Document and Entity Information
Document and Entity Information Document - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 14, 2019 | Jun. 30, 2018 | |
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, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 28,244,086 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3.8 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 1 | $ 17 | $ (40) |
Sales | 2,984 | 3,146 | 3,161 |
Cost of sales | (2,573) | (2,655) | (2,705) |
Gross margin | 411 | 491 | 456 |
Selling, general and administrative expenses | (193) | (226) | (224) |
Restructuring expense | (29) | (14) | (49) |
Interest expense | (14) | (21) | (18) |
Interest income | (7) | (5) | (6) |
Equity in net income of non-consolidated affiliates | 13 | 7 | 2 |
Gain (Loss) on Disposition of Business | 0 | (33) | 0 |
Other expense, net | 21 | 14 | (12) |
(Loss) income before income taxes | 216 | 223 | 161 |
Provision for income taxes | (43) | (48) | (30) |
Net (loss) income from continuing operations | 173 | 175 | 131 |
Net (loss) income from discontinued operations, net of tax | 17 | (40) | |
Net income (loss) | 174 | 192 | 91 |
Net income attributable to non-controlling interests | (10) | (16) | (16) |
Net (loss) income attributable to Visteon Corporation | $ 164 | $ 176 | $ 75 |
Basic earnings (loss) per share: | |||
Continuing operations | $ 5.53 | $ 5.03 | $ 3.28 |
Discontinued operations | 0.03 | 0.54 | (1.14) |
Basic (loss) earnings attributable to Visteon Corporation | 5.56 | 5.57 | 2.14 |
Diluted earnings (loss) per share | |||
Continuing operations | 5.49 | 4.94 | 3.25 |
Discontinued operations | 0.03 | 0.53 | (1.13) |
Diluted (loss) earnings attributable to Visteon Corporation | $ 5.52 | $ 5.47 | $ 2.12 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (1) | $ (1) | $ (3) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (1) | 1 | (2) |
Net income (loss) | 174 | 192 | 91 |
Other comprehensive (loss) income | |||
Foreign currency translation adjustments | (46) | 68 | (11) |
Other comprehensive (loss) income, net of tax | (46) | 64 | (50) |
Comprehensive (loss) income | 128 | 256 | 41 |
Comprehensive income attributable to noncontrolling interests | 6 | 21 | 9 |
Comprehensive (loss) income attributable to Visteon Corporation | (122) | (235) | (32) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (8) | 12 | (39) |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax | 7 | (22) | 6 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | $ 1 | $ 6 | $ (6) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and equivalents | $ 463 | $ 706 |
Restricted cash | 4 | 3 |
Accounts receivable, net | 486 | 530 |
Inventories, net | 184 | 189 |
Other current assets | 159 | 175 |
Total current assets | 1,296 | 1,603 |
Property and equipment, net | 397 | 377 |
Intangible assets, net | 129 | 132 |
Investments in non-consolidated affiliates | 42 | 41 |
Other non-current assets | 143 | 151 |
Total assets | 2,007 | 2,304 |
LIABILITIES AND EQUITY | ||
Short-term debt, including current portion of long-term debt | 57 | 46 |
Accounts payable | 436 | 470 |
Accrued employee liabilities | 67 | 105 |
Other current liabilities | 161 | 180 |
Total current liabilities | 721 | 801 |
Long-term debt | 348 | 347 |
Employee benefits | 257 | 277 |
Deferred tax liabilities | 23 | 23 |
Other non-current liabilities | 76 | 95 |
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 | 1,335 | 1,339 |
Retained earnings | 1,609 | 1,445 |
Accumulated other comprehensive loss | (216) | (174) |
Treasury stock | (2,264) | (1,974) |
Total Visteon Corporation stockholders' equity | 465 | 637 |
Non-controlling interests | 117 | 124 |
Total equity | 582 | 761 |
Total liabilities and equity | $ 2,007 | $ 2,304 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 28 | 31 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | |||
Net income (loss) | $ 174 | $ 192 | $ 91 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||
Gain on non-consolidated affiliate transactions | (8) | (11) | 2 |
Depreciation and amortization | 91 | 87 | 84 |
Losses on divestitures and impairments | 0 | 33 | 22 |
Equity in net income of non-consolidated affiliates, net of dividends remitted | (13) | (7) | (1) |
Non-cash stock-based compensation | 8 | 12 | 8 |
Other non-cash items | 3 | 1 | 24 |
Changes in assets and liabilities: | |||
Accounts receivable | 44 | 10 | (19) |
Inventories | 1 | (3) | 30 |
Accounts payable | (19) | (54) | (10) |
Other assets and other liabilities | (77) | (45) | (115) |
Net cash provided from operating activities | 204 | 215 | 116 |
Investing Activities | |||
Capital expenditures | (127) | (99) | (75) |
Short-term cash investments, net | 0 | 0 | 47 |
Loans to non-consolidated affiliates, net of repayments | 0 | 0 | (8) |
Net proceeds from Climate Transaction | 0 | 0 | 356 |
Proceeds from asset sales and business divestitures | 0 | 15 | 17 |
Acquisition of businesses, net of cash acquired | 16 | (47) | (15) |
Payments associated with business divestiture | 0 | (48) | (10) |
Other | 13 | 1 | (10) |
Net cash provided from (used by) investing activities | (98) | (173) | 302 |
Financing Activities | |||
Short-term debt, net | 12 | 10 | |
Principal payments on debt | 0 | (2) | (2) |
Payments of Capital Distribution | (14) | (1) | (1,736) |
Repurchase of common stock | (300) | (200) | (500) |
Dividends paid to non-controlling interests | (28) | (38) | (13) |
Stock based compensation tax withholding payments | (7) | (1) | (11) |
Other | (2) | 2 | 0 |
Net cash used by financing activities | (335) | (234) | (2,262) |
Effect of exchange rate changes on cash | (13) | 19 | (11) |
Net increase (decrease) in cash and equivalents | (242) | (173) | (1,855) |
Cash and equivalents at beginning of the year | 709 | 882 | 2,737 |
Cash and equivalents at end of the year | 467 | 709 | 882 |
Supplemental Disclosures: | |||
Cash paid for interest | 15 | 16 | 14 |
Cash paid for income taxes, net of refunds | 47 | 49 | 92 |
Derivative, Cost of Hedge Net of Cash Received | $ 0 | $ 5 | $ 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 |
Dividends Payable | $ (1,750) | ||||||||
Beginning 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 |
Net (loss) income attributable to Visteon | 75 | ||||||||
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 | 1,327 | 1,269 | (233) | (1,778) | 586 | 138 | |
Net income (loss) | 192 | 0 | 0 | 0 | 176 | 0 | 0 | 176 | 16 |
Net (loss) income attributable to Visteon | 176 | ||||||||
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) |
Ending Balance at Dec. 31, 2017 | 761 | 1 | 0 | 1,339 | 1,445 | (174) | (1,974) | 637 | 124 |
Stockholders' Equity Attributable to Noncontrolling Interest | 124 | ||||||||
Dividends Payable | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2) |
