146 128 South America 68 91 124 24 23 Inter-region eliminations (52 ) (67 ) (113 ) — — $ 3,146 $ 3,161 $ 3,245 $ 377 $ 345 (a) Company sales based on geographic region where sale originates and not where customer is located. |
Summary Quarterly Financial Dat
Summary Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | NOTE 23. Summary Quarterly Financial Data (Unaudited) The following table presents summary quarterly financial data: 2017 2016 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in Millions, Except Per Share Amounts) Sales $ 810 $ 774 $ 765 $ 797 $ 802 $ 773 $ 770 $ 816 Gross margin 131 112 116 140 121 109 105 129 Income from continuing operations before income taxes 75 58 55 35 49 48 30 34 Net income from continuing operations 59 48 47 21 36 39 25 31 Net income 67 48 47 30 23 30 32 6 Net income attributable to Visteon Corporation $ 63 $ 45 $ 43 $ 25 $ 19 $ 26 $ 28 $ 2 Per Share Data: Basic earnings per share attributable to Visteon Corporation $ 1.94 $ 1.43 $ 1.38 $ 0.81 $ 0.50 $ 0.77 $ 0.83 $ 0.06 Diluted earnings per share attributable to Visteon Corporation $ 1.91 $ 1.41 $ 1.35 $ 0.79 $ 0.49 $ 0.76 $ 0.81 $ 0.06 On December 1, 2017, the Company completed an asset sale related to an Electronics facility in France to a third party (the "France Transaction"). In connection with the France Transaction, the Company recorded pre-tax losses of approximately $33 million including a cash contribution of $13 million , long-lived asset impairment charges $13 million and other working capital and transaction related impacts of $7 million . For the quarter ended December 31, 2016, net income attributable to Visteon Corporation includes loss of approximately $19 million from the sale of Company's Interiors operations in Argentina and Brazil, representing the final working capital cash contribution of $10 million and related contractual obligations, representing the completion of the Interiors Divestiture. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VISTEON CORPORATION AND SUBSIDIARIES SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Balance at Beginning of Period (Benefits)/ Charges to Income Deductions(a) Other( b) Balance at End of Period (Dollars in Millions) Year Ended December 31, 2017: Allowance for doubtful accounts $ 10 $ 3 $ (5 ) $ — $ 8 Valuation allowance for deferred taxes 1,532 (270 ) — (20 ) 1,242 Year Ended December 31, 2016: Allowance for doubtful accounts $ 14 $ 2 $ (6 ) $ — $ 10 Valuation allowance for deferred taxes 1,498 25 — 9 1,532 Year Ended December 31, 2015: Allowance for doubtful accounts $ 15 $ 4 $ (3 ) $ (2 ) $ 14 Valuation allowance for deferred taxes 1,687 (53 ) — (136 ) 1,498 ____________ (a) Deductions represent uncollectible accounts charged off. (b) Doubtful accounts - represents discontinued operations activity and divestitures. (c) Deferred taxes valuation allowance - represents adjustments recorded through other comprehensive income, exchange, expiration of tax attribute carryforwards, valuation allowance charges allocated to discontinued operations, and various tax return true-up adjustments, all of which impact deferred taxes and the related valuation allowances. In 2017, the $20 million overall decrease in the valuation allowance for deferred taxes is comprised of $38 million related to adjusting outside basis differences associated with the Company’s investment in a U.S. partnership and $26 million for various tax return true-up adjustments and other items, including adjustments recorded through other comprehensive income . These decreases were partially offset by $44 million related to exchange. In 2016, the $9 million overall increase in the valuation allowance for deferred taxes is comprised of $10 million related to other comprehensive income and $23 million for various tax return true-up adjustments and other items. These increases were partially offset by $13 million related to exchange and $11 million related to valuation allowance benefits allocated to discontinued operations. In 2015, the $136 million overall reduction in the valuation allowance for deferred taxes is comprised of $72 million related to valuation allowance benefits allocated to discontinued operations, $46 million related to exchange, and $31 million related to other comprehensive income. These decreases were partially offset by $13 million increases in the valuation allowance for various tax return true-up adjustments and other items. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Policy [Policy Text Block] | Basis of Presentation: The Company's financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP") on a going concern basis, which contemplates the continuity of operations, realization of assets and satisfaction of liabilities in the normal course of business. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: The consolidated financial statements include the accounts of the Company and its subsidiaries that are more than 50% owned and over which the Company exercises control. Investments in affiliates of greater than 20% and for which the Company does not exercise control, but does have the ability to exercise significant influence over operating and financial policies, are accounted for using the equity method. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported herein. 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. |
Reclassification, Policy [Policy Text Block] | Reclassifications: Certain prior period amounts have been reclassified to conform to current period presentation. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: The Company records revenue when persuasive evidence of an arrangement exists, delivery occurs or services are rendered, the sales price or fee is fixed or determinable and collectibility is reasonably assured. The Company delivers products and records revenue pursuant to commercial agreements with its customers generally in the form of an approved purchase order, including the effects of committed customer price reductions. The Company does negotiate discrete price changes with its customers, which are generally the result of unique commercial issues between the Company and its customers. The Company records discrete price changes as a reduction to revenue when specific facts and circumstances indicate that a price reduction is probable and the amounts are reasonably estimable. The Company records amounts associated with discrete price changes as an increase to revenue upon execution of a legally enforceable contractual agreement and when collectibility is reasonably assured. |
Foreign Currency, Policy [Policy Text Block] | Foreign Currency: Assets and liabilities for most of the Company’s non-U.S. businesses are translated into U.S. Dollars at end-of-period exchange rates, income and expense accounts of the Company’s non-U.S. businesses are translated into U.S. Dollars at average-period exchange rates, and the related translation adjustments are recorded in accumulated other comprehensive income (loss) ("AOCI") in the consolidated balance sheets. The effects of remeasuring monetary assets and liabilities of the Company’s businesses denominated in currencies other than their functional currency are recorded as transaction gains and losses in the consolidated statements of operations. Additionally, gains and losses resulting from transactions denominated in a currency other than the functional currency are recorded as transaction gains and losses in the consolidated statements of operations. Net transaction gains and losses, inclusive of amounts associated with discontinued operations, decreased net income by $9 million , $10 million and $10 million for the years ended December 31, 2017, 2016 and 2015 respectively. |
Restructuring Expenses, Policy [Policy Text Block] | Restructuring Expense: The Company defines restructuring expense to include costs directly associated with exit or disposal activities. Such costs include employee severance and termination benefits, special termination benefits, contract termination fees and penalties, and other exit or disposal costs. In general, the Company records involuntary employee-related exit and disposal costs when there is a substantive plan for employee severance and related costs are probable and estimable. For one-time termination benefits (i.e., no substantive plan) and employee retention costs, expense is recorded when the employees are entitled to receive such benefits and the amount can be reasonably estimated. Contract termination fees and penalties and other exit and disposal costs are generally recorded when incurred. |
Debt Issuance Costs, Policy [Policy Text Block] | Debt Issuance Costs: The costs related to issuance or modification of long-term debt are deferred and amortized into interest expense over the life of each respective debt issue. Deferred amounts associated with debt extinguished prior to maturity are expensed upon extinguishment. |
Other Costs, Policy [Policy Text Block] | Other Costs within Cost of Goods Sold: Repair and maintenance costs, research and development costs, and pre-production operating costs are expensed as incurred. Research and development expenses include salary and related employee benefits, contractor fees, information technology, occupancy, telecommunications and depreciation. Research and development expenses net of recoveries were $253 million , $295 million , and $294 million in 2017 , 2016 and 2015 , respectively. Shipping and handling costs are recorded in the Company's consolidated statements of operations as "Cost of sales." |
Earnings Per Share, Policy [Policy Text Block] | Net Earnings (Loss) Per Share Attributable to Visteon: Basic earnings per share is calculated by dividing net income attributable to Visteon, by the average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income by the average number of common and potential dilutive common shares outstanding after deducting undistributed income allocated to participating securities. Performance based share units are considered contingently issuable shares, and are included in the computation of diluted earnings per share if their conditions have been satisfied as if the reporting date was the end of the contingency period. |
Cash and Equivalents, Policy [Policy Text Block] | Cash and Equivalents: The Company considers all highly liquid investments purchased with a maturity of three months or less, including short-term time deposits, commercial paper, repurchase agreements and money market funds to be cash equivalents. As of December 31, 2017 the Company's cash balances are invested in a diversified portfolio of cash and highly liquid cash equivalents including money market funds, commercial paper rated A2/P2 and above with maturity under three months, time deposits and other short-term cash investments, which mature under three months with highly rated banking institutions. The cost of such funds approximates fair value based on the nature of the investment. |
Restricted Cash, Policy [Policy Text Block] | Restricted Cash: Restricted cash represents amounts designated for uses other than current operations and includes $2 million related to a Letter of Credit Facility, and $1 million related to cash collateral for other corporate purposes as of December 31, 2017 . |
Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable: Accounts receivable are stated at cost less an allowance for doubtful accounts. An allowance for doubtful accounts is recorded when it is probable amounts will not be collected based on specific identification of customer circumstances or age of the receivable. The allowance for doubtful accounts balance was $8 million and $10 million as of December 31, 2017 and 2016 , respectively. Included in selling, general and administrative expenses are provisions for estimated uncollectible accounts receivable of $3 million , $2 million and $4 million for the years ended December 31, 2017 and 2016 , and 2015 . |
Inventories, Policy [Policy Text Block] | Inventories: Inventories are stated at the lower of cost, determined on a first-in, first-out (“FIFO”) basis, or market. Cost includes the cost of materials, direct labor, in-bound freight and the applicable share of manufacturing overhead. The cost of inventories is reduced for excess and obsolete inventories based on management’s review of on-hand inventories compared to historical and estimated future sales and usage. |
ProductTooling [Policy Text Block] | Product Tooling: Product tooling includes molds, dies and other tools used in production of a specific part or parts of the same basic design. It is generally required that non-reimbursable design and development costs for products to be sold under long-term supply arrangements be expensed as incurred and costs incurred for molds, dies and other tools that will be owned by the Company or its customers and used in producing the products under long-term supply arrangements be capitalized and amortized over the shorter of the expected useful life of the assets or the term of the supply arrangement. Product tooling owned by the Company is capitalized as property and equipment and is amortized to cost of sales over its estimated economic life, generally not exceeding six years. The Company had receivables of $18 million and $14 million as of December 31, 2017 and 2016 , respectively, related to production tools in progress, which will not be owned by the Company and for which there is a contractual agreement for reimbursement from the customer. |
Property, Plant and Equipment, Preproduction Design and Development Costs, Policy [Policy Text Block] | Contractually Reimbursable Engineering Costs: Engineering, testing and other costs incurred in the design and development of production parts are expensed as incurred, unless the costs reimbursement is contractually guaranteed in a customer contract for which costs are capitalized as an asset as incurred and subsequently reduced upon lump sum or piece price recoveries. |
Property and Equipment, Policy [Policy Text Block] | Property and Equipment: Property and equipment is stated at cost or fair value for impaired assets. Property and equipment is depreciated principally using the straight-line method of depreciation over the related asset's estimated useful life. Generally, buildings and improvements are depreciated over a 40 -year estimated useful life, leasehold improvements are depreciated on a straight-line basis over the initial lease term period, and machinery, equipment and other are depreciated over estimated useful lives ranging from 3 to 15 years. Certain costs incurred in the acquisition or development of software for internal use are capitalized. Capitalized software costs are amortized using the straight-line method over estimated useful lives generally ranging from 3 to 5 years. Asset impairment charges are recorded for assets held-in-use when events and circumstances indicate that such assets may not be recoverable and the undiscounted net cash flows estimated to be generated by those assets are less than their carrying amounts. If estimated future undiscounted cash flows are not sufficient to recover the carrying value of the assets, an impairment charge is recorded for the amount by which the carrying value of the assets exceeds fair value. The Company classifies assets and liabilities as held for sale when management approves and commits to a formal plan of sale, generally following board of director approval, and it is probable that the sale will be completed within one year. The carrying value of assets and liabilities held for sale is recorded at the lower of carrying value or fair value less cost to sell, and the recording of depreciation is ceased. For impairment purposes, fair value is determined using appraisals, management estimates or discounted cash flow calculations. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill: The Company performs either a qualitative or quantitative assessment of goodwill for impairment on an annual basis. Goodwill impairment testing is performed at the reporting unit level. The qualitative assessment considers several factors at the reporting unit level including the excess of fair value over carrying value as of the last quantitative impairment test, the length of time since the last fair value measurement, the current carrying value, market and industry metrics, actual performance compared to forecast performance, and the Company's current outlook on the business. If the qualitative assessment indicates it is more likely than not that goodwill is impaired, the reporting unit is quantitatively tested for impairment. To quantitatively test goodwill for impairment, the fair value of each reporting unit is determined and compared to the carrying value. An impairment charge is recognized for the amount by which the reporting unit's carrying value exceeds its fair value. |
Definite-lived Intangible Assets, Policy [Policy Text Block] | Intangible Assets: Definite-lived intangible assets are amortized over their estimated useful lives, and tested for impairment in accordance with the methodology discussed above under "Property and Equipment." Definite-lived intangible assets include: • Developed technology intangible assets, which are amortized over average, estimated useful lives generally ranging from 6 to 12 years. • Customer-related intangible assets, which are amortized over average, estimated useful lives generally ranging from 7 to 12 years. • Capitalized software intangible assets are amortized using the straight-line method over estimated useful lives generally ranging from 3 to 5 years. • Other intangible assets are amortized using the straight-line method over estimated useful lives based on the nature of the intangible asset. |
Product Warranty and Recall, Policy [Policy Text Block] | Product Warranty and Recall: Amounts accrued for product warranty and recall claims are based on management’s best estimates of the amounts that will ultimately be required to settle such items. The Company’s estimates for product warranty and recall obligations are developed with support from its sales, engineering, quality and legal functions and include due consideration of contractual arrangements, past experience, current claims and related information, production changes, industry and regulatory developments and various other considerations. |
Income Taxes, Policy [Policy Text Block] | Income Taxes: Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company records a valuation allowance to reduce deferred tax assets when it is more likely than not that such assets will not be realized. This assessment requires significant judgment, and must be done on a jurisdiction-by-jurisdiction basis. In determining the need for a valuation allowance, all available positive and negative evidence, including historical and projected financial performance, is considered along with any other pertinent information. Value Added Taxes: The Company follows a net basis policy with regard to value added taxes collected from customers and remitted to government authorities, which excludes them from both net sales and expenses. |