Net income (loss) | 174 | 0 | 0 | 0 | 0 | 0 | 164 | 10 | |
Net (loss) income attributable to Visteon | 164 | 164 | |||||||
Other comprehensive income (loss) | (46) | 0 | 0 | 0 | 0 | (42) | 0 | (42) | (4) |
Stock-based compensation, net | 6 | 0 | 0 | (4) | 0 | 0 | 10 | 6 | 0 |
Repurchase of common stock | 300 | 0 | 0 | 0 | 0 | 0 | 300 | 300 | 0 |
Cash dividends | (28) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (28) |
Acquisition of business | 15 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 |
Ending Balance at Dec. 31, 2018 | 582 | $ 1 | $ 0 | $ 1,335 | $ 1,609 | $ (216) | $ (2,264) | $ 465 | |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 117 | $ 117 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
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 cockpit electronics and connected car solutions for the world's major vehicle manufacturing including Ford, Mazda, Renault/Nissan, General Motors, Volkswagen, Jaguar/Land Rover, Daimler, Honda and BMW. 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., primarily in Mexico, Bulgaria, Portugal, Germany, India and China. Visteon is driving the smart, learning, digital cockpit of the future, to improve safety and the user experience. Visteon is the world’s leading supplier of cockpit electronics including digital instrument clusters, information displays, infotainment, head-up displays, telematics, SmartCore™ cockpit domain controllers, and the DriveCore™ autonomous driving platform. Visteon also delivers artificial intelligence-based technologies, connected car, cybersecurity, interior sensing, embedded multimedia and smartphone connectivity software solutions. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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 equity investments are measured at cost, less impairment, with changes in fair value recognized in net income. 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 generates revenue from the production of automotive vehicle cockpit electronics parts sold to Original Equipment Manufacturers ("OEM"), or Tier 1 suppliers at the direction of the OEM, under long term supply agreements supporting new vehicle production. Such agreements may also require related production for service parts, subsequent to initial vehicle production periods. The Company’s contracts with customers involve various governing documents (Sourcing Agreements, Master Purchase Agreements, Terms and Conditions Agreements, etc.) which do not reach the level of a performance obligation of the Company until the Company receives either a purchase order and/or a customer release for a specific number of parts at a specified price, at which point the collective group of documents represent an enforceable contract. While the long term supply agreements generally range from three to five years, customers make no commitments to volumes, and pricing or specifications can change prior to or during production. The Company recognizes revenue when control of the parts produced are transferred to the customer according to the terms of the contract, which is usually when the parts are shipped or delivered to the customer’s premises. Customers are generally invoiced upon shipment or delivery and payment generally occurs within 45 to 90 days. Customers in China are often invoiced one month after shipment or delivery. Customer returns, when they occur, relate to quality rework issues and are not connected to any repurchase obligation of the Company. As of December 31, 2018, all unfulfilled performance obligations are expected to be fulfilled within the next twelve months. Revenue is measured based on the transaction price and the quantity of parts specified in a contract with a customer. Discrete price changes may occur during the vehicle production period in order for the Company to remain competitive with market prices or based on changes in product specifications. In addition, customers may request or expect certain discounts not reflected in the purchase order that require estimation. In the event the Company concludes that a portion of the revenue for a given part may vary from the purchase order, the Company records variable consideration at the most likely amount to which the Company expects to be entitled. The estimates typically represent a narrow range of discounts and are based on historical experience and input from customer negotiations. The Company records such estimates within Sales and Accounts receivable, net, within the consolidated statements of comprehensive income and consolidated balance sheets, respectively. The Company adjusts its pricing accruals at the earlier of when the most likely amount of consideration changes or when the consideration becomes fixed. During 2018 the Company recognized approximately $30 million net increases in transaction price related to performance obligations satisfied in previous periods, respectively. The Company does not have an enforceable right to payment at any time prior to when the parts are shipped or delivered to the customer; therefore, the Company recognizes revenue at the point in time it satisfies a performance obligation by transferring control of a part to the customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control of the parts has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales. 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 $6 million , $9 million and $10 million for the years ended December 31, 2018 , 2017 and 2016 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, depreciation, forward model program development, and advanced engineering activities. Research and development expenses were $286 million , $253 million , and $295 million in 2018 , 2017 and 2016 , respectively, which includes recoveries of $146 million , $133 million and $104 million . Shipping and handling costs are recorded in the Company's consolidated statements of operations as "Cost of sales." Other Income (Expense), Net: Year Ended December 31 2018 2017 2016 (Dollars in Millions) Pension financing benefits, net $ 13 $ 12 $ 12 Transformation initiatives 4 (2 ) (9 ) Gain on non-consolidated transactions, net 4 4 — Foreign currency translation charge — — (11 ) Integration costs — — (2 ) Loss on asset contributions — — (2 ) $ 21 $ 14 $ (12 ) Pension financing benefits, net include return on assets net of interest costs and other amortization. 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 2018, the Company recognized a $4 million benefit on settlement of litigation matters with the Company’s former President and Chief Executive Officer (“former CEO”) as further described in Note 21, "Commitments and Contingencies." On September 1, 2018, Visteon acquired an additional 1% ownership interest in Changchun Visteon FAWAY Automotive Electronics Co., Ltd. ("VFAE"), a former non-consolidated affiliate, resulting in a total 51% controlling interest and a non-cash gain of $4 million as further described in Note 3, "Business Acquisitions." The gain on non-consolidated affiliate transactions for 2017 represents the Company's sale of three cost method investments and an equity method investment as further described in Note 6, "Non-Consolidated Affiliates." 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. During the year ended December 31, 2016, the Company recorded $2 million 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, the Company contributed land and building with a net book value of $2 million , 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, 2018 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 $2 million related to cash collateral for other corporate purposes as of December 31, 2018 . Accounts Receivable: Accounts receivable are stated at the invoiced amount, less an allowance for doubtful accounts for estimated amounts not expected to be collected, and do not bear interest. The Company’s accounts receivables are continually assessed for collectability and any allowance is recorded based upon the age of outstanding receivables, historical payment experience and customer creditworthiness. The allowance for doubtful accounts balance was $6 million and $8 million as of December 31, 2018 and 2017 , respectively. Provisions for estimated uncollectible accounts receivable of $2 million , $3 million and $2 million are included in selling, general and administrative expenses for the years ended December 31, 2018 , 2017 , and 2016 . The Company exchanges a portion of its accounts receivable for bank notes for certain of its customers in China. The collection of such bank notes are included in operating cash flows based on the substance of the underlying transactions, which are operating in nature. 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. 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 $22 million and $18 million as of December 31, 2018 and 2017 , 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 cost reimbursement is contractually guaranteed in a customer contract for which costs are capitalized as costs are 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. Management has tested for impairment and concluded that no impairment exists as of December 31, 2018. 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. • Software development costs are capitalized after the software product development reaches technological feasibility and until the software product becomes releasable to customers. These 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. For further detail on the Company’s warranty obligations see Note 21, "Commitments and Contingencies." 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. Recently Adopted Accounting Pronouncements: Effective January 1, 2018 the Company adopted Accounting Standards Update Topic (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606),” using the modified retrospective method. Under the modified retrospective method, the impact of applying the standard is recognized as a cumulative effect on retained earnings. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows as of the adoption date or for the year ended December 31, 2018 . Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. Certain of the Company’s nonpublic non-consolidated joint ventures have not yet adopted Topic 606 and therefore the Company’s share of earnings as reported in equity in net income of non-consolidated affiliates continues to be reported under historical revenue accounting standards. The Company is still evaluating the impact of the adoption of Topic 606 on January 1, 2019 by its nonpublic non-consolidated affiliates. In November 2016, the FASB issued an accounting standards update ASU 2016-18, "Restricted Cash," requiring that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. The change is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Retrospective application is required. The Company adopted the guidance on a retrospective basis on January 1, 2018 and accordingly, included restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. In March 2017, the Financial Accounting Standards Board ("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 components of pension financing costs 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. The Company previously recorded service cost with other compensation costs (benefits) in cost of sales and selling, general and administrative expenses. Adoption of the standard results in the reclassification of other compensation costs (benefits) in "Other income (expense), net." The Company's retrospective adoption of this standard on January 1, 2018 resulted in an $8 million increase to cost of sales and a $4 million increase to selling, general and administrative expenses, with a corresponding $12 million increase in "Other income (expense), net" with no impact to net income for each of the years ended December 31, 2017 and 2016. Effective January 1, 2018 the Company has elected to early adopt ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities" which was created to better align accounting rules with a company’s risk management activities to reflect the economic results of hedging in the financial statements and simplify hedge accounting treatment. The modified retrospective adoption of ASU 2017-12 did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows as of the adoption date or for the year ended December 31, 2018. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. For additional information, refer to Note 20, "Financial Instruments" to the Company's consolidated financial statements. Effective January 1, 2018 the Company adopted ASU 2016-16 “Intra-Entity Transfers of Assets Other Than Inventory,” on the accounting for income taxes, which eliminates the exception in existing guidance that defers the recognition of the tax effects of intra-entity asset transfers other than inventory until the transferred asset is sold to a third party. Under this guidance, an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. 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 diversity in practice in how certain transactions were classified in the statement of cash flows. The ASU is 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. The Company adopted the guidance on a retrospective basis on January 1, 2018 and accordingly, previously issued operating cash flows decreased by $2 million and $4 million for the years ended December 31, 2017 and 2016, respectively. Cash flows used by investing activities decreased by $2 million , and cash flows used by financing activities increased by $1 million for the year ended December 31, 2017. There was no impact to cash flows used by investing activities or financing activities for the year ended December 31, 2016. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." The ASU makes targeted improvements to existing U.S. GAAP for financial instruments, including requiring equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. In accordance with this guidance, the Company measures equity investments at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. The adoption of this guidance did not have a significant impact on the Company’s financial statements. Recent Accounting Pronouncements Not Yet Adopted: In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments.” The new standard requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. It replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. There are two transition methods available under the new standard dependent upon the type of financial instrument, either cumulative effect or prospective. The standard will be effective for the Company in the first quarter of 2020. Earlier adoption is permitted only for annual periods after December 15, 2018. Management is currently assessing the impact of the new standard. In February 2016, the FASB issued ASU 2016-02, “Leases (Subtopic 842).” The standard increases the transparency and comparability of organizations by recognizing right-of-use (“ROU”) assets and lease liabilities on the consolidated balance sheets and disclosing key quantitative and qualitative information about leasing arrangements. In transition, the standard provides for certain practical expedients. Management expects to elect certain practical expedients including the election not to reassess existing or expired contracts to determine if such contracts contain a lease or if the lease classification would differ, as well as the election not to separate lease and non-lease components for arrangements where the Company is a lessee. The Company will adopt the standard January 1, 2019, by applying the modified retrospective method without restatement of comparative periods' financial information, as permitted by the transition guidance. The impact of adoption will result in the recognition of ROU assets and lease liabilities estimated in the range of $145 million to $165 million . The standard will not have a significant impact on the Company's consolidated results of operations and cash flows. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 3. Business Acquisitions VFAE Acquisition On September 1, 2018 , the Company invested approximately $300,000 and acquired an additional 1% ownership in VFAE, a Chinese automotive electronic applications manufacturer in which the Company had previously been an equity investor. The Company's ownership interest increased to 51% and, because of the change in control, the assets and liabilities of VFAE were consolidated from the date of the transaction. The Company made this additional investment as part of its long-term strategic plan for VFAE. The investment will contribute to the business growth and enhanced economic performance of VFAE by leveraging Visteon’s manufacturing technology and engineering capabilities. The VFAE acquisition has been accounted for as a purchase transaction. The total consideration, including the $300,000 paid and the fair value of the original 50% interest, has been allocated to the assets acquired, liabilities assumed and non-controlling shareholder interest based on their representative value at September 1, 2018 . The excess consideration over the estimated fair value of the net assets acquired has been allocated to goodwill. The operating results of VFAE have been included in the consolidated financial statements of the Company since the date of the transaction. The initial summary of the fair value of the assets acquired and liabilities assumed, pending the final valuation and translated in U.S. dollars, in conjunction with the transaction is shown below (in millions): Assets Acquired Liabilities Assumed Cash and equivalents $ 16 Payable to Visteon Corporation $ 9 Accounts receivable, net 12 Accounts payable 6 Inventories, net 4 Other current liabilities 5 Other current assets 6 Income taxes payable 1 Property and equipment, net 5 Other non-current liabilities 2 Intangible assets including goodwill 9 Total liabilities assumed 23 Other non-current assets 1 Non-controlling interest 15 Total assets acquired $ 53 Visteon Corporation Consideration $ 15 The Company utilized a third party to assist in the fair value determination of certain components of the purchase price allocation, primarily intangible assets and non-controlling interest, as well as the fair value of the Company’s original 50% equity investment. Fair values of equity investment and non-controlling interest, as of the acquisition date were estimated using the discounted cash flow technique of the income approach . Fair values of intangible assets were based on the excess earning method of the income approach. The income approach requires the Company to project related future cash inflows and outflows and apply an appropriate discount rate. The estimates used in determining fair values are based on assumptions believed to be reasonable but which are inherently uncertain. At December 31, 2017 , the Company previously recorded its investment in VFAE of $10 million classified as an "Investment in non-consolidated affiliates" on its consolidated balance sheet. In connection with its increased investment in VFAE, the Company recorded a gain of approximately $4 million on its original investment, classified as "Other income (expense), net" in the consolidated income statement. The acquisition does not meet the thresholds for a significant acquisition and therefore no pro forma financial information is presented. 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 $4 million , classified as "Other current liabilities" within the Company's balance sheet as of December 31, 2018. 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 income (expense), net" within the Company's consolidated statements of comprehensive income. |
Divestitures
Divestitures | 12 Months Ended |
Dec. 31, 2018 | |
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 During the fourth quarter of 2016, the Company 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 income (expense), net" for the year ended December 31, 2016. This disposal did not qualify for discontinued operations treatment. Other 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 and made a final contribution payment of approximately $35 million adjusted for currency impacts in December 2017. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