Fair Value Measurements, Policy [Policy Text Block] | Fair Value Measurements: The Company uses fair value measurements in the preparation of its financial statements, which utilize various inputs including those that can be readily observable, corroborated or are generally unobservable. The Company utilizes market-based data and valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. Additionally, the Company applies assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. |
Financial Instruments, Policy [Policy Text Block] | Financial Instruments: The Company uses derivative financial instruments, including forward contracts, swaps, and options to manage exposures to changes in currency exchange rates and interest rates. The Company's policy specifically prohibits the use of derivatives for speculative or trading purposes. |
Business Combinations Policy [Policy Text Block] | Business Combinations: In accounting for business combinations, the purchase price of an acquired business is allocated to its identifiable assets and liabilities based on estimated fair values. The excess of the purchase price over the amount allocated to the assets and liabilities, if any, is recorded as goodwill. Determining the fair values of assets acquired and liabilities assumed requires management's judgment, the utilization of independent appraisal firms and often involves the use of significant estimates and assumptions with respect to the timing and amount of future cash flows, market rate assumptions, actuarial assumptions, and appropriate discount rates, among other items. |
Discontinued Operations, Policy [Policy Text Block] | Discontinued Operations: As of January 1, 2015, the Company adopted Accounting Standards Update ("ASU") No. 2014-8, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." This ASU changed the requirements for reporting discontinued operations to disposals of components of an entity that represent strategic shifts that have a major effect on an entity’s operations and financial results and does not prohibit continuing involvement. The Company reports operating results for discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations. The operating results associated with the 2015 Climate Transaction and the 2014 Interiors Divestiture are presented as discontinued operations. |
Cash, Cash Equivalents, and Short-term Investments [Text Block] |
Summary of Significant Accoun33
Summary of Significant Accounting Policies Short Term Investments (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Statement of Financial Position [Abstract] | |
Short-term cash investments, net |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disposal group, including discontinued operations, held for sale table [Line Items] | ||
Business Combination Disclosure [Text Block] | NOTE 3. Business Acquisitions AllGo Purchase On July 8, 2016 Visteon acquired AllGo Embedded Systems Private Limited, a leading developer of embedded multimedia system solutions to global vehicle manufacturers, for a purchase price of $17 million ("AllGo Purchase") including $2 million of contingent consideration payable upon completion of certain technology milestones, achieved and paid on July 6, 2017. In addition, the purchase agreement includes contingent payments of $5 million if key employees remain employed through July 2019. The company has recorded a payment obligation of approximately $2 million , classified as "Other current liabilities" within the Company's balance sheet as of December 31, 2017. The AllGo Purchase was a strategic acquisition to add greater scale and depth to the Company's infotainment software capabilities. During the year ended December 31, 2016, the Company incurred acquisition-related costs of approximately $1 million . These amounts were recorded as incurred and have been classified as "Other expenses, net" within the Company's consolidated statements of comprehensive income. The AllGo Purchase was accounted for as a business combination, with the purchase price allocation reflecting the final valuation results, as shown below (dollars in millions): Assets Acquired: Liabilities Assumed: Accounts receivable $ 1 Deferred tax liabilities $ 2 Intangible assets 7 Total liabilities assumed 2 Goodwill 11 Total assets acquired $ 19 Purchase price $ 17 Assets acquired and liabilities assumed were recorded at estimated fair values based on management's estimates, available information, and reasonable and supportable assumptions. Additionally, the Company utilized a third-party to assist with certain estimates of fair values. Fair values for intangible assets were based on the income approach including excess earnings and relief from royalty methods. These fair value measurements are classified within level 3 of the fair value hierarchy. The purchase price allocation resulted in goodwill of $11 million , which is not deductible for income tax purposes; however, purchase accounting requires the establishment of deferred tax liabilities on the fair value increments related primarily to intangible assets that will be recognized as a future income tax benefit as the related assets are amortized. The pro forma effect of the AllGo Purchase does not materially impact the Company's reported results for any period presented, and as a result no pro forma financial statements are presented. | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The AllGo Purchase was accounted for as a business combination, with the purchase price allocation reflecting the final valuation results, as shown below (dollars in millions): Assets Acquired: Liabilities Assumed: Accounts receivable $ 1 Deferred tax liabilities $ 2 Intangible assets 7 Total liabilities assumed 2 Goodwill 11 Total assets acquired $ 19 Purchase price $ 17 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | on-cash items for operating and investing activities related to discontinued operations for the years ended December 31, 2017 , 2016 and 2015 are as follows: Year Ended December 31 2017 2016 2015 (Dollars in Millions) Depreciation and amortization $ — $ — $ 85 Asset impairments and (gains) losses on divestitures $ (8 ) $ 14 $ 16 Capital expenditures $ — $ 1 $ 81 Year Ended December 31 2017 2016 2015 (Dollars in Millions) Sales $ — $ 45 $ 2,199 Cost of sales — 59 2,039 Gross margin — (14 ) 160 Selling, general and administrative expenses — 5 77 (Gain) loss on Climate Transaction (7 ) 2 (2,324 ) Long-lived asset impairment — 1 4 (Gain) loss on Interiors Divestiture (8 ) 19 12 Restructuring expense — 4 2 Interest expense, net — — 2 Equity in net income of non-consolidated affiliates — — 6 Other expense, net — 2 10 Income (loss) from discontinued operations before income taxes 15 (47 ) 2,383 (Benefit) provision for income taxes (2 ) (7 ) 97 Net (loss) income from discontinued operations 17 (40 ) 2,286 Net income attributable to non-controlling interests — — 24 Net (loss) income from discontinued operations attributable to Visteon $ 17 $ (40 ) $ 2,262 |
Non-Consolidated Affiliates (Ta
Non-Consolidated Affiliates (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Investments [Line Items] | ||
Related Party Transactions Disclosure [Text Block] | Year Ended December 31 2017 2016 (Dollars in Millions) Billings to affiliates (a) $ 52 $ 41 Purchases from affiliates (b) $ 64 $ 63 (a) Primarily relates to parts production and engineering reimbursement (b) Primarily relates to engineering services as well as selling, general, and administrative expenses | |
Summary of Investment in Non-consolidated Affiliates [Table Text Block] | A summary of the Company's investments in non-consolidated affiliates is provided below: December 31 2017 2016 (Dollars in Millions) YFVIC (50%) $ 28 $ 22 Changchun FAWAY Auto Electronics Co., Ltd. (50%) 10 8 Others 3 8 Chongqing Changan Visteon Engine Control Systems Co., Ltd. (50%) — 7 Total investments in non-consolidated affiliates $ 41 $ 45 | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The AllGo Purchase was accounted for as a business combination, with the purchase price allocation reflecting the final valuation results, as shown below (dollars in millions): Assets Acquired: Liabilities Assumed: Accounts receivable $ 1 Deferred tax liabilities $ 2 Intangible assets 7 Total liabilities assumed 2 Goodwill 11 Total assets acquired $ 19 Purchase price $ 17 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Investment in Non-consolidated Affiliates [Table Text Block] | A summary of the Company's investments in non-consolidated affiliates is provided below: December 31 2017 2016 (Dollars in Millions) YFVIC (50%) $ 28 $ 22 Changchun FAWAY Auto Electronics Co., Ltd. (50%) 10 8 Others 3 8 Chongqing Changan Visteon Engine Control Systems Co., Ltd. (50%) — 7 Total investments in non-consolidated affiliates $ 41 $ 45 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs [Table Text Block] | Electronics Other Total (Dollars in Millions) December 31, 2014 $ 30 $ 9 $ 39 Expense 40 2 42 Reversals (4 ) — (4 ) Utilization (31 ) (3 ) (34 ) Business divestiture — (1 ) (1 ) Foreign currency (2 ) (2 ) (4 ) December 31, 2015 33 5 38 Expense 41 16 57 Reversals (4 ) — (4 ) Utilization (38 ) (12 ) (50 ) Foreign currency (1 ) — (1 ) December 31, 2016 31 9 40 Expense 19 — 19 Reversals (4 ) (1 ) (5 ) Utilization (30 ) (2 ) (32 ) Foreign currency 2 — 2 December 31, 2017 $ 18 $ 6 $ 24 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31 2017 2016 (Dollars in Millions) Raw materials $ 109 $ 83 Work-in-process 49 34 Finished products 31 34 $ 189 $ 151 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | December 31 2017 2016 (Dollars in Millions) Recoverable taxes $ 56 $ 60 Joint venture receivables 43 39 Prepaid assets and deposits 36 35 Notes receivable 23 18 Contractually reimbursable engineering costs 14 7 Foreign currency hedges 1 6 Other 2 5 $ 175 $ 170 |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31 2017 2016 (Dollars in Millions) Deferred tax assets $ 46 $ 48 Recoverable taxes 35 34 Joint venture note receivables 26 25 Contractually reimbursable engineering costs 24 11 Long term notes receivable 10 10 Other 10 18 $ 151 $ 146 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Depreciation and Amortization [Table Text Block] | Depreciation and amortization expenses for property and equipment, excluding discontinued operations, are summarized as follows: Year Ended December 31 2017 2016 2015 (Dollars in Millions) Depreciation $ 71 $ 66 $ 66 Amortization 3 3 4 $ 74 $ 69 $ 70 |
Property and Equipment [Table Text Block] | December 31 2017 2016 (Dollars in Millions) Land $ 13 $ 16 Buildings and improvements 73 65 Machinery, equipment and other 471 401 Construction in progress 65 54 Total property and equipment 622 536 Accumulated depreciation (269 ) (210 ) 353 326 Product tooling, net of amortization 24 19 Property and equipment, net $ 377 $ 345 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Intangible assets as of December 31, 2017 and 2016 , were as follows: December 31, 2017 December 31, 2016 Estimated Weighted Average Useful Life (years) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value (Dollars in Millions) Definite-Lived: Developed technology 8 $ 40 $ 27 $ 13 $ 40 $ 25 $ 15 Customer related 10 88 35 53 83 25 58 Capitalized software development 4 8 1 7 4 — 4 Other 23 13 1 12 8 1 7 Subtotal 149 64 85 135 51 84 Indefinite-Lived: Goodwill 47 — 47 45 — 45 Total $ 196 $ 64 $ 132 $ 180 $ 51 $ 129 During the year ended December 31, 2017, the Company contributed $2 million to American Center for Mobility, a non-profit corporation who is building a state of the art research and development facility. The contribution provides the Company certain rights regarding access to the facility for three years. The Company will use the facility for autonomous driving research and development activities for multiple products and therefore capitalized the contribution as an intangible asset. The Company expects to make a second contribution of $2 million during the first half of 2018 when the facility is substantially complete. The asset will be amortized over a 36 month period on a straight-line basis beginning in January 2018 when the term of the arrangement begins. The Company capitalizes software development costs after the software product development reaches technological feasibility and until the software product becomes releasable to customers. During each of the years ended December 31, 2017 and 2016, the Company capitalized $4 million related to software development cost intended for integration into customer products. The capitalized software development costs are amortized over the useful life of the technology on a straight-line basis. During 2016, in connection with the AllGo Purchase, the Company recorded intangible assets including developed technology of $2 million and customer related assets of $5 million . These definite lived intangible assets are being amortized using the straight-line method over their estimated useful lives of 10 to 12 years for developed technology and 7 to 12 years for customer related assets. Additionally, the Company recorded goodwill of $11 million for the excess of the net purchase price over the fair values of the identifiable assets and liabilities acquired. The Company recorded approximately $13 million and $15 million of amortization expense related to definite-lived intangible assets for the years ended December 31, 2017 and 2016. The Company currently estimates annual amortization expense to be $16 million for years 2018 and 2019, $13 million for 2020, and $10 million for years 2021 and 2022. Indefinite-lived intangible assets are not amortized but are tested for impairment at least annually, or earlier when events and circumstances indicate that it is more likely than not that such assets have been impaired. A roll-forward of the net carrying amounts of intangible assets is presented below: Definite-lived intangibles Indefinite-lived intangibles Developed Technology Customer Related Capitalized Software Development Other Goodwill Total (Dollars in Millions) Electronics: December 31, 2015 $ 19 $ 67 $ — $ 7 $ 40 $ 133 Additions 2 5 4 — 11 22 Foreign currency — (5 ) — — (2 ) (7 ) Amortization (6 ) (9 ) — — — (15 ) YFVE purchase adjustment — — — — (4 ) (4 ) December 31, 2016 $ 15 $ 58 $ 4 $ 7 $ 45 $ 129 Additions — — 4 4 — 8 Foreign currency 1 4 — 1 2 8 Amortization (3 ) (9 ) (1 ) — — (13 ) December 31, 2017 $ 13 $ 53 $ 7 $ 12 $ 47 $ 132 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities [Abstract] | |
Other Current Liabilities [Table Text Block] | Other current liabilities are summarized as follows: December 31 2017 2016 (Dollars in Millions) Product warranty and recall accruals $ 33 $ 43 Restructuring reserves 24 40 Rents and royalties 24 23 Deferred income 18 14 Distribution payable 14 15 Income taxes payable 12 22 Joint venture payables 12 22 Non-income taxes payable 10 8 Dividends payable 3 5 Foreign currency hedges 1 7 Electronics operations repurchase commitment — 50 Contribution payable — 31 Other 29 29 $ 180 $ 309 |
Other Noncurrent Liabilities [Table Text Block] | December 2017. Other non-current liabilities are summarized as follows: December 31 2017 2016 (Dollars in Millions) Foreign currency hedges $ 23 $ — Deferred income 16 18 Product warranty and recall accruals 16 12 Income tax reserves 12 14 Non-income tax reserves 7 10 Other 21 15 $ 95 $ 69 As of December 31, 2017 and 2016, deferred income, other non-current liabilities, includes approximately $14 million and $15 million , respectively, of deferred gain on the sale-leaseback of the Company's corporate headquarters. The gain on the sale is being amortized into income on a straight-line basis over the term of the lease which terminates in 2027. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | The Company’s short and long-term debt consists of the following: Weighted Average Interest Rate Carrying Value Maturity 2017 2016 2017 2016 (Dollars in Millions) Short-Term Debt: Current portion of long-term debt 3.9% 4.2% $ 2 $ 3 Short-term borrowings 3.9% 2.6% 44 33 $ 46 $ 36 Long-Term Debt: Term facility due March 24, 2024 2024 3.6% 4.0% $ 347 $ 346 $ 347 $ 346 |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The benefit plan obligations for employee retirement plans with accumulated benefit obligations in excess of plan assets were as follows: Year Ended December 31 2017 2016 (Dollars in Millions) Accumulated benefit obligation $ 892 $ 1,019 Projected benefit obligation 898 1,049 Fair value of plan assets 661 764 |
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | Assumptions used by the Company in determining its defined benefit pension obligations as of December 31, 2017 and 2016 are summarized in the following table: U.S. Plans Non-U.S. Plans Weighted Average Assumptions 2017 2016 2017 2016 Discount rate 3.65 % 4.12 % 3.28 % 4.39 % Rate of increase in compensation N/A N/A 3.62 % 3.70 % |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Components of the net change in AOCI related to all defined benefit pension plans, exclusive of amounts attributable to non-controlling interests on the Company’s Consolidated Statements of Changes in Equity for the years ended December 31, 2017 and 2016, are as follows: U.S. Plans Non-U.S. Plans 2017 2016 2017 2016 (Dollars in Millions) Actuarial (gain) loss $ (15 ) $ 32 $ (6 ) $ 15 Deferred taxes — — — (3 ) Currency/other — — 6 (4 ) Reclassification to net income — — (2 ) (1 ) Divestitures — — 4 — $ (15 ) $ 32 $ 2 $ 7 |
Schedule of Retirement Plan expenses [Table Text Block] | U.S. Plans Non-U.S. Plans Year Ended December 31 Year Ended December 31 2017 2016 2015 2017 2016 2015 (Dollars in Millions) Costs Recognized in Income: Service cost $ — $ — $ — $ 2 $ 3 $ 14 Interest cost 29 28 34 9 10 19 Expected return on plan assets (41 ) (42 ) (42 ) (9 ) (10 ) (17 ) Amortization of losses and other — — 1 2 1 8 Settlements and curtailments — — — (2 ) 1 — Special termination benefits (a) — 6 — 2 1 — Net pension (income) expense $ (12 ) $ (8 ) $ (7 ) $ 4 $ 6 $ 24 Weighted Average Assumptions: Discount rate 4.12 % 4.37 % 4.00 % 3.51 % 4.60 % 3.17 % Compensation increase N/A N/A N/A 3.66 % 3.70 % 3.49 % Long-term return on assets 6.73 % 7.00 % 7.00 % 5.24 % 4.87 % 4.87 % (a) Primarily related to restructuring actions announced and recognized in during the fourth quarter of 2016 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | he Company’s obligation for all defined benefit pension plans, is as follows: U.S. Plans Non-U.S. Plans Year Ended December 31 Year Ended December 31 2017 2016 2017 2016 (Dollars in Millions) Change in Benefit Obligation: Benefit obligation — beginning $ 828 $ 803 $ 249 $ 231 Service cost — — 2 3 Interest cost 29 28 9 10 Actuarial loss (gain) 29 34 8 46 Settlements and curtailments — — (4 ) (5 ) Special termination benefits — 6 2 1 Foreign exchange translation — — 26 (27 ) Divestitures — — (4 ) (4 ) Benefits paid and other (46 ) (43 ) (7 ) (6 ) Benefit obligation — ending $ 840 $ 828 $ 281 $ 249 Change in Plan Assets: Plan assets — beginning $ 608 $ 604 $ 190 $ 174 Actual return on plan assets 84 43 14 43 Sponsor contributions 1 4 8 8 Settlements — — (1 ) (4 ) Foreign exchange translation — — 16 (21 ) Divestitures — — — (4 ) Benefits paid and other (46 ) (43 ) (7 ) (6 ) Plan assets — ending $ 647 $ 608 $ 220 $ 190 Total funded status at end of period $ (193 ) $ (220 ) $ (61 ) $ (59 ) Balance Sheet Classification: Other non-current assets $ — $ — $ 3 $ 6 Accrued employee liabilities — — (1 ) — Employee benefits (193 ) (220 ) (63 ) (67 ) Accumulated other comprehensive loss: Actuarial loss 40 54 33 31 Tax effects/other — — (10 ) (10 ) $ 40 $ 54 $ 23 $ 21 |
Schedule of Expected Benefit Payments [Table Text Block] | ayments, which reflect expected future service, are expected to be paid by the Company plans as follows: U.S. Plans Non-U.S. Plans (Dollars in Millions) 2018 $ 40 $ 5 2019 39 6 2020 40 6 2021 40 7 2022 41 8 Years 2023 - 2027 212 52 |
Schedule of Allocation of Plan Assets [Table Text Block] | The Company’s retirement plan asset allocation as of December 31, 2017 and 2016 and target allocation for 2018 are as follows: Target Allocation Percentage of Plan Assets U.S. Non-U.S. U.S. Non-U.S. 2018 2018 2017 2016 2017 2016 Equity securities 38 % 32 % 41 % 38 % 35 % 25 % Fixed income 15 % 45 % 16 % 16 % 43 % 52 % Alternative strategies 46 % 14 % 42 % 45 % 12 % 10 % Cash 1 % 3 % 1 % 1 % 4 % 7 % Other — % 6 % — % — % 6 % 6 % 100 % 100 % 100 % 100 % 100 % 100 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation, Performance Shares Award Unvested Activity [Table Text Block] | A summary of employee activity for PSUs is provided below: PSUs Weighted Average Grant Date Fair Value (In Thousands) Non-vested as of December 31, 2014 994 $ 35.25 Granted 44 104.81 Vested (255 ) 36.57 Forfeited (121 ) 43.21 Non-vested as of December 31, 2015 662 37.92 Granted 82 89.79 Vested (324 ) 32.58 Forfeited (6 ) 68.70 Non-vested as of December 31, 2016 414 51.94 Granted 78 110.66 Vested (16 ) 90.45 Forfeited (15 ) 103.72 Non-vested as of December 31, 2017 461 $ 58.76 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Year Ended December 31 Unrecognized Stock-Based Compensation Expense 2017 2016 2015 December 31, 2017 (Dollars in Millions) Performance based share units $ 6 $ 4 $ 12 $ 8 Restricted stock units 11 6 4 8 Stock options 2 2 1 1 Total stock-based compensation expense $ 19 $ 12 $ 17 $ 17 |
Schedule of Share-based Awards, Performance Shares, Valuation Assumptions [Table Text Block] | Weighted average assumptions used to estimate the fair value of PSUs granted during the years ended as of December 31, 2017 and 2016 are as follows: Year Ended December 31 2017 2016 Expected volatility 23.8 % 33.9 % Risk-free rate 1.59 % 0.83 % Expected dividend yield — % — % |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | RSUs Weighted Average Grant Date Fair Value Non-vested as of December 31, 2014 91 $ 54.64 Granted 55 103.66 Vested (50 ) 54.47 Forfeited (10 ) 71.33 Non-vested as of December 31, 2015 86 84.26 Granted 112 81.05 Vested (17 ) 90.45 Forfeited (11 ) 79.11 Non-vested as of December 31, 2016 170 83.30 Granted 99 94.73 Vested (29 ) 83.46 Forfeited (10 ) 83.66 Non-vested as of December 31, 2017 230 $ 87.09 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Stock Options SARs 2017 2016 2015 2017 2016 2015 Expected term (in years) 5.00 5.00 5.00 5.00 4.50 4.41 Expected volatility 27.31 % 36.84 % 38.19 % 27.31 % 34.65 % 37.19 % Risk-free interest rate 2.03 % 1.37 % 1.60 % 2.03 % 1.83 % 1.63 % Expected dividend yield — % — % — % — % — % — % |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity | A summary of employee activity for Stock Options and SARs is provided below: Stock Options Weighted Average Exercise Price SARs Weighted Average Exercise Price (In Thousands) (In Thousands) December 31, 2014 74 $ 71.22 46 $ 70.46 Granted 54 60.60 9 59.59 Exercised (71 ) 71.12 (38 ) 69.81 Forfeited or expired (9 ) 101.58 (2 ) 98.46 December 31, 2015 48 59.41 15 44.36 Granted 96 73.02 2 78.24 Exercised (6 ) 57.46 (3 ) 31.28 Forfeited or expired (23 ) 72.01 (1 ) 59.59 December 31, 2016 115 68.37 13 51.10 Granted 84 94.77 2 94.77 Exercised (26 ) 65.79 (7 ) 44.33 Forfeited or expired (7 ) 77.36 — 59.59 December 31, 2017 166 $ 81.72 8 $ 69.21 Exercisable at December 31, 2017 25 $ 66.12 3 $ 49.19 Stock Options and SARs Outstanding Exercise Price Number Outstanding Weighted Average Remaining Life Weighted Average Exercise Price (In Thousands) (In Years) $10.00 - $60.00 14 4.1 $ 53.12 $60.01 - $80.00 76 5.2 $ 71.48 $80.01 - $100.00 84 6.3 $ 94.77 174 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of Other (Income) Expense, Net [Table Text Block] | Year Ended December 31 2017 2016 2015 (Dollars in Millions) Transformation initiatives $ 2 $ 9 $ 25 Foreign currency translation charge — 11 — Transaction hedging and exchange losses (gains) — 1 (15 ) Integration costs — 2 14 Loss on asset contributions — 2 1 Recoverable taxes — (1 ) — $ 2 $ 24 $ 25 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of the Provision for Income Tax (Benefit) [Table Text Block] | Details of the Company's income tax provision from continuing operations are provided in the table below: Year Ended December 31 2017 2016 2015 (Dollars in Millions) Income (Loss) Before Income Taxes: (a) U.S $ 84 $ 41 $ (69 ) Non-U.S 132 118 131 Total income before income taxes $ 216 $ 159 $ 62 Current Tax Provision: U.S. federal $ — $ (11 ) $ (18 ) Non-U.S 42 54 71 U.S. state and local — — — Total current tax provision 42 43 53 Deferred Tax Provision (Benefit): U.S. federal — — — Non-U.S 6 (13 ) (26 ) Total deferred tax provision (benefit) 6 (13 ) (26 ) Provision for income taxes $ 48 $ 30 $ 27 (a) Income (loss) before income taxes excludes equity in net income of non-consolidated affiliates. |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A summary of the differences between the provision for income taxes calculated at the U.S. statutory tax rate of 35% and the consolidated provision for income taxes is shown below: Year Ended December 31 2017 2016 2015 (Dollars in Millions) Tax provision (benefit) at U.S. statutory rate of 35% $ 76 $ 56 $ 22 Impact of foreign operations (5 ) (26 ) 33 Non-U.S withholding taxes 15 13 9 Tax holidays in foreign operations (7 ) (7 ) (10 ) State and local income taxes (1 ) (1 ) 1 Tax reserve adjustments (14 ) 5 (9 ) Change in valuation allowance (270 ) 25 (53 ) Impact of U.S. tax reform 250 — — Impact of tax law change 5 26 2 Worthless stock deduction — (58 ) — Research credits (1 ) (3 ) — Germany interiors divestiture — — 48 Tax benefits allocated to loss from continuing operations — — (18 ) Other — — 2 Provision for income taxes $ 48 $ 30 $ 27 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred income tax assets and liabilities are as follows: December 31 2017 2016 (Dollars in Millions) Deferred Tax Assets: Employee benefit plans $ 74 $ 119 Capitalized expenditures for tax reporting 3 15 Net operating losses and credit carryforwards 1,178 1,495 Fixed assets and intangibles 10 15 Restructuring 7 26 Deferred income 9 10 Warranty 13 16 Other 46 65 Valuation allowance (1,242 ) (1,532 ) Total deferred tax assets $ 98 $ 229 Deferred Tax Liabilities: Fixed assets and intangibles $ 15 $ 21 Outside basis investment differences, including withholding tax 54 174 All other 6 6 Total deferred tax liabilities $ 75 $ 201 Net deferred tax assets (liabilities) $ 23 $ 28 Consolidated Balance Sheet Classification: Other non-current assets 46 48 Deferred tax liabilities non-current 23 20 Net deferred tax assets (liabilities) $ 23 $ 28 |
Summary of Unrecognized Tax Benefits [Table Text Block] | Year Ended December 31 2017 2016 (Dollars in Millions) Beginning balance $ 35 $ 37 Tax positions related to current period Additions 3 4 Tax positions related to prior periods Additions — 3 Reductions (18 ) (2 ) Settlements with tax authorities (3 ) (7 ) Effect of exchange rate changes 1 — Ending balance $ 18 $ 35 |
Stock-holders' Equity and Non-c
Stock-holders' Equity and Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCI and reclassifications out of AOCI by component includes: Year Ended December 31 2017 2016 (Dollars in Millions) Changes in AOCI: Beginning balance $ (233 ) $ (190 ) Other comprehensive income (loss) before reclassification, net of tax 49 (58 ) Amounts reclassified from AOCI 5 3 Divestitures 5 12 Ending balance $ (174 ) $ (233 ) Changes in AOCI by component: Foreign currency translation adjustments Beginning balance $ (163 ) $ (159 ) Other comprehensive income (loss) before reclassification, net of tax (a) 62 (19 ) Amounts reclassified from AOCI — 3 Divestitures (b) 1 12 Ending balance (100 ) (163 ) Net investment hedge Beginning balance 10 4 Other comprehensive (loss) income before reclassification, net of tax (a) (22 ) 6 Ending balance (12 ) 10 Benefit plans Beginning balance (75 ) (36 ) Other comprehensive income (loss) before reclassification, net of tax (a) 10 (40 ) Amounts reclassified from AOCI (c) (2 ) 1 Divestitures (b) 4 — Ending balance (63 ) (75 ) Unrealized hedging gain (loss) Beginning balance (5 ) 1 Other comprehensive (loss) before reclassification, net of tax (d) (1 ) (5 ) Amounts reclassified from AOCI 7 (1 ) Ending balance 1 (5 ) AOCI ending balance $ (174 ) $ (233 ) (a) There were no income tax effects for either period. (b) Amounts are included in Cost of Goods Sold and Loss on Divestiture within the Consolidated Statements of Operations. (c) Amount included in the computation of net periodic pension cost. (See Note 14 Employee benefit plans for additional details.) Net tax expense of $1 million and net tax benefit of $3 million related to benefit plans for the years ended December 31, 2017 and 2016 , respectively. (d) Net tax expense of $1 million and net tax benefit of $2 million are related to unrealized hedging (loss) gain for the years ended December 31, 2017 and 2016 , respectively. |
Schedule of Non-controlling Interests [Table Text Block] | Non-controlling interests in the Visteon Corporation economic entity are as follows: December 31 2017 2016 (Dollars in Millions) Yanfeng Visteon Automotive Electronics Co., Ltd. $ 77 $ 97 Shanghai Visteon Automotive Electronics, Co., Ltd. 44 39 Other 3 2 Total non-controlling interests $ 124 $ 138 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A summary of information used to compute basic and diluted earnings (loss) per share attributable to Visteon is as follows: Year Ended December 31 2017 2016 2015 (In Millions, Except Per Share Amounts) Numerator: Net income from continuing operations attributable to Visteon $ 159 $ 115 $ 22 Net income (loss) from discontinued operations attributable to Visteon 17 (40 ) 2,262 Net income attributable to Visteon $ 176 $ 75 $ 2,284 Denominator: Average common stock outstanding - basic 31.6 35.0 42.3 Dilutive effect of performance based share units and other 0.6 0.4 1.1 Diluted shares 32.2 35.4 43.4 Basic and Diluted Per Share Data: Basic earnings (loss) per share attributable to Visteon: Continuing operations $ 5.03 $ 3.28 $ 0.52 Discontinued operations 0.54 (1.14 ) 53.48 $ 5.57 $ 2.14 $ 54.00 Diluted earnings (loss) per share attributable to Visteon: Continuing operations $ 4.94 $ 3.25 $ 0.51 Discontinued operations 0.53 (1.13 ) 52.12 $ 5.47 $ 2.12 $ 52.63 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value Hierarchy By Assets and Liabilities Measured At Fair Value On A Recurring Basis [Table Text Block] | The fair value hierarchy for assets and liabilities measured at fair value on a recurring basis are as follows: December 31, 2017 Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Asset Category: Retirement plan assets $ 180 $ 328 $ 13 $ 346 $ 867 Interest rate swaps — 1 — — 1 Liability Category: Foreign currency instruments $ — $ 25 $ — $ — $ 25 December 31, 2016 Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Asset Category: Retirement plan assets $ 311 $ 380 $ 11 $ 96 $ 798 Foreign currency instruments — 6 — — 6 Liability Category: Foreign currency instruments $ — $ 6 $ — $ — $ 6 Interest rate swaps $ — $ 1 $ — $ — $ 1 |
United States Pension Plan of US Entity [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value of Retirement Plan Assets [Table Text Block] | The fair values of the Company’s U.S. retirement plan assets are as follows: December 31, 2017 Asset Category Level 1 Level 2 NAV Total (Dollars in Millions) Registered investment companies $ 3 $ — $ — $ 3 Common and preferred stocks 27 — — 27 Common trust funds — 185 94 279 LDI — 103 — 103 Limited partnerships — — 226 226 Short-term investments — 9 — 9 Total $ 30 $ 297 $ 320 $ 647 December 31, 2016 Asset Category Level 1 Level 2 NAV Total (Dollars in Millions) Registered investment companies $ 180 $ — $ — $ 180 Common trust funds — 296 — 296 LDI — 53 — 53 Limited partnerships — — 76 76 Short-term investments — 3 — 3 Total $ 180 $ 352 $ 76 $ 608 |
Significant Unobservable Inputs Used In Fair Value Measurement [Table Text Block] | |
Foreign Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Fair Value of Retirement Plan Assets [Table Text Block] | The fair values of the Company’s Non-U.S. retirement plan assets are as follows: December 31, 2017 Asset Category Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Registered investment companies $ 93 $ — $ — $ — $ 93 Treasury and government securities 45 26 — — 71 Cash and cash equivalents 7 1 — — 8 Corporate debt securities 3 4 — — 7 Common and preferred stock 2 — — — 2 Limited partnerships — — — 26 26 Insurance contracts — — 13 — 13 Total $ 150 $ 31 $ 13 $ 26 $ 220 December 31, 2016 Asset Category Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Registered investment companies $ 71 $ — $ — $ — $ 71 Treasury and government securities 47 23 — — 70 Cash and cash equivalents 8 — — — 8 Corporate debt securities 3 5 — — 8 Common trust funds 2 — — — 2 Limited partnerships — — — 20 20 Insurance contracts — — 11 — 11 Total $ 131 $ 28 $ 11 $ 20 $ 190 |
Significant Unobservable Inputs Used In Fair Value Measurement [Table Text Block] | Fair value measurements which used significant unobservable inputs are as follows: Actual Return on Plan Assets Insurance Contracts (Dollars in Millions) December 31, 2014 $ 169 Divestitures (159 ) December 31, 2015 $ 10 Purchases 1 December 31, 2016 $ 11 Return on assets held at the reporting date, including currency impacts 1 Purchases 1 December 31, 2017 $ 13 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | Financial Statement Presentation Gains and losses on derivative financial instruments for the year ended December 31, 2017 and 2016 are as follows: Amount of Gain (Loss) Recorded (Loss) Income in AOCI, net of tax Reclassified from AOCI into (Income) Loss Recorded in (Income) Loss 2017 2016 2017 2016 2017 2016 (Dollars in Millions) Foreign currency risk – Cost of sales: Cash flow hedges $ (2 ) $ (3 ) $ 6 $ (3 ) $ — $ — Net investment hedges (22 ) 5 — — — — Non-designated cash flow hedges — — — — (2 ) (2 ) Interest rate risk - Interest expense, net: Interest rate swap 1 (2 ) 1 2 — — Foreign currency risk - Other expense, net: Non-designated cash flow hedges — — — — — 2 $ (23 ) $ — $ 7 $ (1 ) $ (2 ) $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Year Ended December 31 2017 2016 (Dollars in Millions) Beginning balance $ 55 $ 38 Accruals for products shipped 20 17 Change in estimates 4 6 Specific cause actions 6 15 Recoverable warranty/recalls 3 2 Foreign currency translation 2 (2 ) Settlements (41 ) (21 ) Ending balance $ 49 $ 55 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31 2017 2016 2015 (Dollars in Millions) Electronics $ 370 $ 346 $ 294 Other — (9 ) (12 ) Adjusted EBITDA $ 370 $ 337 $ 282 Segment Sales Year Ended December 31 2017 2016 2015 (Dollars in Millions) Electronics $ 3,146 $ 3,107 $ 3,107 Other — 54 153 Eliminations — — (15 ) Total consolidated sales $ 3,146 $ 3,161 $ 3,245 |
Reconciliation of Adjusted EBITDA to Net Income Attributable to the Company [Table Text Block] | The reconciliation of Adjusted EBITDA to net income attributable to Visteon for the years ended December 31, 2017 , 2016 and 2015 is as follows: Year Ended December 31 2017 2016 2015 (Dollars in Millions) Adjusted EBITDA $ 370 $ 337 $ 282 Depreciation and amortization 87 84 85 Restructuring expense, net 14 49 36 Interest expense, net 16 12 14 Equity in net income of non-consolidated affiliates (7 ) (2 ) (7 ) Loss on debt extinguishment — — 5 Loss on divestiture 33 — 105 Gain on non-consolidated affiliate transactions (4 ) — (62 ) Other expense, net 2 24 25 Provision for income taxes 48 30 27 Net (income) loss from discontinued operations, net of tax (17 ) 40 (2,286 ) Net income attributable to non-controlling interests 16 16 44 Non-cash, stock-based compensation expense 12 8 8 Other (6 ) 1 4 Net income attributable to Visteon Corporation $ 176 $ 75 $ 2,284 |
Segment Operating Assets [Table Text Block] | Total Assets Year Ended December 31 2017 2016 (Dollars in Millions) Electronics $ 2,304 $ 2,370 Other — 3 Total segment operating assets $ 2,304 $ 2,373 |
Segment Expenditures [Table Text Block] | Depreciation and Amortization Capital Expenditures Year Ended December 31 Year Ended December 31 2017 2016 2015 2017 2016 2015 (Dollars in Millions) Electronics $ 87 $ 84 $ 83 $ 99 $ 74 $ 102 Other — — 2 — — 4 Total segment $ 87 $ 84 $ 85 $ 99 $ 74 $ 106 |
Financial Information by Geographical Region [Table Text Block] | Financial Information by Geographic Region Sales (a) Property and Equipment, net Year Ended December 31 2017 2016 2015 2017 2016 (Dollars in Millions) United States $ 776 $ 822 $ 844 $ 11 $ 12 Mexico 70 72 73 54 50 North America 846 894 917 65 62 Portugal 508 443 419 75 62 Slovakia 294 288 262 36 29 Germany — — 86 4 2 Tunisia 109 151 185 10 12 France 84 113 144 7 21 Other Europe 20 49 98 10 6 Intra-region eliminations (11 ) (31 ) (71 ) — — Europe 1,004 1,013 1,123 142 132 China 751 711 688 86 75 Japan 495 516 498 21 16 India 92 66 73 29 26 Thailand 81 82 86 10 10 Korea 12 18 20 — 1 Intra-region eliminations (151 ) (163 ) (171 ) — — Asia 1,280 1,230 1,194 146 128 South America 68 91 124 24 23 Inter-region eliminations (52 ) (67 ) (113 ) — — $ 3,146 $ 3,161 $ 3,245 $ 377 $ 345 (a) Company sales based on geographic region where sale originates and not where customer is located. |
Summary Quarterly Financial D55
Summary Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following table presents summary quarterly financial data: 2017 2016 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in Millions, Except Per Share Amounts) Sales $ 810 $ 774 $ 765 $ 797 $ 802 $ 773 $ 770 $ 816 Gross margin 131 112 116 140 121 109 105 129 Income from continuing operations before income taxes 75 58 55 35 49 48 30 34 Net income from continuing operations 59 48 47 21 36 39 25 31 Net income 67 48 47 30 23 30 32 6 Net income attributable to Visteon Corporation $ 63 $ 45 $ 43 $ 25 $ 19 $ 26 $ 28 $ 2 Per Share Data: Basic earnings per share attributable to Visteon Corporation $ 1.94 $ 1.43 $ 1.38 $ 0.81 $ 0.50 $ 0.77 $ 0.83 $ 0.06 Diluted earnings per share attributable to Visteon Corporation $ 1.91 $ 1.41 $ 1.35 $ 0.79 $ 0.49 $ 0.76 $ 0.81 $ 0.06 |