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. These transactions met the conditions required to qualify for discontinued operations reporting and accordingly the results of operations and the settlement of retained contingencies have been classified in income (loss) from discontinued operations, net of tax, in the consolidated statements of operations and comprehensive income. Discontinued operations are summarized as follows: Year Ended December 31 2018 2017 2016 (Dollars in Millions) Sales $ — $ — $ 45 Cost of sales (5 ) — (59 ) Gross margin (5 ) — (14 ) Selling, general and administrative expenses (1 ) — (5 ) Gain (loss) on Climate Transaction 4 7 (2 ) Long-lived asset impairment — — (1 ) Gain (loss) on Interiors Divestiture — 8 (19 ) Restructuring expense (1 ) — (4 ) Other income (expense), net — — (2 ) (Loss) income from discontinued operations before income taxes (3 ) 15 (47 ) Benefit for income taxes 4 2 7 Net income (loss) from discontinued operations attributable to Visteon $ 1 $ 17 $ (40 ) During the first quarter of 2018, the Company recognized a $3 million benefit on settlement of litigation matters with its former CEO as further described in Note 21, "Commitments and Contingencies." During 2018, the Company recorded a $4 million charge for legal expenses related to former employees at a closed plant in Brazil. The Company recorded a $4 million income tax benefit during 2018 related to uncertain tax positions in connection with the Climate transaction, resulting from statute expiration. 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. |
Non-Consolidated Affiliates
Non-Consolidated Affiliates | 12 Months Ended |
Dec. 31, 2018 | |
Yanfeng Transactions | NOTE 6. Non-Consolidated Affiliates Non-Consolidated Affiliate Transaction s On October 15, 2018, the Company completed the purchase of a 12.5% equity investment in a private radar imaging firm for $1 million, as further described in Note 19, "Fair Value Measurements." On September 1, 2018, Visteon acquired an additional 1% ownership interest in VFAE resulting in a total 51% controlling interest and a non-cash gain of $4 million , as further described in Note 3, "Business Acquisitions." During 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 "Other income (expense), 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 "Other income (expense), net." Investments in Affiliates The Company recorded equity in the net income of non-consolidated affiliates of $13 million , $7 million and $2 million for the years ended December 31, 2018 , 2017 and 2016 , 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, 2018, the Company determined that no such indicators were present. A summary of the Company's investments in non-consolidated equity method affiliates is provided below: December 31 2018 2017 (Dollars in Millions) YFVIC (50%) $ 38 $ 28 Changchun FAWAY Auto Electronics Co., Ltd. (50%) — 10 Others 4 3 Total investments in non-consolidated affiliates $ 42 $ 41 A summary of transactions with affiliates is shown below: Year Ended December 31 2018 2017 (Dollars in Millions) Billings to affiliates (a) $ 52 $ 52 Purchases from affiliates (b) $ 79 $ 64 (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 In October 2014, Yanfeng Visteon Investment Co., Ltd. ("YFVIC"), a 50% joint venture between the Company and Yangfeng Automotive Trim Systems Co. Ltd. ("YF"), 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 and external borrowings which were guaranteed by Visteon, of which $11 million is outstanding as of December 31, 2018. 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. The Company determined 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 2018 2017 (Dollars in Millions) Payables due to YFVIC $ 17 $ 12 Exposure to loss in YFVIC Investment in YFVIC $ 38 $ 28 Receivables due from YFVIC 36 35 Subordinated loan receivable 20 22 Loan guarantee 11 15 Maximum exposure to loss in YFVIC $ 105 $ 100 |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 31, 2018 | |
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 $30 million , $14 million and $53 million during the years ended December 31, 2018, 2017 and 2016, respectively. Significant restructuring programs are summarized below by product group. Electronics During the third quarter of 2018, the Company approved a restructuring program impacting engineering and administrative functions to optimize operations. The Company recorded approximately $19 million , net of reversals, in relation to the program and expects to incur up to $25 million under this program. As of December 31, 2018, approximately $14 million remains accrued for the program. During the second quarter of 2018, the Company recorded employee severance and termination benefit expenses of approximately $3 million related to legacy employees at a South America facility and $2 million , net of reversals, associated with employees at North America manufacturing facilities due to the wind-down of certain products. As of December 31, 2018, approximately $3 million remains accrued for these programs. During the fourth quarter of 2016, the Company approved a restructuring program impacting engineering and administrative functions to further align the Company's footprint with its core product technologies and customers. The Company has recorded approximately $5 million , $14 million , and $26 million of restructuring expenses, net of reversals, respectively under this program during the years ended December 31, 2018, 2017 and 2016, of which $2 million remains accrued as of December 31, 2018. The Company has recorded approximately $45 million of restructuring expenses since inception of this program and it is considered substantially complete. 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 restructuring expenses, net of reversals, respectively. Other and Discontinued Operations During 2018, the Company recorded $1 million associated with a former European Interiors facility related to settlement of employee severance litigation. 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, 2018, the Company retained approximately $3 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. Restructuring Reserves Restructuring reserve balances of $23 million and $24 million as of December 31, 2018 and 2017, 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, 2018 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, 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 Expense 31 1 32 Reversals (2 ) — (2 ) Utilization (26 ) (4 ) (30 ) Foreign currency (1 ) — (1 ) December 31, 2018 $ 20 $ 3 $ 23 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, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 8. Inventories Inventories consist of the following components: December 31 2018 2017 (Dollars in Millions) Raw materials $ 124 $ 133 Work-in-process 26 24 Finished products 34 32 $ 184 $ 189 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets [Abstract] | |