Description of Business (Detail
Description of Business (Details) | Dec. 31, 2017 |
Entity Number of Employees | 10,000 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combination, Acquired Receivables, Fair Value | $ 1 | ||
Deferred Taxes, Business Combination, Valuation Allowance, Available to Reduce Goodwill | 2 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 7 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 2 | ||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 19 | ||
Other expense, net | $ 2 | 24 | $ 25 |
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 11 | 0 |
Foreign Currency Transaction Loss, before Tax | 0 | 1 | (15) |
Business Combination, Consideration Transferred | 17 | ||
Business Combination, Contingent Consideration, Liability | 2 | ||
Transformation costs | 2 | 9 | 25 |
Business Combination, Integration Related Costs | 0 | 2 | 14 |
Loss on asset contribution | 0 | 2 | 1 |
Provision of losses on recoverable taxes | 0 | (1) | 0 |
Foreign Currency Transaction Gain (Loss), Realized | 9 | (10) | 10 |
Research and Development Expense | 253 | 295 | 294 |
Restricted cash | 3 | 4 | |
Allowance for Doubtful Accounts Receivable, Current | 8 | 10 | |
Provision for Doubtful Accounts | 3 | 2 | $ 4 |
Receivables for Customer-owned Production Tooling | 18 | 14 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 5 | ||
Acquisition Costs, Period Cost | $ 1 | ||
Letter of Credit Reimbursement and Security Agreement [Member] | |||
Restricted cash | 2 | ||
Cash Collateral For Other Corporate Purposes [Member] | |||
Restricted cash | $ 1 | ||
Buildings and improvements [Member] | |||
Estimated useful life | 40 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Estimated useful life | 3 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Estimated useful life | 15 years | ||
Customer-Related Intangible Assets [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Customer-Related Intangible Assets [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 12 years | ||
Technology-Based Intangible Assets [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Technology-Based Intangible Assets [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Developed Technology Rights [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 8 years | ||
Developed Technology Rights [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Developed Technology Rights [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 12 years |
Business Acquisitions (Details)
Business Acquisitions (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | |
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 11 | |
Business Combination, Contingent Consideration, Liability | 2 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 5 | |
Business Combination, Acquired Receivables, Fair Value | 1 | |
Deferred Taxes, Business Combination, Valuation Allowance, Available to Reduce Goodwill | 2 | |
Business Combination, Consideration Transferred | 17 | |
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 2 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 7 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 2 | |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 19 | |
Acquisition Costs, Period Cost | $ 1 |
Divestitures (Details)
Divestitures (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Jun. 09, 2015 | |
Gain (Loss) on Disposition of Assets | $ (33,000,000) | $ 0 | $ (105,000,000) | |||||||||||||||
cash contribution-France Transaction | 13,000,000 | |||||||||||||||||
Transformation costs | 2,000,000 | 9,000,000 | 25,000,000 | |||||||||||||||
Asset Impairment Charges | 0 | 1,000,000 | 4,000,000 | |||||||||||||||
working capital and other impact - France Transaction | 7,000,000 | |||||||||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 706,000,000 | $ 878,000,000 | 706,000,000 | 878,000,000 | ||||||||||||||
Gain (loss) on business divestiture | 0 | (2,000,000) | 2,324,000,000 | |||||||||||||||
Gain on non-consolidated affiliate transactions | (4,000,000) | 0 | (62,000,000) | |||||||||||||||
Liability, Reporting Currency Denominated, Value | 11,000,000 | 11,000,000 | ||||||||||||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 356,000,000 | 2,664,000,000 | |||||||||||||||
Sales | 797,000,000 | $ 765,000,000 | $ 774,000,000 | $ 810,000,000 | 816,000,000 | $ 770,000,000 | $ 773,000,000 | $ 802,000,000 | 3,146,000,000 | 3,161,000,000 | 3,245,000,000 | |||||||
Bonus payments related to Climate Transaction | $ 12,000,000 | $ 30,000,000 | ||||||||||||||||
Payments to Acquire Businesses and Interest in Affiliates | 47,000,000 | 0 | 0 | |||||||||||||||
Gain on repurchase of India operations | 7,000,000 | 0 | 0 | |||||||||||||||
Korean Capital Gains Withholding Tax | 356,000,000 | 356,000,000 | ||||||||||||||||
Nontrade Receivables, Noncurrent | 10,000,000 | 10,000,000 | ||||||||||||||||
Entities In the Master Closing of Interiors divestiture [Member] | ||||||||||||||||||
Gain (loss) on business divestiture | (16,000,000) | |||||||||||||||||
HVCC [Member] | ||||||||||||||||||
Gain (loss) on business divestiture | $ 2,300,000,000 | 2,324,000,000 | (7,000,000) | 2,000,000 | (2,324,000,000) | |||||||||||||
Gain on non-consolidated affiliate transactions | 3,423,000,000 | |||||||||||||||||
Cash Divested from Deconsolidation | (345,000,000) | |||||||||||||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $ 2,700,000,000 | 2,664,000,000 | ||||||||||||||||
Net assets divested, excluding cash balance | (565,000,000) | |||||||||||||||||
Information technology separation and service obligations | $ (53,000,000) | (53,000,000) | ||||||||||||||||
Employee charges, including bonuses, related to Climate Transaction | (45,000,000) | |||||||||||||||||
Electronics business repurchase obligation accrual | (50,000,000) | |||||||||||||||||
Korean Capital Gains Withholding Tax | 377,000,000 | 377,000,000 | ||||||||||||||||
Professional Fees | (20,000,000) | $ (4,000,000) | (24,000,000) | |||||||||||||||
Security transaction taxes related to Climate Transaction | (17,000,000) | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets | $ 910,000,000 | $ 910,000,000 | ||||||||||||||||
SOUTH AFRICA | ||||||||||||||||||
Gain on non-consolidated affiliate transactions | 2,000,000 | |||||||||||||||||
Sales Revenue, Goods, Gross | 9,000,000 | |||||||||||||||||
Germany Interiors Operations [Domain] | ||||||||||||||||||
Gain (loss) on business divestiture | (105,000,000) | |||||||||||||||||
Sales | 86,000,000 | |||||||||||||||||
Disposal Group, Including Discontinued Operation, Assets | 27,000,000 | 27,000,000 | ||||||||||||||||
Disposal Group, Including Discontinued Operation, Liabilities | $ 198,000,000 | 198,000,000 | ||||||||||||||||
Interiors [Member] | ||||||||||||||||||
Gain (loss) on business divestiture | $ 7,000,000 | 8,000,000 | (19,000,000) | 12,000,000 | ||||||||||||||
Korea (South), Won | ||||||||||||||||||
Foreign Currency Exchange Rate, Translation | 1,121.5 | |||||||||||||||||
Minimum [Member] | ||||||||||||||||||
Seller-backed revolving credit facility replacement | 5,000,000 | |||||||||||||||||
Maximum [Member] | ||||||||||||||||||
Seller-backed revolving credit facility replacement | 10,000,000 | |||||||||||||||||
Disposal Group, Not Discontinued Operations [Member] | South America [Member] | ||||||||||||||||||
Gain (loss) on business divestiture | (10,000,000) | |||||||||||||||||
Europe [Member] | ||||||||||||||||||
Sales | 1,004,000,000 | 1,013,000,000 | 1,123,000,000 | |||||||||||||||
Europe [Member] | Germany Interiors Operations [Domain] | ||||||||||||||||||
Payment associated with business disposal | 35,000,000 | |||||||||||||||||
Discontinued Operations [Member] | ||||||||||||||||||
Asset Impairment Charges | $ (8,000,000) | 14,000,000 | $ 16,000,000 | |||||||||||||||
Discontinued Operations [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||||||||||||
Asset Impairment Charges | $ 20,000,000 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Mar. 31, 2016 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring Reserve, Accrual Adjustment | $ (5) | $ (4) | $ (4) | |||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 2 | (1) | (4) | |||||
Restructuring charges, net of reversals | 14 | 53 | 63 | |||||
Payments to Acquire Businesses and Interest in Affiliates | 47 | 0 | 0 | |||||
Gain on repurchase of India operations | 7 | 0 | 0 | |||||
Income Tax Expense (Benefit) | (48) | (30) | (27) | |||||
Sales | 0 | 45 | 2,199 | |||||
Cost of sales | 0 | 59 | 2,039 | |||||
Gross margin | 0 | (14) | 160 | |||||
Selling, general and administrative expenses | 0 | 5 | 77 | |||||
Gain (loss) on business divestiture | 0 | 2 | (2,324) | |||||
Asset Impairment Charges | 0 | 1 | 4 | |||||
Restructuring expenses | 0 | 4 | 2 | |||||
Interest expense | 0 | 0 | 2 | |||||
Equity in net income of non-consolidated affiliates | 0 | 0 | 6 | |||||
Other expense | 0 | 2 | 10 | |||||
(Loss) income from discontinued operations before income taxes | 15 | (47) | 2,383 | |||||
Provision for income taxes | (2) | (7) | 97 | |||||
Net (loss) income from discontinued operations, net of tax | 17 | (40) | 2,286 | |||||
Net income attributable to non-controlling interests | 0 | 0 | 24 | |||||
Net (loss) income from discontinued operations attributable to Visteon | 17 | (40) | 2,262 | |||||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | 0 | 0 | 85 | |||||
Disposal group, including discontinued operations, capital expenditures | 0 | 1 | 81 | |||||
HVCC [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Income Tax Expense (Benefit) | $ (8) | $ 10 | (17) | |||||
Gain (loss) on business divestiture | $ (2,300) | $ (2,324) | 7 | (2) | 2,324 | |||
Interiors [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on business divestiture | $ (7) | (8) | 19 | (12) | ||||
Discontinued Operations [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Asset Impairment Charges | (8) | 14 | 16 | |||||
Electronics [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring Reserve, Accrual Adjustment | (4) | (4) | (4) | |||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 2 | (1) | (2) | |||||
Other Segments [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Restructuring Reserve, Accrual Adjustment | (1) | 0 | 0 | |||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | $ 0 | $ 0 | $ (2) |
Non-Consolidated Affiliates (De
Non-Consolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue from Related Parties | $ 52 | $ 41 | |||
Investments in non-consolidated affiliates | $ 41 | $ 45 | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
Gain on sale of joint venture interest | $ 5 | ||||
Gain (Loss) on Disposition of Business | $ (33) | 0 | $ (105) | ||
Equity in net income of non-consolidated affiliates | 7 | 2 | $ 7 | ||
Due to Related Parties, Noncurrent | 12 | 14 | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 100 | 81 | |||
Guarantor Obligations, Current Carrying Value | 15 | 22 | |||
Cost-method Investments, Realized Gains | 4 | 5 | |||
Related Party Transaction, Purchases from Related Party | 64 | 63 | |||
Equity Method Investments | 41 | 40 | |||
Cost Method Investments | 5 | ||||
Yanfeng Visteon Electronics (China) Investment Company [Member] | |||||
Investments in non-consolidated affiliates | 28 | $ 22 | |||
YFVE [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | ||||
Yanfeng Visteon Jinqiao Automotive Trim Systems Co., Ltd. [Member] | |||||
Ownership Percentage of Entities Disposed | 12.50% | ||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 91 | ||||
Gain (Loss) on Disposition of Business | $ 62 | ||||
YFVIC [Member] | |||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||
Changchun FAWAY Auto Electronics Co., Ltd. [Member] | |||||
Investments in non-consolidated affiliates | 10 | $ 8 | |||
All Other Non-consolidated Affiliates [Member] | |||||
Investments in non-consolidated affiliates | 3 | 8 | |||
Chongqing Changan Visteon Engine Control Systems Co., Ltd. [Member] | |||||
Investments in non-consolidated affiliates | 0 | 7 | |||
Cost-method Investments [Member] | |||||
Payments for (Proceeds from) Investments | 8 | 11 | |||
Equity Method Investments [Member] | |||||
Payments for (Proceeds from) Investments | 7 | 7 | |||
Other current assets [Member] | |||||
Due from Related Parties, Noncurrent | 35 | 15 | |||
Other Noncurrent Assets [Member] | |||||
Due from Related Parties, Noncurrent | $ 22 | $ 22 |
Investments in Affiliates (Deta
Investments in Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in net income of non-consolidated affiliates | $ 7 | $ 2 | $ 7 | |
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
Investments in non-consolidated affiliates | $ 41 | $ 45 | ||
Investments in equity method investees | 41 | 40 | ||
Cost Method Investments | 5 | |||
Equity Method Investment, Realized Gain (Loss) on Disposal | 5 | |||
Yanfeng Visteon Electronics (China) Investment Company [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in non-consolidated affiliates | 28 | 22 | ||
Yanfeng Visteon Jinqiao Automotive Trim Systems Co., Ltd. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership Percentage of Entities Disposed | 12.50% | |||
Chongqing Changan Visteon Engine Control Systems Co., Ltd. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in non-consolidated affiliates | 0 | 7 | ||
Changchun FAWAY Auto Electronics Co., Ltd. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in non-consolidated affiliates | 10 | 8 | ||
All Other Non-consolidated Affiliates [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in non-consolidated affiliates | $ 3 | $ 8 |
Restructuring Activities (Detai
Restructuring Activities (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges, net of reversals | $ 14 | $ 53 | $ 63 |
Restructuring Charges | 14 | 49 | 36 |
Restructuring expense including discontinued operations | 19 | 57 | 42 |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Current Beginning | (40) | (38) | (39) |
Expense | 19 | 57 | 42 |
Reversals | (5) | (4) | (4) |
Exchange | 2 | (1) | (4) |
Utilization | (32) | (50) | (34) |
Restructuring liabilities transferred in the business divestiture | (1) | ||
Restructuring Reserve, Current Ending | (24) | (40) | (38) |
Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 19 | 41 | 40 |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Current Beginning | (31) | (33) | (30) |
Reversals | (4) | (4) | (4) |
Exchange | 2 | (1) | (2) |
Utilization | (30) | (38) | (31) |
Restructuring liabilities transferred in the business divestiture | 0 | ||
Restructuring Reserve, Current Ending | (18) | (31) | (33) |
Other Segments [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense including discontinued operations | 16 | 2 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Current Beginning | (9) | (5) | (9) |
Expense | 16 | 2 | |
Reversals | (1) | 0 | 0 |
Exchange | 0 | 0 | (2) |
Utilization | (2) | (12) | (3) |
Restructuring liabilities transferred in the business divestiture | (1) | ||
Restructuring Reserve, Current Ending | $ (6) | (9) | (5) |
2016 Electronics Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 11 | ||
Restructuring and Related Cost, Number of Positions Eliminated | 100 | ||
2016 Engineering & SGA [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Description | 45 | ||
Restructuring Charges | $ 14 | 26 | |
Restructuring and Related Cost, Number of Positions Eliminated | 250 | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Current Ending | $ (16) | ||
2013 Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 4 | ||
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 16 | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Current Ending | $ (6) | ||
2014 Restucturig Member [Member] | Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 20 | ||
Restructuring and Related Cost, Number of Positions Eliminated | 1,100 | ||
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve, Current Ending | $ (1) | ||
2015 Electronics Restructuring Program [Member] [Member] | Electronics [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 12 | ||
Restructuring and Related Cost, Number of Positions Eliminated | 100 | ||
Discontinued Operations [Member] | 2011 Climate Segment Restructuring Actions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Number of Positions Eliminated | 135 | ||
Discontinued Operations [Member] | 2011 Climate Segment Restructuring Actions [Member] | Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring expense including discontinued operations | $ 2 | ||
Restructuring Reserve [Roll Forward] | |||
Expense | $ 2 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Raw materials | $ 109 | $ 83 |
Work-in-process | 49 | 34 |
Finished products | 31 | 34 |
Inventories, net | $ 189 | $ 151 |
Other Assets (Details)
Other Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Other Assets [Abstract] | ||
Recoverable taxes, current | $ 56,000,000 | $ 60,000,000 |
Joint venture receivables | 43,000,000 | 39,000,000 |
Prepaid assets and deposits | 36,000,000 | 35,000,000 |
Notes Receivable, Related Parties, Current | 23,000,000 | 18,000,000 |
Contractually reimbursable engineering costs, current | 14,000,000 | 7,000,000 |
Hedging Assets, Current | 1,000,000 | 6,000,000 |
Other Assets, Miscellaneous, Current | 2,000,000 | 5,000,000 |
Other Assets, Current | 175,000,000 | 170,000,000 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes, Loans and Financing Receivable, Gross, Current | 16,000,000 | |
Nontrade Receivables, Noncurrent | 10,000,000 | |
Deferred Tax Assets, Net, Noncurrent | 46,000,000 | 48,000,000 |
Value Added Tax Receivable, Noncurrent | 35,000,000 | 34,000,000 |
Notes Receivable, Related Parties, Noncurrent | 26,000,000 | 25,000,000 |
Contractual engineering cost recoveries, non-current | 24,000,000 | 11,000,000 |
Notes, Loans and Financing Receivable, Gross, Noncurrent | 10,000,000 | 10,000,000 |
Other Assets, Miscellaneous, Noncurrent | 10,000,000 | 18,000,000 |
Other Assets, Noncurrent | 151,000,000 | $ 146,000,000 |
Reimbursement for engineering costs in year one | 14,000,000 | |
Reimbursement for engineering costs expected in year two | 16,000,000 | |
Reimbursement for engineering costs expected in year three | 2,000,000 | |
Reimbursement for engineering costs expected in year four | 2,000,000 | |
Reimbursement for engineering costs expected in year five and beyond | 4,000,000 | |
Notes Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Notes, Loans and Financing Receivable, Gross, Current | $ 10,000,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized Computer Software, Net | $ 11 | $ 7 | |
Capitalized Computer Software, Amortization | 4 | 4 | $ 4 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 16 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 16 | ||
Future Amortization Expense, Year Three | 13 | ||
Land | 13 | 16 | |
Buildings and improvements | 73 | 65 | |
Machinery, equipment and other | 471 | 401 | |
Construction in progress | 65 | 54 | |
Total property and equipment | 622 | 536 | |
Accumulated depreciation | (269) | (210) | |
Property and equipment, net, before product tooling | 353 | 326 | |
Property and equipment, net | 377 | 345 | |
Depreciation | 71 | 66 | 66 |
Depreciation and Amortization Expense | 74 | 69 | 70 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 10 | ||
Computer Software, Intangible Asset [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 4 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 3 | ||
Future Amortization Expense, Year Three | 2 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1 | ||
Future Amortization Expense, Year Five | 1 | ||
Product tooling [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, net | 24 | 19 | |
Amortization | $ 3 | $ 3 | $ 4 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2018 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Net | $ 85,000,000 | $ 84,000,000 | ||
Other Finite-Lived Intangible Assets, Gross | 2,000,000 | |||
Definite-Lived Intangible Assets [Abstract] | ||||
Finite-Lived Intangible Assets, Gross | 149,000,000 | 135,000,000 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | 64,000,000 | 51,000,000 | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 11,000,000 | |||
Goodwill and indefinite-lived intangible assets [Abstract] | ||||
Goodwill, Gross | 47,000,000 | 45,000,000 | ||
Goodwill | 47,000,000 | 45,000,000 | ||
Intangible Assets, Gross (Including Goodwill) | 196,000,000 | 180,000,000 | ||
Intangible Assets Net Including Goodwill | 132,000,000 | 129,000,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 16,000,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 10,000,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 13,000,000 | |||
Software and Software Development Costs [Member] | ||||
Definite-Lived Intangible Assets [Abstract] | ||||
Finite-Lived Intangible Assets, Gross | 4,000,000 | 4,000,000 | ||
Electronics [Member] | ||||
Goodwill and indefinite-lived intangible assets [Abstract] | ||||
Goodwill | 47,000,000 | 45,000,000 | $ 40,000,000 | |
Intangible Assets Net Including Goodwill | 132,000,000 | 129,000,000 | $ 133,000,000 | |
Goodwill, Acquired During Period | 0 | |||
Intangible Assets Net Including Goodwill Recognized From Business Acquisition | 8,000,000 | 22,000,000 | ||
Goodwill, Translation Adjustments | 2,000,000 | (2,000,000) | ||
Intangible Assets Foreign Currency Gain (Loss) | (7,000,000) | |||
Intangible Assets Including Goodwill Translation Adjustment | 8,000,000 | |||
Amortization expense | $ (13,000,000) | (15,000,000) | ||
Goodwill, Purchase Accounting Adjustments | $ (4,000,000) | |||
Scenario, Forecast [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Other Finite-Lived Intangible Assets, Gross | $ 2,000,000 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale Leaseback Transaction, Deferred Gain, Net | $ 14 | $ 15 | |||
Dividends Payable, Date to be Paid | Jan. 22, 2016 | Jan. 22, 2016 | |||
Payments of Capital Distribution | 1 | 1,736 | $ 0 | ||
Dividends, Share-based Compensation | $ 14 | ||||
Product Warranty Accrual, Current | 33 | 43 | |||
Restructuring Reserve | 24 | 40 | |||
Rent and royalties | 24 | 23 | |||
Deferred Revenue, Current | 18 | 14 | |||
Distribution Payable | 14 | 15 | |||
Accrued Income Taxes, Current | 12 | 22 | |||
Joint venture payables | 12 | 22 | |||
Accrual for Taxes Other than Income Taxes, Current | 10 | 8 | |||
Dividends Payable, Current | 3 | 5 | |||
Hedging Liabilities, Current | 1 | 7 | |||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 50 | |||
Other Commitment | 0 | 31 | |||
Other Sundry Liabilities, Current | 29 | 29 | |||
Other Liabilities, Current | 180 | 309 | |||
Hedging Liabilities, Noncurrent | 23 | 0 | |||
Deferred Revenue | 16 | 18 | |||
Product Warranty Accrual, Noncurrent | 16 | 12 | |||
Accrued Income Taxes, Noncurrent | 12 | 14 | |||
Accrual for Taxes Other than Income Taxes | 7 | 10 | |||
Other Sundry Liabilities, Noncurrent | 21 | 15 | |||
Other Liabilities, Noncurrent | 95 | 69 | |||
Germany Interiors Operations [Domain] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Assets | 27 | ||||
Disposal Group, Including Discontinued Operation, Liabilities | $ 198 | ||||
GERMANY | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Payment associated with business disposal | $ 141 | ||||
Europe [Member] | Germany Interiors Operations [Domain] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Payment associated with business disposal | $ 35 |
Debt (Details)
Debt (Details) $ in Millions | 3 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Nov. 14, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 24, 2017USD ($) | |
Short-term debt [Abstract] | |||||||
Current portion of long-term debt | $ 2 | $ 2 | $ 3 | ||||
Other - short-term | 44 | 44 | 33 | ||||
Short-term debt | 46 | 46 | 36 | ||||
Long-term debt | |||||||
Long-term debt | 347 | $ 347 | 346 | ||||
Amended LOC Agreement facility capacity | $ 5 | $ 15 | |||||
Percent of Collateral to The Aggregated Stated Amount of The LOCs | 103.00% | ||||||
LOC collateral percentage for draws in non-U.S. currencies | 110.00% | ||||||
Outstanding letters of credit | 2 | $ 2 | 3 | ||||
Interest Expense, Debt | 1 | ||||||
Debt Related Commitment Fees and Debt Issuance Costs | 2 | ||||||
LOC Facility issued by local affiliates [Member] | |||||||
Long-term debt | |||||||
Outstanding letters of credit | 17 | 17 | 17 | ||||
Revolving Credit Facility [Member] | |||||||
Long-term debt | |||||||
Debt Instrument, face amount | 200 | $ 300 | |||||
LOC Facility issued by local affiliates with cash collateral [Member] [Member] | |||||||
Long-term debt | |||||||
Outstanding letters of credit | $ 1 | $ 1 | $ 1 | ||||
Term Loan [Member] | |||||||
Long-term debt | |||||||
Debt, Weighted Average Interest Rate | 3.60% | 3.60% | 4.00% | ||||
Unsecured long-term debt, non-current | $ 347 | $ 347 | $ 346 | ||||
Debt Instrument, face amount | $ 350 | $ 350 | $ 350 | $ 350 | $ 350 | ||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||
Debt Instrument, Maturity Date | Mar. 24, 2024 | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.50%) | ||||||
Term loan, required periodic payment | 2.00% | 1.75% | |||||
Current Portion of Long-term Debt [Member] | |||||||
Short-term debt [Abstract] | |||||||
Short-term Debt, Weighted Average Interest Rate | 3.90% | 3.90% | 4.20% | ||||
Other Short-term Debt [Member] | |||||||
Short-term debt [Abstract] | |||||||
Short-term Debt, Weighted Average Interest Rate | 3.90% | 3.90% | 2.60% | ||||
Affiliated Entity [Member] | |||||||
Long-term debt | |||||||
Working capital facility availability | $ 22 | $ 22 | |||||
Credit Facility First Amendment [Member] | |||||||
Long-term debt | |||||||
Debt Instrument, Maturity Date | Apr. 9, 2019 | ||||||
Revolving Credit Facility [Member] | |||||||
Long-term debt | |||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||
Total facility size | 75 | $ 75 | |||||
borrowing capacity under swing line advances | $ 20 | $ 20 | |||||
Debt Instrument, Maturity Date | Mar. 24, 2022 | ||||||
Base Rate [Member] | |||||||
Long-term debt | |||||||
Minimum Eurodollar rate used to establish the Base Rate | 0.75% | ||||||
interest rate margin applied to the Eurodollar Rate | 3.00% | ||||||
Domestic Base Rate [Member] | |||||||
Long-term debt | |||||||
Minimum Eurodollar rate used to establish the Base Rate | 0.00% | 0.75% | |||||
Maximum [Member] | |||||||
Long-term debt | |||||||
Financial maintenance covenant | 3 | ||||||
Minimum [Member] | |||||||
Long-term debt | |||||||
Financial maintenance covenant | 1 | ||||||
Minimum [Member] | Domestic Base Rate [Member] | |||||||
Long-term debt | |||||||
Applicable rate range | 2.00% |
Employee Retirement Benefits An
Employee Retirement Benefits Annuity Purchase (Details) $ in Millions | 3 Months Ended |
Jun. 30, 2016USD ($) | |
Annuity Purchase [Abstract] | |
Number of participants in annuity purchase | 52 |
Defined Benefit Plan, Settlements, Plan Assets | $ 5 |
Defined Benefit Plan, Settlements, Benefit Obligation | 5 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements | $ (1) |
Benefit Expenses (Details)
Benefit Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Methodology change for future net benefit cost | $ 6 | |||
U.S Defined Contribution Plan Matching Contributions | 100.00% | |||
Defined Contribution Plan, matching contribution expenses | $ 8 | 6 | $ 10 | |
Defined Benefit Plan, Settlements, Plan Assets | $ 5 | |||
Benefit Expenses | ||||
Settlements and curtailments | $ 1 | |||
United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Settlements, Plan Assets | ||||
Benefit Expenses | ||||
Service cost | ||||
Defined Benefit Plan, Interest Cost | 29 | 28 | 34 | |
Expected return on plan assets | (41) | (42) | (42) | |
Settlements and curtailments | 0 | 0 | 0 | |
Defined Benefit Plan, Special Termination Benefits | 0 | 6 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost | $ (12) | $ (8) | (7) | |
Amortization of: | ||||
Losses and other | $ 1 | |||
Discount rate for expense | 4.12% | 4.37% | 4.00% | |
Assumed long-term rate of return on assets | 6.73% | 7.00% | 7.00% | |
Foreign Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Settlements, Plan Assets | $ 1 | $ 4 | ||
Benefit Expenses | ||||
Service cost | 2 | 3 | $ 14 | |
Defined Benefit Plan, Interest Cost | 9 | 10 | 19 | |
Expected return on plan assets | (9) | (10) | (17) | |
Settlements and curtailments | (2) | 1 | 0 | |
Defined Benefit Plan, Special Termination Benefits | 2 | 1 | 0 | |
Defined Benefit Plan, Net Periodic Benefit Cost | 4 | 6 | 24 | |
Amortization of: | ||||
Losses and other | $ 2 | $ 1 | $ 8 | |
Discount rate for expense | 3.51% | 4.60% | 3.17% | |
Rate of increase in compensation | 3.62% | 3.70% | 3.49% | |
Assumed long-term rate of return on assets | 5.24% | 4.87% | 4.87% | |
Other Postretirement Benefit Plan [Member] | Foreign Pension Plan [Member] | ||||
Amortization of: | ||||
Rate of increase in compensation | 3.66% |
Change in Benefit Obligation (D
Change in Benefit Obligation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | $ 1,093 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 661 | $ 764 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Settlements and curtailments | $ (5) | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Settlements | $ (5) | |||
Other Pension Plan, Postretirement or Supplemental Plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit Obligation Beginning Balance | 1,047 | |||
Benefit Obligation Ending Balance | 1,047 | |||
United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 647 | 608 | $ 604 | |
Defined Benefit Plan, Funded Status of Plan | $ (193) | $ (220) | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.65% | 4.12% | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit Obligation Beginning Balance | $ 828 | $ 803 | ||
Service cost | ||||
Defined Benefit Plan, Interest Cost | 29 | 28 | 34 | |
Actuarial loss/(gain) | 29 | 34 | ||
Defined Benefit Plan, Special Termination Benefits | 0 | 6 | 0 | |
Foreign exchange translation | ||||
Defined Benefit Plan, Benefit Obligations, Acquisitions and Divestitures | ||||
Benefits paid and other | (46) | (43) | ||
Benefit Obligation Ending Balance | 828 | $ 803 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Actual return on plan assets | 84 | 43 | ||
Sponsor contributions | 1 | 4 | ||
Settlements | ||||
Accumulated other comprehensive income/(Loss) | $ 40 | $ 54 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Defined Benefit Plan, Expected Return on Plan Assets | 6.73% | 7.00% | 7.00% | |
Defined Benefit Plan, Divestitures, Plan Assets | ||||
Defined Benefit Plans Benefits Paid Other | 46 | 43 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | (40) | (54) | ||
Accumulated Other Comprehensive Income Pension and Other Postretirement Benefit Plans Tax | 0 | 0 | ||
Foreign Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 220 | 190 | $ 174 | |
Defined Benefit Plan, Funded Status of Plan | $ (61) | $ (59) | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.28% | 4.39% | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit Obligation Beginning Balance | $ 231 | |||
Service cost | $ 2 | 3 | 14 | |
Defined Benefit Plan, Interest Cost | 9 | 10 | 19 | |
Actuarial loss/(gain) | 8 | 46 | ||
Settlements and curtailments | (4) | (5) | ||
Defined Benefit Plan, Special Termination Benefits | 2 | 1 | 0 | |
Foreign exchange translation | 26 | (27) | ||
Defined Benefit Plan, Benefit Obligations, Acquisitions and Divestitures | (4) | (4) | ||
Benefits paid and other | (7) | (6) | ||
Benefit Obligation Ending Balance | $ 231 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Actual return on plan assets | 14 | 43 | ||
Sponsor contributions | 8 | 8 | ||
Settlements | (1) | (4) | ||
Foreign exchange translation | 16 | (21) | ||
Accumulated other comprehensive income/(Loss) | $ 23 | $ 21 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Defined Benefit Plan, Expected Return on Plan Assets | 5.24% | 4.87% | 4.87% | |
Defined Benefit Plan, Divestitures, Plan Assets | $ 0 | $ (4) | ||
Defined Benefit Plans Benefits Paid Other | 7 | 6 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | (33) | (31) | ||
Accumulated Other Comprehensive Income Pension and Other Postretirement Benefit Plans Tax | 10 | 10 | ||
Other Noncurrent Assets [Member] | Foreign Pension Plan [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Defined Benefit Plan, Assets for Plan Benefits, Noncurrent | 3 | 6 | ||
Accrued Employee Liabilities [Member] | Foreign Pension Plan [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension and Other Postretirement Defined Benefit Plans, Current Liabilities | (1) | |||
Employee Benefits [Member] | United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (193) | (220) | ||
Employee Benefits [Member] | Foreign Pension Plan [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | (63) | (67) | ||
Continuing Operations [Member] | United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 647 | 608 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit Obligation Beginning Balance | 828 | |||
Benefit Obligation Ending Balance | 840 | 828 | ||
Continuing Operations [Member] | Foreign Pension Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 220 | 190 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit Obligation Beginning Balance | 249 | |||
Benefit Obligation Ending Balance | $ 281 | $ 249 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 892,000 | $ 1,019 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (68) | 11 | $ 37 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | 1 | 3 | $ 3 |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 15 | (32) | |
Defined Benefit Plan Divestitures Accumulated Other Comprehensive Income | 0 | 0 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (15) | 32 | |
Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | 6 | (15) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 6 | (4) | |
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax | (2) | (1) | |
Defined Benefit Plan Divestitures Accumulated Other Comprehensive Income | 4 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 2 | 7 | |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | $ 2 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | $ (3) |
Future Benefit Payments (Detail
Future Benefit Payments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $ 40 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 39 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 40 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 40 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 41 | |
Defined Benefit Plan, Contributions by Employer | 1 | $ 4 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 1 | |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 212 | |
Foreign Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 5 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 6 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 6 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 7 | |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 8 | |
Defined Benefit Plan, Contributions by Employer | 8 | $ 8 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 7 | |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $ 52 |
Asset Allocation (Details)
Asset Allocation (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Schedule of Accumulated and Projected Benefit Obligations [Table Text Block] | Assumptions used by the Company in determining its defined benefit pension obligations as of December 31, 2017 and 2016 are summarized in the following table: U.S. Plans Non-U.S. Plans Weighted Average Assumptions 2017 2016 2017 2016 Discount rate 3.65 % 4.12 % 3.28 % 4.39 % Rate of increase in compensation N/A N/A 3.62 % 3.70 % | ||
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 100.00% | 100.00% | |
Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 100.00% | 100.00% | |
Other Plan Asset Categories [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 6.00% | 6.00% | |
Equity Securities [Member] | United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 41.00% | 38.00% | |
Equity Securities [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 35.00% | 25.00% | |
Debt Securities [Member] | United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 16.00% | 16.00% | |
Debt Securities [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 43.00% | 52.00% | |
Other Investments [Member] | United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 42.00% | 45.00% | |
Other Investments [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 12.00% | 10.00% | |
Cash [Member] | United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 1.00% | 1.00% | |
Cash [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 4.00% | 7.00% | |
Scenario, Forecast [Member] | United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ||
Scenario, Forecast [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ||
Scenario, Forecast [Member] | Other Plan Asset Categories [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 6.00% | ||
Scenario, Forecast [Member] | Equity Securities [Member] | United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 38.00% | ||
Scenario, Forecast [Member] | Equity Securities [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 32.00% | ||
Scenario, Forecast [Member] | Debt Securities [Member] | United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 15.00% | ||
Scenario, Forecast [Member] | Debt Securities [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 45.00% | ||
Scenario, Forecast [Member] | Other Investments [Member] | United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 46.00% | ||
Scenario, Forecast [Member] | Other Investments [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 14.00% | ||
Scenario, Forecast [Member] | Cash [Member] | United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 1.00% | ||
Scenario, Forecast [Member] | Cash [Member] | Foreign Pension Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Target Plan Asset Allocations | 3.00% |
Employee Retirement Benefits Ot