Other Assets | NOTE 9. Other Assets Other current assets are comprised of the following components: December 31 2018 2017 (Dollars in Millions) Recoverable taxes $ 46 $ 56 Contractually reimbursable engineering costs 40 14 Joint venture receivables 37 43 Prepaid assets and deposits 20 36 China bank notes 12 23 Other 4 3 $ 159 $ 175 The Company sold $36 million , $16 million and $2 million of China bank notes to financial institutions during 2018, 2017 and 2016, respectively. As of December 31, 2018 , $3 million remains outstanding and will mature by the end of the second quarter of 2019, and as of December 31, 2017, $10 million remained outstanding which matured during the first quarter of 2018. Other non-current assets are comprised of the following components: December 31 2018 2017 (Dollars in Millions) Deferred tax assets $ 45 $ 46 Recoverable taxes 33 35 Contractually reimbursable engineering costs 29 24 Joint venture note receivables 20 22 Long term notes receivable — 10 Other 16 14 $ 143 $ 151 In conjunction with the Interiors Divestiture, the Company entered into a three year term loan with the buyer with an original maturity of December 1, 2019. This loan was settled, prior to maturity, including $1 million of interest income. Current and non-current contractually reimbursable engineering costs of $40 million and $29 million , respectively, as of December 31, 2018 , and $14 million and $24 million , respectively, as of December 31, 2017 , 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 $40 million in 2019 , $19 million in 2020 , $9 million in 2021 , and $1 million in 2022 . |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 10. Property and Equipment Property and equipment, net consists of the following: December 31 2018 2017 (Dollars in Millions) Land $ 13 $ 13 Buildings and improvements 76 73 Machinery, equipment and other 531 471 Construction in progress 56 65 Total property and equipment 676 622 Accumulated depreciation (303 ) (269 ) 373 353 Product tooling, net of amortization 24 24 Property and equipment, net $ 397 $ 377 Depreciation and amortization expenses are summarized as follows: Year Ended December 31 2018 2017 2016 (Dollars in Millions) Depreciation $ 73 $ 71 $ 66 Amortization 3 3 3 $ 76 $ 74 $ 69 The net book value of capitalized internal use software costs was approximately $19 million and $11 million as of December 31, 2018 and 2017 , respectively. Related amortization expense was approximately $7 million , $4 million and $4 million for the years ended 2018 , 2017 and 2016 . Amortization expense of approximately $7 million , $6 million , $4 million and $1 million is expected for the annual periods ended December 31, 2019 , 2020 , 2021 and 2022 , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | OTE 11. Intangible Assets Intangible assets as of December 31, 2018 were as follows: December 31, 2018 Estimated Weighted Average Useful Life (years) Gross Intangibles Accumulated Amortization Net Intangibles (Dollars in Millions) Definite-Lived: Developed technology 8 $ 40 $ (31 ) $ 9 Customer related 10 90 (42 ) 48 Capitalized software development 4 16 (3 ) 13 Other 20 14 (2 ) 12 Subtotal 160 (78 ) 82 Indefinite-Lived: Goodwill 47 — 47 Total $ 207 $ (78 ) $ 129 A roll-forward of the net carrying amounts of intangible assets is presented below: December 31, 2017 December 31, 2018 Gross Intangibles Accumulated Amortization Net Intangible Additions Foreign Currency Amortization Expense Net Intangibles (Dollars in Millions) Definite-Lived: Developed technology $ 40 $ (27 ) $ 13 $ — $ (1 ) $ (3 ) $ 9 Customer related 88 (35 ) 53 7 (3 ) (9 ) 48 Capitalized software development 8 (1 ) 7 8 — (2 ) 13 Other 13 (1 ) 12 2 (1 ) (1 ) 12 Subtotal 149 (64 ) 85 17 (5 ) (15 ) 82 Indefinite-Lived: Goodwill 47 — 47 2 (2 ) — 47 Total $ 196 $ (64 ) $ 132 $ 19 $ (7 ) $ (15 ) $ 129 December 31, 2016 December 31, 2017 Gross Intangibles Accumulated Amortization Net Intangibles Additions Foreign Currency Amortization Expense Net Intangibles (Dollars in Millions) Definite-Lived: Developed technology $ 40 $ (25 ) $ 15 $ — $ 1 $ (3 ) $ 13 Customer related 83 (25 ) 58 — 4 (9 ) 53 Capitalized software development 4 — 4 4 — (1 ) 7 Other 8 (1 ) 7 4 1 — 12 Subtotal 135 (51 ) 84 8 6 (13 ) 85 Indefinite-Lived: Goodwill 45 — 45 — 2 — 47 Total $ 180 $ (51 ) $ 129 $ 8 $ 8 $ (13 ) $ 132 On September 1, 2018, in connection with the VFAE acquisition, the Company recorded customer related intangible assets of $7 million . These definite lived intangible assets are being amortized using the straight-line method over their estimated useful lives of 10 to 12 years. Additionally, the Company recorded goodwill of $2 million for the excess of the total consideration over the fair values of the identifiable assets and liabilities acquired. These gross additions were partially offset by foreign currency related impacts in Customer related and Other intangibles of $5 million and $1 million , respectively. During 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 made a second contribution of $2 million during the third quarter of 2018 when the facility was substantially complete. The $4 million intangible asset, classified as "Other", is being amortized over a 36 month period on a straight-line basis beginning in January 2018 when the term of the arrangement began. During each of the years ended December 31, 2018 and 2017, the Company capitalized $8 million and $4 million respectively, related to software development cost intended for integration into customer products. The Company recorded approximately $15 million , $13 million and $15 million of amortization expense related to definite-lived intangible assets for the years ended December 31, 2018, 2017 and 2016, respectively. The Company currently estimates annual amortization expense to be $18 million , $15 million , $11 million , $11 million and $8 million for the years 2019, 2020, 2021, 2022 and 2023. |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | NOTE 12. Other Liabilities Other current liabilities are summarized as follows: December 31 2018 2017 (Dollars in Millions) Product warranty and recall accruals $ 34 $ 33 Restructuring reserves 23 24 Joint venture payables 17 12 Deferred income 16 18 Income taxes payable 15 12 Rents and royalties 14 24 Non-income taxes payable 13 10 Dividends payable 3 3 Distribution payable — 14 Other 26 30 $ 161 $ 180 In the fourth quarter of 2015, the Company declared a special distribution of $1.75 billion to common shareholders of the Company. During 2018, the final $14 million of the special distribution was paid. This special cash distribution was funded from the Climate Transaction proceeds. Other non-current liabilities are summarized as follows: December 31 2018 2017 (Dollars in Millions) Foreign currency hedges $ 18 $ 23 Product warranty and recall accruals 14 16 Deferred income 14 16 Income tax reserves 6 12 Non-income tax reserves 5 7 Other 19 21 $ 76 $ 95 As of December 31, 2018 and 2017 , deferred income, other non-current liabilities, includes approximately $12 million and $14 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, 2018 | |