Employee Retirement Benefits Other Postretirement Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 892,000 | $ 1,019 | |||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 898 | 1,049 | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 661 | 764 | |||
Other Pension Plan, Postretirement or Supplemental Plans [Member] | |||||
Defined Benefit Plan, Benefit Obligation | $ 1,047 | ||||
Foreign Pension Plan [Member] | |||||
Defined Benefit Plan, Benefit Obligation | $ 231 | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.28% | 4.39% | |||
Defined Benefit Plan, Contributions by Employer | $ 8 | $ 8 | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.62% | 3.70% | 3.49% | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 220 | $ 190 | $ 174 | ||
Foreign Pension Plan [Member] | Scenario, Forecast [Member] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ||||
United States Pension Plan of US Entity [Member] | |||||
Defined Benefit Plan, Benefit Obligation | $ 828 | 803 | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.65% | 4.12% | |||
Defined Benefit Plan, Contributions by Employer | $ 1 | $ 4 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 647 | 608 | $ 604 | ||
United States Pension Plan of US Entity [Member] | Scenario, Forecast [Member] | |||||
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% | ||||
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||||
Defined Benefit Plan, Benefit Obligation | $ 2 | $ 2 | $ 6 | ||
Other Postretirement Benefit Plan, Defined Benefit [Member] | Foreign Pension Plan [Member] | |||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.66% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividends Payable, Date Declared | Dec. 9, 2015 | |||
Common Stock, Dividends, Per Share, Declared | $ 43.40 | |||
Dividends Payable, Date of Record | Jan. 15, 2016 | Jan. 15, 2016 | ||
Dividends Payable, Date to be Paid | Jan. 22, 2016 | Jan. 22, 2016 | ||
Dividends Payable | $ 10 | $ 1,750 | ||
Allocated Share-based Compensation Expense | $ 12 | 8 | 8 | |
Unrecognized compensation expense | 17 | |||
Adjustments to Additional Paid in Capital, Other | 3 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | 11 | $ 6 | $ 4 | |
Unrecognized compensation expense | $ 8 | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 27.31% | 34.65% | 37.19% | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.80% | 33.90% | ||
Allocated Share-based Compensation Expense | $ 6 | $ 4 | $ 12 | |
Unrecognized compensation expense | $ 8 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 27.31% | 36.84% | 38.19% | |
Allocated Share-based Compensation Expense | $ 2 | $ 2 | $ 1 | |
Unrecognized compensation expense | $ 1 | |||
Two Thousand Ten Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
2010 Incentive Plan, number of shares authorized | 4.8 | |||
Two Thousand Ten Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 19 | $ 12 | $ 17 |
Performance Based Share Units (
Performance Based Share Units (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 12 | $ 8 | $ 8 | |
Stock Based Compensation, Performance Based Units, vesting percentage based on relative total shareholder return, low end | 0.00% | |||
Stock Based Compensation, Performance Based Units, vesting percentage based on relative total shareholder return, high end | 150.00% | |||
Unrecognized compensation expense | $ 17 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 94.73 | $ 81.05 | $ 103.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 83.46 | 90.45 | 54.47 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 83.66 | $ 79.11 | $ 71.33 | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Allocated Share-based Compensation Expense | $ 6 | $ 4 | $ 12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 78,000 | 82,000 | 44,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 103.72 | $ 68.70 | $ 43.21 | |
Unrecognized compensation expense | $ 8 | |||
Expected volatility | 23.80% | 33.90% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | 0.83% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 461,000 | 414,000 | 662,000 | 994,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 58.76 | $ 51.94 | $ 37.92 | $ 35.25 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 110.66 | $ 89.79 | $ 104.81 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (16,000) | (324,000) | (255,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 90.45 | $ 32.58 | $ 36.57 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (15,000) | (6,000) | (121,000) | |
Performance Based Units Equity Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 8 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months | |||
Performance Based Units Liability Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | $ 1 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 2 | $ 2 | $ 1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 77.36 | $ 72.01 | $ 101.58 | |
Unrecognized compensation expense | $ 1 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||
Expected volatility | 27.31% | 36.84% | 38.19% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.03% | 1.37% | 1.60% | |
Expected dividend yield | 0.00% | 0.00% | 0.00% | |
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 0 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 5 months | |||
Expected volatility | 27.31% | 34.65% | 37.19% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.03% | 1.83% | 1.63% | |
Expected dividend yield | 0.00% | 0.00% | 0.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 8,000 | 13,000 | 15,000 | 46,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (7,000) | (3,000) | (38,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (1,000) | (2,000) | ||
Restricted Stock Units Equity Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 76,000 | 94,000 | 50,000 | |
Unrecognized compensation expense | $ 8 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 11 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 94.51 | $ 81.54 | $ 103.89 | |
Two Thousand Ten Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 19 | $ 12 | $ 17 |
RSAs and RSUs (Details)
RSAs and RSUs (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 17 | |||
Allocated Share-based Compensation Expense | $ 12 | $ 8 | $ 8 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Weighted average grant date fair value | $ 87.09 | $ 83.30 | $ 84.26 | $ 54.64 |
Awards granted weighted average grant date fair value | 94.73 | 81.05 | 103.66 | |
Vested Weighted Average Grant Date Fair Value | 83.46 | 90.45 | 54.47 | |
Forfeited Weighted Average Grant Date Fair Value | $ 83.66 | $ 79.11 | $ 71.33 | |
Performance Based Units Liability Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average remaining vesting period | 1 year 8 months | |||
Cash payments | $ 1 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | 8 | |||
Allocated Share-based Compensation Expense | 11 | $ 6 | $ 4 | |
Cash payments | $ 1 | $ 1 | $ 7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Non-vested at beginning of period | 170,000 | 86,000 | 91,000 | |
Granted | 99,000 | 112,000 | 55,000 | |
Vested | 29,000 | 17,000 | 50,000 | |
Forfeited | (10,000) | (11,000) | (10,000) | |
Non-vested at end of period | 230,000 | 170,000 | 86,000 | |
Restricted Stock Units Equity Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 8 | |||
Weighted average remaining vesting period | 1 year 11 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted | 76,000 | 94,000 | 50,000 | |
Awards granted weighted average grant date fair value | $ 94.51 | $ 81.54 | $ 103.89 | |
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average remaining vesting period | 1 year 5 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Non-vested at beginning of period | 13,000 | 15,000 | 46,000 | |
Granted | 0 | 0 | 0 | |
Vested | 7,000 | 3,000 | 38,000 | |
Forfeited | (1,000) | (2,000) | ||
Non-vested at end of period | 8,000 | 13,000 | 15,000 | |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 1 | |||
Allocated Share-based Compensation Expense | $ 2 | $ 2 | $ 1 | |
Weighted average remaining vesting period | 1 year 6 months | |||
Restricted Stock Units Liability Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average remaining vesting period | 1 year 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted | 23,000 | 18,000 | 6,000 | |
Awards granted weighted average grant date fair value | $ 95.45 | $ 78.49 | $ 101.66 | |
Maximum [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 1 | |||
Maximum [Member] | Restricted Stock Units Liability Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 1 | |||
Director [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Non-vested at end of period | 45,000 | |||
Weighted average grant date fair value | $ 87.97 | |||
Two Thousand Ten Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,800,000 |
Stock Options and SARs (Details
Stock Options and SARs (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options | $ 2 | $ 1 | $ 6 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1 | 1 | 3 | |
Unrecognized compensation expense | 17 | |||
Allocated Share-based Compensation Expense | $ 12 | $ 8 | $ 8 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 94.73 | $ 81.05 | $ 103.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 174,000 | |||
Price Range One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 14,000 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 1 month | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 53.12 | |||
Price Range Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 76,000 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 2 months | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 71.48 | |||
Price Range Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | 84,000 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 3 months | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 94.77 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Unrecognized compensation expense | $ 8 | |||
Allocated Share-based Compensation Expense | $ 6 | $ 4 | $ 12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 110.66 | $ 89.79 | $ 104.81 | |
Expected volatility | 23.80% | 33.90% | ||
Risk-free interest rate | 1.59% | 0.83% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Forfeited or expired Options Weighted Average Exercise Price | $ 103.72 | $ 68.70 | $ 43.21 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Non-vested at beginning of period | 414,000 | 662,000 | 994,000 | |
Granted | 78,000 | 82,000 | 44,000 | |
Exercised | (16,000) | (324,000) | (255,000) | |
Forfeited | (15,000) | (6,000) | (121,000) | |
Non-vested at end of period | 461,000 | 414,000 | 662,000 | |
Restricted Stock Units Equity Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 8 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 11 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 94.51 | $ 81.54 | $ 103.89 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted | 76,000 | 94,000 | 50,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 8 | |||
Allocated Share-based Compensation Expense | $ 11 | $ 6 | $ 4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Non-vested at beginning of period | 170,000 | 86,000 | 91,000 | |
Granted | 99,000 | 112,000 | 55,000 | |
Exercised | (29,000) | (17,000) | (50,000) | |
Forfeited | (10,000) | (11,000) | (10,000) | |
Non-vested at end of period | 230,000 | 170,000 | 86,000 | |
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Awards other than Options, Exerciable, Weighted-Average Exercisable Price | $ 49.19 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 5 months | |||
Expected Term | 5 years | 4 years 6 months | 4 years 4 months 28 days | |
Expected volatility | 27.31% | 34.65% | 37.19% | |
Risk-free interest rate | 2.03% | 1.83% | 1.63% | |
Expected dividend yield | 0.00% | 0.00% | 0.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Non-vested at beginning of period | 13,000 | 15,000 | 46,000 | |
Granted | 0 | 0 | 0 | |
Exercised | (7,000) | (3,000) | (38,000) | |
Forfeited | (1,000) | (2,000) | ||
Non-vested at end of period | 8,000 | 13,000 | 15,000 | |
Non-vested SARS Weighted Average Exercise Price | $ 69.21 | $ 51.10 | $ 44.36 | $ 70.46 |
Granted SARS Weighted Average Exercise Price | 94.77 | 78.24 | 59.59 | |
Exercised SARs Weighted Average Exercise Price | 44.33 | 31.28 | 69.81 | |
Forfeited or expired SARs Weighted Average Exercise Price | $ 59.59 | $ 59.59 | $ 98.46 | |
Share-based Compensation Arangements by Share-based Payment Award, Equity Awards other than options, excercisable, number | 3,000 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 1 | |||
Allocated Share-based Compensation Expense | $ 2 | $ 2 | $ 1 | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||
Expected Term | 5 years | 5 years | 5 years | |
Expected volatility | 27.31% | 36.84% | 38.19% | |
Risk-free interest rate | 2.03% | 1.37% | 1.60% | |
Expected dividend yield | 0.00% | 0.00% | 0.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding Options Beginning Period | 115,000 | 48,000 | 74,000 | |
Granted | 84,000 | 96,000 | 54,000 | |
Exercised | (26,000) | (6,000) | (71,000) | |
Forfeited or expired | (7,000) | (23,000) | (9,000) | |
Outstanding Options Ending Period | 166,000 | 115,000 | 48,000 | |
Outstanding Options Weighted Average Exercise Price | $ 81.72 | $ 0 | $ 59.41 | $ 71.22 |
Granted Options Weighted Average Exercise Price | 94.77 | 73.02 | 60.60 | |
Exercised Options Weighted Average Exercise Price | 65.79 | 57.46 | 71.12 | |
Forfeited or expired Options Weighted Average Exercise Price | $ 77.36 | 72.01 | 101.58 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 25,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 66.12 | |||
Restricted Stock Units Liability Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 95.45 | $ 78.49 | $ 101.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted | 23,000 | 18,000 | 6,000 | |
Maximum [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 1 | |||
Maximum [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | 10 years | |||
Maximum [Member] | Restricted Stock Units Liability Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 1 | |||
Minimum [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | 7 years |
Other Expense, Net (Details)
Other Expense, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Transformation costs | $ 2 | $ 9 | $ 25 |
Business Combination, Integration Related Costs | 0 | 2 | 14 |
Provision of losses on recoverable taxes | 0 | (1) | 0 |
Loss on asset contribution | 0 | 2 | 1 |
Other expense, net | $ 2 | $ 24 | $ 25 |
Provision For Income Taxes (Det
Provision For Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Berlin divestiture | $ 0 | $ 0 | $ 48 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Tax Adjustments, Settlements, and Unusual Provisions | $ (2) | $ (10) | ||
Total income (loss) before income taxes | 216 | 159 | 62 | |
Total current tax provision | 42 | 43 | 53 | |
Total deferred tax provision (benefit) | 6 | (13) | (26) | |
Provision for income taxes | 48 | 30 | 27 | |
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | 76 | 56 | 22 | |
Income Tax Reconciliation, Foreign Income Tax Rate Differential | 5 | 26 | (33) | |
Effective Income Tax Rate Reconciliation, Non-US Withholding Taxes | 15 | 13 | 9 | |
Income Tax Reconciliation, State and Local Income Taxes | (1) | (1) | 1 | |
Income Tax Reconciliation, Tax Contingencies | 16 | (14) | 5 | (9) |
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | (270) | 25 | (53) | |
Income Tax Reconciliation, Change in Enacted Tax Rate | 5 | 26 | 2 | |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | 58 | 0 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | (1) | (3) | 0 | |
Income Tax Reconciliation, Other Reconciling Items | 2 | |||
Effective Income Tax Rate Reconciliation, Tax Holiday, Amount | (7) | (7) | (10) | |
Income Tax Expense (Benefit), Intraperiod Tax Allocation | 18 | |||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 3 | |||
Domestic Tax Authority [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 393 | |||
Total income (loss) before income taxes | 84 | 41 | (69) | |
U.S. federal | (11) | (18) | ||
Foreign Tax Authority [Member] | ||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 5 | |||
Total income (loss) before income taxes | 132 | 118 | 131 | |
Non-U.S. | 42 | 54 | 71 | |
Non-U.S. | 6 | (13) | (26) | |
Non-U.S. withholding taxes [Member] | ||||
Income Tax Reconciliation, Foreign Income Tax Rate Differential | (27) | |||
U.S. and non U.S. income taxes related to the planned repatriation of earnings from foreign affiliates [Member] | ||||
Income Tax Reconciliation, Foreign Income Tax Rate Differential | (29) | (7) | (31) | |
Foreign rate differential [Member] | ||||
Income Tax Reconciliation, Foreign Income Tax Rate Differential | (34) | (19) | (25) | |
U.S. foreign tax credit and other adjustments [Member] | ||||
Income Tax Reconciliation, Foreign Income Tax Rate Differential | $ (58) | |||
Continuing Operations [Member] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | (7) | |||
Discontinued Operations [Member] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | 3 | |||
Mexico [Member] | ||||
Tax Adjustments, Settlements, and Unusual Provisions | 2 | |||
Income Tax Reconciliation, Tax Contingencies | 2 | |||
Other Affiliates [Member] | ||||
Income Tax Reconciliation, Tax Contingencies | 3 | |||
Income Tax Reconciliation, Impact of NOL Carryback Current [Member] | ||||
Income Tax Reconciliation, Foreign Income Tax Rate Differential | (3) | |||
Income Tax Reconciliation, Impact of NOL Carryback FIN 48 [Member] | ||||
Income Tax Reconciliation, Foreign Income Tax Rate Differential | (8) | |||
Non-US [Member] | ||||
Income Tax Reconciliation, Tax Contingencies | 2 | |||
Income Tax Reconciliation, Change in Enacted Tax Rate | 19 | |||
HUNGARY | ||||
Income Tax Reconciliation, Change in Enacted Tax Rate | $ 24 | |||
UNITED STATES | ||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 16 | |||
Latest Tax Year [Member] | ||||
Income Tax Reconciliation, Change in Enacted Tax Rate | 250 | |||
Tax Rate Change [Member] | ||||
Income Tax Reconciliation, Change in Enacted Tax Rate | 267 | |||
U.S. and non U.S. income taxes related to the planned repatriation of earnings from foreign affiliates [Member] | ||||
Deferred Tax Liabilities, Gross | $ 36 |
Deferred Tax Assets And Liabili
Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Employee benefit plans | $ 74 | $ 119 | ||
Capitalized expenditures for tax reporting | 3 | 15 | ||
Net operating losses and carryforwards | 1,178 | 1,495 | ||
Deferred Tax Assets, Property, Plant and Equipment | 10 | 15 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Restructuring Charges | 7 | 26 | ||
Deferred Tax Assets, Deferred Income | 9 | 10 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves | 13 | 16 | ||
All other | 46 | 65 | ||
Valuation allowance | (1,242) | (1,532) | ||
Total deferred tax assets | 98 | 229 | ||
Fixed assets and intangibles | 15 | 21 | ||
Investment in foreign affiliates, including withholding tax | 54 | 174 | ||
All other | 6 | 6 | ||
Total deferred tax liabilities | 75 | 201 | ||
Net deferred tax liabilities | 23 | 28 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 14 | |||
Annual limitations under IRC Section 382 and 383 | 120 | |||
Valuation Allowances and Reserves, Balance | 1,200 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 9 | 12 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 3 | 4 | ||
Reconciiation of Unrecognized Tax Benefits [Abstract] | ||||
Unrecognized Tax Benefits Beginning balance | $ 35 | 35 | $ 37 | |
Tax positions related to current periods | ||||
Additions | 3 | 4 | ||
Tax positions related to prior periods | ||||
Additions | 3 | |||
Reductions | (18) | (2) | ||
Settlements with tax authorities | (3) | (7) | ||
Unrecognized Tax Benefits Ending balance | 18 | 35 | ||
Tax Adjustments, Settlements, and Unusual Provisions | (2) | (10) | ||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (5) | (26) | $ 33 | |
Liability for Uncertain Tax Positions, Noncurrent | 12 | |||
Unrecognized Tax Benefits Effect Of Exchange Rate Changes | (1) | |||
Domestic Country [Member] | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
U.S. foreign tax credit carryforwards | 393 | |||
Operating Loss Carryforwards | 1,500 | |||
Valuation Allowances and Reserves, Balance | 800 | |||
State and Local Jurisdiction [Member] | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Operating Loss Carryforwards | 33 | |||
Foreign Country [Member] | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 1,500 | |||
U.S. foreign tax credit carryforwards | 5 | |||
Valuation Allowances and Reserves, Balance | 429 | |||
Domestic Country Foreign Country And Foreign Country Witholding Taxes [Member] | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Total deferred tax liabilities | 19 | 16 | ||
U.S. and non U.S. income taxes related to the planned repatriation of earnings from foreign affiliates [Member] | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Deferred Tax Liabilities, Gross | 36 | |||
Mexico [Member] | ||||
Tax positions related to prior periods | ||||
Tax Adjustments, Settlements, and Unusual Provisions | 2 | |||
Visteon Sistemas Automotivos [Member] | ||||
Tax positions related to prior periods | ||||
Tax audit appeals payment | 16 | |||
Other Entity [Member] | ||||
Tax positions related to prior periods | ||||
Tax Adjustments, Settlements, and Unusual Provisions | 1 | |||
Tax audit appeals and refund claims receivable | 19 | |||
Tax credit carryforwards realized after the Effective Date [Member] | Domestic Country [Member] | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
U.S. foreign tax credit carryforwards | 393 | |||
Other Noncurrent Assets [Member] | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Deferred Tax Assets, Gross | 46 | 48 | ||
Other Noncurrent Liabilities [Member] | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Deferred Tax Liabilities, Gross | 23 | 20 | ||
Continuing Operations [Member] | ||||
Tax positions related to prior periods | ||||
Tax Adjustments, Settlements, and Unusual Provisions | (7) | |||
Discontinued Operations [Member] | ||||
Tax positions related to prior periods | ||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 3 | |||
Income Tax Reconciliation, Impact of NOL Carryback FIN 48 [Member] | ||||
Tax positions related to prior periods | ||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ 8 | |||
UNITED STATES | ||||
Tax positions related to prior periods | ||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 16 |
Stockholders' Equity and Non-84
Stockholders' Equity and Non-controlling Interests (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 66 Months Ended | ||||||
Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Mar. 31, 2018 | Oct. 01, 2010 | |
Treasury Stock Acquired, Repurchase Authorization | 500 | ||||||||||
Increase of Authorized Stock Repurchase Amount | $ 400,000,000 | $ 2,000,000,000 | |||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 200,000,000 | 200,000,000 | |||||||||
Accelerated Share Repurchase, Aggregate Purchase Price | $ 125,000,000 | $ 75,000,000 | $ 500,000,000 | $ 500,000,000 | |||||||
Treasury Stock, Value | $ 2,000,000,000 | ||||||||||
accelerated share repurchase, initial stock delivery | 238,344 | 1,062,022 | 1,300,366 | 677,778 | |||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 96.13 | $ 94.16 | $ 110.63 | ||||||||
Dividends Payable, Date Declared | Dec. 9, 2015 | ||||||||||
Common Stock, Dividends, Per Share, Declared | $ 43.40 | ||||||||||
Dividends Payable, Date of Record | Jan. 15, 2016 | Jan. 15, 2016 | |||||||||
Dividends Payable | $ 10,000,000 | $ 1,750,000,000 | |||||||||
Payments of Capital Distribution | $ 1,000,000 | $ 1,736,000,000 | $ 0 | ||||||||
Dividends Payable, Date to be Paid | Jan. 22, 2016 | Jan. 22, 2016 | |||||||||
Dividends, Share-based Compensation, Cash | $ 14,000,000 | ||||||||||
Treasury Stock, Shares | 24,141,088 | 22,211,410 | 24,141,088 | ||||||||
Non-controlling interests | $ 124,000,000 | $ 138,000,000 | $ 124,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Accumulated other comprehensive income (loss) | $ (174,000,000) | $ (233,000,000) | $ (190,000,000) | $ (174,000,000) | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 49,000,000 | (58,000,000) | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5,000,000 | 3,000,000 | |||||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | (1,000,000) | (3,000,000) | (3,000,000) | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (1,000,000) | 2,000,000 | (2,000,000) | ||||||||
Restricted net assets, non-consolidated affiliates | 41,000,000 | 45,000,000 | 41,000,000 | ||||||||
Restricted net assets, consolidated affiliates | 179,000,000 | 164,000,000 | 179,000,000 | ||||||||
YFVE [Member] | |||||||||||
Non-controlling interests | 77,000,000 | 97,000,000 | 77,000,000 | ||||||||
SVAE - Shanghai Electronics [Member] | |||||||||||
Non-controlling interests | 44,000,000 | 39,000,000 | 44,000,000 | ||||||||
Other Entity [Member] | |||||||||||
Non-controlling interests | $ 3,000,000 | $ 2,000,000 | $ 3,000,000 | ||||||||
10-year Warrants [Member] | |||||||||||
Class of warrant, outstanding | 909 | 909 | 909 | ||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1.3 | 1.3 | |||||||||
Exercise price of warrants or rights | $ 9.66 | $ 9.66 | |||||||||
Stock Warrants, Fair Value | $ 15 | ||||||||||
Accumulated Translation Adjustment [Member] | |||||||||||
Accumulated other comprehensive income (loss) | $ (100,000,000) | $ (163,000,000) | (159,000,000) | $ (100,000,000) | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 62,000,000 | (19,000,000) | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 3,000,000 | |||||||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Accumulated other comprehensive income (loss) | (63,000,000) | (75,000,000) | (36,000,000) | (63,000,000) | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 10,000,000 | (40,000,000) | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (2,000,000) | 1,000,000 | |||||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||||
Accumulated other comprehensive income (loss) | 1,000,000 | (5,000,000) | 1,000,000 | 1,000,000 | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (1,000,000) | (5,000,000) | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 7,000,000 | (1,000,000) | |||||||||
Subsequent Event [Member] | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 700,000,000 | ||||||||||
Accelerated Share Repurchase, Aggregate Purchase Price | $ 13,000,000 | ||||||||||
Stock Repurchase Program, Authorized Amount | 100,000,000 | ||||||||||
HVCC and Germany Interiors Operations [Member] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5,000,000 | 12,000,000 | |||||||||
HVCC and Germany Interiors Operations [Member] | Accumulated Translation Adjustment [Member] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,000,000 | 12,000,000 | |||||||||
HVCC and Germany Interiors Operations [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4,000,000 | 0 | |||||||||
Share Repurchase Program [Domain] | Subsequent Event [Member] | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 687,000,000 | ||||||||||
Cross Currency Interest Rate Contract [Member] | Accumulated Translation Adjustment [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | (12,000,000) | 10,000,000 | $ 4,000,000 | $ (12,000,000) | |||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ (22,000,000) | $ 6,000,000 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||
Net income from continuing operations attributable to Visteon | $ 25 | $ 43 | $ 45 | $ 63 | $ 2 | $ 28 | $ 26 | $ 19 | $ 159 | $ 115 | $ 22 |
Loss from discontinued operations, net of tax | 17 | (40) | 2,262 | ||||||||
Net (loss) income attributable to Visteon | $ 176 | $ 75 | $ 2,284 | ||||||||
Denominator: | |||||||||||
Average common stock outstanding | 31.6 | 35 | 42.3 | ||||||||
Dilutive effect of warrants | 0.6 | 0.4 | 1.1 | ||||||||
Diluted shares | 32.2 | 35.4 | 43.4 | ||||||||
Basic earnings (loss) per share | |||||||||||
Continuing operations | $ 5.03 | $ 3.28 | $ 0.52 | ||||||||
Discontinued operations | 0.54 | (1.14) | 53.48 | ||||||||
Basic | $ 0.81 | $ 1.38 | $ 1.43 | $ 1.94 | $ 0.06 | $ 0.83 | $ 0.77 | $ 0.50 | 5.57 | 2.14 | 54 |
Diluted earnings (loss) per share | |||||||||||
Continuing operations | 4.94 | 3.25 | 0.51 | ||||||||
Discontinued operations | 0.53 | (1.13) | 52.12 | ||||||||
Diluted | $ 0.79 | $ 1.35 | $ 1.41 | $ 1.91 | $ 0.06 | $ 0.81 | $ 0.76 | $ 0.49 | $ 5.47 | $ 2.12 | $ 52.63 |
Fair Value Of Retirement Plan (
Fair Value Of Retirement Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 661 | $ 764 | |
Asset Impairment Charges | 0 | 1 | $ 4 |
Debt Instrument, Fair Value Disclosure | 401 | 389 | |
United States Pension Plan of US Entity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 647 | 608 | 604 |
Defined Benefit Plan, Divestitures, Plan Assets | |||
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 30 | 180 | |
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 297 | 352 | |
United States Pension Plan of US Entity [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 320 | 76 | |
United States Pension Plan of US Entity [Member] | Registered Investment Companies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 180 | |
United States Pension Plan of US Entity [Member] | Registered Investment Companies [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 180 | |
United States Pension Plan of US Entity [Member] | Common Trust Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 279 | 296 | |
United States Pension Plan of US Entity [Member] | Common Trust Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 185 | 296 | |
United States Pension Plan of US Entity [Member] | Common Trust Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 94 | ||
United States Pension Plan of US Entity [Member] | LDI [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 103 | 53 | |
United States Pension Plan of US Entity [Member] | LDI [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 103 | 53 | |
United States Pension Plan of US Entity [Member] | LDI [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
United States Pension Plan of US Entity [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 9 | 3 | |
United States Pension Plan of US Entity [Member] | Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 9 | 3 | |
United States Pension Plan of US Entity [Member] | Common And Preferred Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 27 | ||
United States Pension Plan of US Entity [Member] | Common And Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 27 | ||
United States Pension Plan of US Entity [Member] | HFF [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 226 | 76 | |
United States Pension Plan of US Entity [Member] | HFF [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 226 | 76 | |
United States Pension Plan of US Entity [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ||
Foreign Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 220 | 190 | 174 |
Defined Benefit Plan, Divestitures, Plan Assets | 0 | (4) | |
Foreign Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 150 | 131 | |
Foreign Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 31 | 28 | |
Foreign Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13 | 11 | |
Foreign Pension Plan [Member] | Registered Investment Companies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 93 | 71 | |
Foreign Pension Plan [Member] | Registered Investment Companies [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 93 | 71 | |
Foreign Pension Plan [Member] | Common Trust Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | ||
Foreign Pension Plan [Member] | Common Trust Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | ||
Foreign Pension Plan [Member] | Common And Preferred Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | ||
Foreign Pension Plan [Member] | Common And Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | ||
Foreign Pension Plan [Member] | HFF [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 26 | 20 | |
Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8 | 8 | |
Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7 | 8 | |
Foreign Pension Plan [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | ||
Foreign Pension Plan [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7 | 8 | |
Foreign Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 3 | |
Foreign Pension Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 4 | 5 | |
Foreign Pension Plan [Member] | Insurance Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13 | 11 | |
Foreign Pension Plan [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13 | 11 | |
Unobservable inputs, Beginning Balance | 11 | 10 | 169 |
Relating to assets still held at the reporting date | 1 | ||
Purchases, sales and settlements | 1 | 1 | |
Unobservable inputs, Ending Balance | 13 | 11 | 10 |
Defined Benefit Plan, Divestitures, Plan Assets | $ (159) | ||
Foreign Pension Plan [Member] | Treasury And Government Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 71 | 70 | |
Foreign Pension Plan [Member] | Treasury And Government Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 45 | 47 | |
Foreign Pension Plan [Member] | Treasury And Government Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 26 | 23 | |
Continuing Operations [Member] | United States Pension Plan of US Entity [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 647 | 608 | |
Continuing Operations [Member] | Foreign Pension Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 220 | 190 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 346 | 96 | |
Foreign currency instruments | 0 | ||
Foreign currency instruments | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Foreign Pension Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 26 | 20 | |
Estimate of Fair Value Measurement [Member] | Foreign Pension Plan [Member] | HFF [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 26 | 20 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 0 | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | ||
FRANCE | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 13 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 180 | 311 | |
Foreign currency instruments | 0 | ||
Foreign currency instruments | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 328 | 380 | |
Foreign currency instruments | 6 | ||
Foreign currency instruments | 25 | 6 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 13 | 11 | |
Foreign currency instruments | 0 | ||
Foreign currency instruments | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 0 | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 1 | ||
Interest Rate Derivative Liabilities, at Fair Value | 1 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Derivative Assets, at Fair Value | 0 | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | ||
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 867 | 798 | |
Foreign currency instruments | 6 | ||
Interest Rate Derivative Assets, at Fair Value | 1 | ||
Foreign currency instruments | $ 25 | 6 | |
Interest Rate Derivative Liabilities, at Fair Value | $ 1 |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||||
Derivative, Cost of Hedge | $ (1) | |||
Derivative, Cash Received on Hedge | $ 1 | $ 5 | ||
Derivative, Notional Amount | 150 | $ 150 | ||
Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (23) | |||
Derivative, Gain (Loss) on Derivative, Net | (2) | |||
Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | 1 | |||
Derivative, Notional Amount | 119 | 119 | $ 169 | |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | 1 | |||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 101 | 101 | 138 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 1 | (2) | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2) | (3) | ||
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (22) | $ 5 |
Derivatives Balance Sheet Locat
Derivatives Balance Sheet Location (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative Financial Instruments, Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | $ 1 | $ (1) |
Derivative Financial Instruments, Liabilities [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (2) | |
Derivative Financial Instruments, Assets [Member] | Cash Flow Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | (6) | |
Derivative Financial Instruments, Assets [Member] | Net Investment Hedging [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | $ (23) | $ 6 |
Derivatives Income Statement Lo
Derivatives Income Statement Location (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ (23) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 7 | $ (1) |
Derivative, Gain (Loss) on Derivative, Net | (2) | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (2) | (3) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 6 | (3) |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | (22) | 5 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member] | Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 1 | (2) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | 2 |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 0 | 2 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cost of Sales [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | $ (2) | $ (2) |
Credit Risk (Details)
Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Ford And Affiliates [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 28.00% | 30.00% | 34.00% |
Ford And Affiliates [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 14.00% | 16.00% | |
Mazda [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 17.00% | 17.00% | 16.00% |
Mazda [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 10.00% | 10.00% | |
Nissan\Renault [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 14.00% | 15.00% | 14.00% |
Nissan\Renault [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 10.00% | 10.00% |
Commitments and Contingencies91