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 2018 2017 2018 2017 (Dollars in Millions) Short-Term Debt: Current portion of long-term debt —% 3.9% $ — $ 2 Short-term borrowings 4.8% 3.9% 57 44 $ 57 $ 46 Long-Term Debt: Term facility due March 24, 2024 3.2% 3.6% $ 348 $ 347 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, 2018 and 2017 , the Company had short-term borrowings of $57 million and $44 million , respectively. Short-term borrowings increased in 2018 primarily due to changes in local working capital needs. Available borrowings on outstanding affiliate credit facilities as of December 31, 2018 , are approximately $29 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. On March 24, 2017, the Company entered into a second amendment of 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 both 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% . During the fourth quarter of 2017, the Company entered into a third amendment to the Credit Agreement (the "Amendment"). 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 accrue interest at a rate of LIBOR plus 2.00% . The Amendment did not modify any terms related to the Revolving Credit Facility. On May 30, 2018, the Company entered into a fourth amendment of its Credit Agreement to reduce the applicable margin on Eurodollar Rate loans. At the Company’s option, the Term Facility under the amended Credit Agreement interest shall accrue at a rate equal to the applicable annualized domestic rate plus an applicable margin of 0.75% or the LIBOR-based rate plus an applicable margin of 1.75% per annum. 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, 2018, 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 the second amendment 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, 2018, 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, 2018 and 2017, respectively. Additionally, the Company had $14 million and $17 million of locally issued letters of credit as of December 31, 2018 and 2017, respectively to support various tax appeals, customs arrangements and other obligations at its local affiliates, of which less than $1 million and $1 million was secured by cash collateral for the years ended December 31, 2018 and 2017, respectively. |
Employee Retirement Benefits
Employee Retirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [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, 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 2018 2017 2016 2018 2017 2016 (Dollars in Millions) Costs Recognized in Income: Pension service cost: Service cost $ — $ — $ — $ (2 ) $ (2 ) $ (3 ) Pension financing benefit (cost): Interest cost (27 ) (29 ) (28 ) (8 ) (9 ) (10 ) Expected return on plan assets 41 41 42 9 9 10 Amortization of losses and other — — — (2 ) (2 ) (1 ) Settlements and curtailments — — — — 2 (1 ) Restructuring related pension cost: Special termination benefits (a) (2 ) — (6 ) — (2 ) (1 ) Net pension income (expense) $ 12 $ 12 $ 8 $ (3 ) $ (4 ) $ (6 ) Weighted Average Assumptions: Discount rate 3.65 % 4.12 % 4.37 % 3.28 % 3.51 % 4.60 % Compensation increase N/A N/A N/A 3.62 % 3.66 % 3.70 % Long-term return on assets 6.74 % 6.73 % 7.00 % 4.86 % 5.24 % 4.87 % (a) Primarily related to restructuring actions The Company previously recorded service cost with other components of net pension income (expense) in cost of sales and selling, general and administrative expenses. Adoption of ASU 2017-07, “Compensation - Retirement Benefits (Topic 715)," during 2018 resulted in the reclassification of pension financing benefits into "Other income (expense), net" for all periods presented. The Company's total accumulated benefit obligations for all defined benefit plans was $990 million and $1,093 million as of December 31, 2018 and 2017 , 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 2018 2017 (Dollars in Millions) Accumulated benefit obligation $ 813 $ 892 Projected benefit obligation $ 818 $ 898 Fair value of plan assets $ 582 $ 661 Assumptions used by the Company in determining its defined benefit pension obligations as of December 31, 2018 and 2017 are summarized in the following table: U.S. Plans Non-U.S. Plans Weighted Average Assumptions 2018 2017 2018 2017 Discount rate 4.33 % 3.65 % 3.34 % 3.28 % Rate of increase in compensation N/A N/A 3.51 % 3.62 % 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 2018 2017 2018 2017 (Dollars in Millions) Change in Benefit Obligation: Benefit obligation — beginning $ 840 $ 828 $ 281 $ 249 Service cost — — 2 2 Interest cost 27 29 8 9 Actuarial loss (gain) (63 ) 29 (17 ) 8 Settlements and curtailments — — — (4 ) Special termination benefits 2 — — 2 Foreign exchange translation — — (16 ) 26 Divestitures — — — (4 ) Benefits paid and other (46 ) (46 ) (8 ) (7 ) Benefit obligation — ending $ 760 $ 840 $ 250 $ 281 Change in Plan Assets: Plan assets — beginning $ 647 $ 608 $ 220 $ 190 Actual return on plan assets (35 ) 84 (5 ) 14 Sponsor contributions 1 1 7 8 Settlements — — — (1 ) Foreign exchange translation — — (14 ) 16 Benefits paid and other (46 ) (46 ) (8 ) (7 ) Plan assets — ending $ 567 $ 647 $ 200 $ 220 Total funded status at end of period $ (193 ) $ (193 ) $ (50 ) $ (61 ) Balance Sheet Classification: Other non-current assets $ — $ — $ 4 $ 3 Accrued employee liabilities — — (1 ) (1 ) Employee benefits (193 ) (193 ) (53 ) (63 ) Accumulated other comprehensive loss: Actuarial loss 53 40 27 33 Tax effects/other — — (9 ) (10 ) $ 53 $ 40 $ 18 $ 23 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, 2018 and 2017 , are as follows: U.S. Plans Non-U.S. Plans 2018 2017 2018 2017 (Dollars in Millions) Actuarial loss (gain) $ 13 $ (15 ) $ (4 ) $ (6 ) Deferred taxes — — 1 — Currency/other — — — 6 Reclassification to net income — — (2 ) (2 ) Divestitures — — — 4 $ 13 $ (15 ) $ (5 ) $ 2 Actuarial losses for the year ended December 31, 2018 are primarily related to a decrease in return on assets partially offset by an increase in discount rates. Actuarial losses of $1 million for the non-U.S. retirement plans are expected to be amortized to income during 2019. 