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2003 | Dec. 31, 2014 | |
Product Liability Contingency [Line Items] | |||||||||||||||
Guarantor Obligations, Current Carrying Value | $ 15 | $ 22 | $ 15 | $ 22 | |||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | 50.00% | |||||||||||
Product warranty accrual, including held for sale | $ 55 | $ 55 | $ 38 | ||||||||||||
Amount of Bonds Issued by the Charter Township of Van Buren, Michigan | $ 28 | ||||||||||||||
Sales Revenue, Goods, Net | $ 797 | $ 765 | $ 774 | $ 810 | 816 | $ 770 | $ 773 | $ 802 | $ 3,146 | 3,161 | $ 3,245 | ||||
Beginning balance | $ 55 | 55 | |||||||||||||
Accruals for products shipped | 20 | 17 | |||||||||||||
Changes in estimates | 4 | 6 | |||||||||||||
Product warranty accrual, specific action increase (decrease) | 6 | 15 | |||||||||||||
Product warranty accrual, recoverable warranty or recalls | 3 | 2 | |||||||||||||
Foreign currency translation | 2 | (2) | |||||||||||||
Settlements | (41) | (21) | |||||||||||||
Ending balance | 49 | $ 55 | 49 | 55 | |||||||||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 36 | 36 | |||||||||||||
Operating Leases, Future Minimum Payments, Due in Two Years | 33 | 33 | |||||||||||||
Operating Leases, Future Minimum Payments, Due in Three Years | 29 | 29 | |||||||||||||
Operating Leases, Future Minimum Payments, Due in Four Years | 23 | 23 | |||||||||||||
Operating Leases, Future Minimum Payments, Due in Five Years | 19 | 19 | |||||||||||||
Operating Leases, Future Minimum Payments, Due Thereafter | 73 | 73 | |||||||||||||
Operating Leases, Rent Expense | 33 | 35 | $ 45 | ||||||||||||
Minimum [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Seller-backed revolving credit facility replacement | 5 | ||||||||||||||
Estimated Shortfall in Tax Revenues of the Township | $ 25 | ||||||||||||||
Maximum [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Seller-backed revolving credit facility replacement | $ 10 | ||||||||||||||
Estimated Shortfall in Tax Revenues of the Township | $ 36 | ||||||||||||||
YFVE [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | ||||||||||||||
YFVIC [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||||||||
IRAN, ISLAMIC REPUBLIC OF | Certain HVCC subsidiaries in China [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Sales Revenue, Goods, Net | $ 12 | ||||||||||||||
HVCC [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Guarantee for Subsidiaries' Lease Payments | 5 | 5 | |||||||||||||
Interiors [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Guarantee for Subsidiaries' Lease Payments | 3 | 3 | |||||||||||||
Pending Litigation [Member] | ARGENTINA | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Loss Contingency Accrual, at Carrying Value | 4 | 4 | |||||||||||||
Loss Contingency, Estimate of Possible Loss | 4 | 4 | |||||||||||||
Pending Litigation [Member] | BRAZIL | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Loss Contingency Accrual, at Carrying Value | 16 | 16 | |||||||||||||
Loss Contingency, Estimate of Possible Loss | $ 114 | $ 114 |
Segment Information Details (De
Segment Information Details (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Sales | $ 797 | $ 765 | $ 774 | $ 810 | $ 816 | $ 770 | $ 773 | $ 802 | $ 3,146 | $ 3,161 | $ 3,245 |
Adjusted EBITDA | 370 | 337 | 282 | ||||||||
Depreciation and amortization | 87 | 84 | 85 | ||||||||
Restructuring expense | 14 | 49 | 36 | ||||||||
Interest expense, net | 16 | 12 | 14 | ||||||||
Loss on debt extinguishment | 0 | 0 | 5 | ||||||||
Equity in net income of non-consolidated affiliates | (7) | (2) | (7) | ||||||||
Gain (Loss) on Disposition of Business | 33 | 0 | 105 | ||||||||
Gain on non-consolidated affiliate transactions | (4) | 0 | (62) | ||||||||
Other expense, net | 2 | 24 | 25 | ||||||||
Provision for income taxes | 48 | 30 | 27 | ||||||||
Discontinued operations | (17) | 40 | (2,286) | ||||||||
Net income attributable to non-controlling interests | 16 | 16 | 44 | ||||||||
Non-cash, stock-based compensation expense | 12 | 8 | 8 | ||||||||
Other | (6) | (1) | (4) | ||||||||
Net (loss) income attributable to Visteon | 176 | 75 | 2,284 | ||||||||
Property and equipment, net | 377 | 345 | 377 | 345 | |||||||
Assets | 2,304 | 2,373 | 2,304 | 2,373 | |||||||
Depreciation, Depletion and Amortization | 87 | 84 | 169 | ||||||||
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 776 | 822 | 844 | ||||||||
Property and equipment, net | 11 | 12 | 11 | 12 | |||||||
Mexico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 70 | 72 | 73 | ||||||||
Property and equipment, net | 54 | 50 | 54 | 50 | |||||||
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 846 | 894 | 917 | ||||||||
Property and equipment, net | 65 | 62 | 65 | 62 | |||||||
Portugal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 508 | 443 | 419 | ||||||||
Property and equipment, net | 75 | 62 | 75 | 62 | |||||||
Slovakia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 294 | 288 | 262 | ||||||||
Property and equipment, net | 36 | 29 | 36 | 29 | |||||||
FRANCE | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 84 | 113 | 144 | ||||||||
Property and equipment, net | 7 | 21 | 7 | 21 | |||||||
Germany [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 86 | ||||||||||
Property and equipment, net | 4 | 2 | 4 | 2 | |||||||
TUNISIA | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 109 | 151 | 185 | ||||||||
Property and equipment, net | 10 | 12 | 10 | 12 | |||||||
Other Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 20 | 49 | 98 | ||||||||
Property and equipment, net | 10 | 6 | 10 | 6 | |||||||
Intra-region Eliminations Within Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | (11) | (31) | (71) | ||||||||
Europe [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 1,004 | 1,013 | 1,123 | ||||||||
Property and equipment, net | 142 | 132 | 142 | 132 | |||||||
Korea [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 12 | 18 | 20 | ||||||||
Property and equipment, net | 1 | 1 | |||||||||
China [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 751 | 711 | 688 | ||||||||
Property and equipment, net | 86 | 75 | 86 | 75 | |||||||
Japan [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 495 | 516 | 498 | ||||||||
Property and equipment, net | 21 | 16 | 21 | 16 | |||||||
India [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 92 | 66 | 73 | ||||||||
Property and equipment, net | 29 | 26 | 29 | 26 | |||||||
Thailand [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 81 | 82 | 86 | ||||||||
Property and equipment, net | 10 | 10 | 10 | 10 | |||||||
Intra-region Eliminations Within Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | (151) | (163) | (171) | ||||||||
Asia [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 1,280 | 1,230 | 1,194 | ||||||||
Property and equipment, net | 146 | 128 | 146 | 128 | |||||||
South America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 68 | 91 | 124 | ||||||||
Property and equipment, net | 24 | 23 | 24 | 23 | |||||||
Geography Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | (52) | $ (67) | $ (113) | ||||||||
Electronics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of segment product sales to total product sales | 98.00% | 95.00% | |||||||||
Sales | 3,146 | $ 3,107 | $ 3,107 | ||||||||
Adjusted EBITDA | 370 | 346 | 294 | ||||||||
Restructuring expense | 19 | 41 | 40 | ||||||||
Assets | 2,370 | 2,370 | |||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | 54 | 153 | |||||||||
Adjusted EBITDA | 0 | (9) | (12) | ||||||||
Assets | $ 0 | $ 3 | 0 | 3 | |||||||
Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Sales | (15) | ||||||||||
Continuing Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation, Depletion and Amortization | 87 | 84 | 85 | ||||||||
Payments to acquire property, plant, and equipment, continuing operations | 99 | 74 | 106 | ||||||||
Continuing Operations [Member] | Electronics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation, Depletion and Amortization | 84 | 83 | |||||||||
Payments to acquire property, plant, and equipment, continuing operations | $ 99 | $ 74 | 102 | ||||||||
Continuing Operations [Member] | Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation, Depletion and Amortization | 2 | ||||||||||
Payments to acquire property, plant, and equipment, continuing operations | $ 4 |
Summary Quarterly Financial D93
Summary Quarterly Financial Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gain (Loss) on Disposition of Business | $ (33,000,000) | $ 0 | $ (105,000,000) | ||||||||
cash contribution-France Transaction | 13,000,000 | ||||||||||
Sales | $ 797,000,000 | $ 765,000,000 | $ 774,000,000 | $ 810,000,000 | $ 816,000,000 | $ 770,000,000 | $ 773,000,000 | $ 802,000,000 | 3,146,000,000 | 3,161,000,000 | 3,245,000,000 |
Gross margin | 140,000,000 | 116,000,000 | 112,000,000 | 131,000,000 | 129,000,000 | 105,000,000 | 109,000,000 | 121,000,000 | 499,000,000 | 464,000,000 | 430,000,000 |
Income from continuing operations before income taxes | 35,000,000 | 55,000,000 | 58,000,000 | 75,000,000 | 34,000,000 | 30,000,000 | 48,000,000 | 49,000,000 | 223,000,000 | 161,000,000 | 69,000,000 |
Net income from continuing operations | 21,000,000 | 47,000,000 | 48,000,000 | 59,000,000 | 31,000,000 | 25,000,000 | 39,000,000 | 36,000,000 | 175,000,000 | 131,000,000 | 42,000,000 |
Net income (loss) | 30,000,000 | 47,000,000 | 48,000,000 | 67,000,000 | 6,000,000 | 32,000,000 | 30,000,000 | 23,000,000 | 192,000,000 | 91,000,000 | 2,328,000,000 |
Net income (loss) attributable to Visteon Corporation | $ 25,000,000 | $ 43,000,000 | $ 45,000,000 | $ 63,000,000 | $ 2,000,000 | $ 28,000,000 | $ 26,000,000 | $ 19,000,000 | $ 159,000,000 | $ 115,000,000 | $ 22,000,000 |
Per Share Data | |||||||||||
Earnings Per Share, Basic | $ 0.81 | $ 1.38 | $ 1.43 | $ 1.94 | $ 0.06 | $ 0.83 | $ 0.77 | $ 0.50 | $ 5.57 | $ 2.14 | $ 54 |
Earnings Per Share, Diluted | $ 0.79 | $ 1.35 | $ 1.41 | $ 1.91 | $ 0.06 | $ 0.81 | $ 0.76 | $ 0.49 | $ 5.47 | $ 2.12 | $ 52.63 |
Asset Impairment Charges | $ 0 | $ 1,000,000 | $ 4,000,000 | ||||||||
working capital and other impact - France Transaction | 7,000,000 | ||||||||||
Gain (loss) on business divestiture | 0 | 2,000,000 | (2,324,000,000) | ||||||||
Interiors [Member] | |||||||||||
Per Share Data | |||||||||||
Gain (loss) on business divestiture | $ (7,000,000) | (8,000,000) | 19,000,000 | (12,000,000) | |||||||
FRANCE | |||||||||||
Sales | 84,000,000 | 113,000,000 | $ 144,000,000 | ||||||||
Per Share Data | |||||||||||
Asset Impairment Charges | $ 13,000,000 | ||||||||||
Disposal Group, Not Discontinued Operations [Member] | South America [Member] | |||||||||||
Per Share Data | |||||||||||
Gain (loss) on business divestiture | $ 10,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | 66 Months Ended | |||||||
Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2015 | Nov. 14, 2017 | Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Mar. 24, 2017 | |
Subsequent Event [Line Items] | |||||||||||||
Gain on non-consolidated affiliate transactions | $ (4) | $ 0 | $ (62) | ||||||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 356 | 2,664 | ||||||||||
Gain (loss) on business divestiture | $ 0 | (2) | 2,324 | ||||||||||
Increase of Authorized Stock Repurchase Amount | $ 400 | $ 2,000 | |||||||||||
accelerated share repurchase, initial stock delivery | 238,344 | 1,062,022 | 1,300,366 | 677,778 | |||||||||
Derivative, Notional Amount | $ 150 | $ 150 | 150 | ||||||||||
Gain (Loss) on Disposition of Business | (33) | 0 | (105) | ||||||||||
Yanfeng Visteon Jinqiao Automotive Trim Systems Co., Ltd. [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Ownership Percentage of Entities Disposed | 12.50% | ||||||||||||
Proceeds from Divestiture of Businesses and Interests in Affiliates | $ 91 | ||||||||||||
Gain (Loss) on Disposition of Business | 62 | ||||||||||||
Term Loan [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 350 | $ 350 | 350 | 350 | $ 350 | $ 350 | |||||||
Term loan, required periodic payment | 2.00% | 1.75% | |||||||||||
HVCC [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Gain on non-consolidated affiliate transactions | $ 3,423 | ||||||||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $ 2,700 | 2,664 | |||||||||||
Gain (loss) on business divestiture | $ 2,300 | 2,324 | $ (7) | $ 2 | $ (2,324) | ||||||||
Electronics business repurchase obligation accrual | 50 | ||||||||||||
Information technology separation and service obligations | $ (53) |
Valuation and Qualifying Acco95
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances | $ 1,200 | ||
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances | 10 | $ 14 | $ 15 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 3 | 2 | 4 |
Valuation Allowances and Reserves, Deductions | (5) | (6) | 3 |
Valuation Allowances and Reserves, Adjustments | 0 | 0 | (2) |
Valuation Allowances | 8 | 10 | 14 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances | 1,532 | 1,498 | 1,687 |
Valuation Allowances and Reserves, Charged to Cost and Expense | (270) | 25 | (53) |
Valuation Allowances and Reserves, Deductions | 0 | 0 | 0 |
Valuation Allowances and Reserves, Adjustments | (20) | 9 | (136) |
Valuation Allowances | $ 1,242 | $ 1,532 | $ 1,498 |
Uncategorized Items - vc-201712
Label | Element | Value |
10b5-1 Share Repurchase Program [Member] | ||
Stock Repurchased During Period, Shares | us-gaap_StockRepurchasedDuringPeriodShares | 4,771,262 |
Stock Repurchased During Period, Shares | us-gaap_StockRepurchasedDuringPeriodShares | 7,190,506 |
Treasury Stock Acquired, Average Cost Per Share | us-gaap_TreasuryStockAcquiredAverageCostPerShare | $ 104.79 |
Treasury Stock Acquired, Average Cost Per Share | us-gaap_TreasuryStockAcquiredAverageCostPerShare | $ 69.48 |
10b5-1 Share Repurchase Program [Member] | Subsequent Event [Member] | ||
Stock Repurchased During Period, Shares | us-gaap_StockRepurchasedDuringPeriodShares | 109,190 |
Treasury Stock Acquired, Average Cost Per Share | us-gaap_TreasuryStockAcquiredAverageCostPerShare | $ 120.41 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | $ 25,000,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | 35,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 83,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | $ 88,000,000 |
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 10 years |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | $ 58,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 53,000,000 |
Customer Relationships [Member] | Electronics [Member] | ||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | us-gaap_FiniteLivedIntangibleAssetsPurchaseAccountingAdjustments | 0 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 9,000,000 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 9,000,000 |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | (5,000,000) |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | 4,000,000 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 5,000,000 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 0 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 67,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 58,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 53,000,000 |
Software and Software Development Costs [Member] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | 1,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 4,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | $ 8,000,000 |
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 4 years |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | $ 7,000,000 |
Software and Software Development Costs [Member] | Electronics [Member] | ||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | us-gaap_FiniteLivedIntangibleAssetsPurchaseAccountingAdjustments | 0 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 0 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 1,000,000 |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | 0 |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | 0 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 4,000,000 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 4,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 0 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 4,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 7,000,000 |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | 25,000,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | 27,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 40,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 40,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 15,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 13,000,000 |
Developed Technology Rights [Member] | Electronics [Member] | ||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | us-gaap_FiniteLivedIntangibleAssetsPurchaseAccountingAdjustments | 0 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 6,000,000 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 3,000,000 |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | 0 |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | 1,000,000 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 2,000,000 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 0 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 19,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 15,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | $ 13,000,000 |
In Process Research and Development [Member] | ||
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 36 months |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | $ 1,000,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | 1,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 8,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | $ 13,000,000 |
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 23 years |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | $ 7,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 12,000,000 |
Other Intangible Assets [Member] | Electronics [Member] | ||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | us-gaap_FiniteLivedIntangibleAssetsPurchaseAccountingAdjustments | 0 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 0 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 0 |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | 0 |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | 1,000,000 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 0 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 4,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 7,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 7,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | $ 12,000,000 |
AllGo Systems [Member] | Patented Technology [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 12 years |
AllGo Systems [Member] | Patented Technology [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 10 years |
AllGo Systems [Member] | Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 12 years |
AllGo Systems [Member] | Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 7 years |