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) 2019 $ 40 $ 5 2020 38 6 2021 38 6 2022 39 7 2023 40 8 Years 2024 - 2028 215 50 During the year ended December 31, 2018, cash contributions to the Company's U.S. defined benefit plans were $1 million and non-U.S. defined benefit pension plans were $7 million . Additionally, the Company expects to make cash contributions to its U.S. defined benefit pension plans of $1 million in 2019. Contributions to non-U.S. defined benefit pension plans are expected to be $6 million during 2019. The Company’s expected 2019 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, 2018 and 2017 and target allocation for 2019 are as follows: Target Allocation Percentage of Plan Assets U.S. Non-U.S. U.S. Non-U.S. 2019 2019 2018 2017 2018 2017 Equity securities 38 % 33 % 30 % 41 % 27 % 35 % Fixed income 15 % 43 % 18 % 16 % 41 % 43 % Alternative strategies 46 % 14 % 51 % 42 % 19 % 12 % Cash 1 % 3 % 1 % 1 % 8 % 4 % Other — % 7 % — % — % 5 % 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: The Company uses the spot rate method 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 discount rate assumption is based on market rates for a hypothetical portfolio of high-quality corporate bonds rated Aa or better with maturities closely matched to the timing of projected benefit payments for each plan at its annual measurement date. The Company used discount rates ranging from .35% to 10.65% to determine its pension and other benefit obligations as of December 31, 2018, including weighted average discount rates of 4.33% for U.S. pension plans, and 3.34% for non-U.S. pension plan. 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 $7 million in 2018, $8 million in 2017, and $9 million in 2016. Other Postretirement Employee Benefit Plans In 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 $1 million and $2 million as of December 31, 2018 and 2017, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
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 June 7, 2018, the Company modified the accounting for certain cash settled stock-based compensation Restricted Stock Units ("RSUs") for non-employee directors of the Company. These awards, previously subject to liability accounting, are now expected to settle in stock. The liability of $6 million related to these awards has been reclassified to shareholders' equity as of June 30, 2018 and will be subject to equity method accounting going forward. 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 is as follows: Year Ended December 31 Unrecognized Stock-Based Compensation Expense 2018 2017 2016 December 31, 2018 (Dollars in Millions) Performance based share units $ (2 ) $ 6 $ 4 $ 9 Restricted stock units 8 11 6 7 Stock options 2 2 2 1 Total stock-based compensation expense $ 8 $ 19 $ 12 $ 17 During 2018, the Company recognized a $10 million benefit on forfeiture of unvested shares due to the settlement of a litigation matter as further described in Note 21, "Commitments and Contingencies." 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 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, 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 Granted 87 124.90 Vested (63 ) 105.29 Forfeited (290 ) 33.85 Non-vested as of December 31, 2018 195 $ 110.42 The grant date fair value for PSUs was determined using the Monte Carlo valuation model. Unrecognized compensation expense as of December 31, 2018 for PSUs to be settled in shares of the Company's common stock was $9 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 for PSUs expected to be settled in cash during the years ended December 31, 2018 and 2017. Unrecognized compensation expense as of December 31, 2018 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, 2018 and 2017 are as follows: Year Ended December 31 2018 2017 Expected volatility 24.1 % 23.8 % Risk-free rate 2.33 % 1.59 % 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 70,000 , 76,000 and 94,000 RSUs, expected to be settled in shares, during the years ended December 31, 2018 , 2017 and 2016 , respectively, at a weighted average grant date fair value of $123.52 , $94.51 and $81.54 per share, respectively. Unrecognized compensation expense as of December 31, 2018 was $7 million for non-vested RSUs and will be recognized over the remaining vesting period of approximately 1.7 years. The Company granted 23,000 and 18,000 RSUs, expected to be settled in cash, during the years ended December 31, 2017 and 2016 , respectively, at weighted average grant date fair values $95.45 and $78.49 per share, respectively. The Company made cash settlement payments of less than $1 million , $1 million and less than $1 million during the years ended December 31, 2018 , 2017 and 2016 , respectively. Unrecognized compensation expense as of December 31, 2018 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, 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 Granted 70 123.52 Vested (102 ) 96.34 Forfeited (34 ) 61.69 Non-vested as of December 31, 2018 164 $ 105.24 Additionally, as of December 31, 2018 , the Company has 55,000 outstanding RSUs awarded at a weighted average grant date fair value of $125.10 under the Non-Employee Director Stock Unit Plan which vest immediately but are not stock 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 $3 million , $2 million and less than $1 million related to the exercise of stock options with total intrinsic value of options exercised of $2 million , $1 million and less than $1 million during the years ended December 31, 2018 , 2017 and 2016 , respectively. Unrecognized compensation expense for non-vested Stock Options and SARs as of December 31, 2018 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 1.0 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, 2018 , 2017 and 2016 are as follows: Stock Options SARs 2018 2017 2016 2018 2017 2016 Expected term (in years) 5.00 5.00 5.00 — 5.00 4.50 Expected volatility 22.95 % 27.31 % 36.84 % — % 27.31 % 34.65 % Risk-free interest rate 2.58 % 2.03 % 1.37 % — % 2.03 % 1.83 % 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, 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 Granted 78 124.35 — — Exercised (31 ) 68.02 (1 ) 51.25 December 31, 2018 213 $ 99.36 7 $ 72.84 Exercisable at December 31, 2018 57 $ 80.39 5 $ 64.23 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 9 3.0 $ 50.11 $60.01 - $80.00 51 4.3 $ 73.06 $80.01 - $100.00 82 5.3 $ 96.51 $100.01 - $130.00 78 6.3 $ 124.35 220 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, 2018 | |
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 2018 2017 2016 (Dollars in Millions) Income (Loss) Before Income Taxes: (a) U.S $ 76 $ 84 $ 41 Non-U.S 127 132 118 Total income before income taxes $ 203 $ 216 $ 159 Current Tax Provision: U.S. federal $ — $ — $ (11 ) Non-U.S 42 42 54 Total current tax provision 42 42 43 Deferred Tax Provision (Benefit): Non-U.S 1 6 (13 ) Total deferred tax provision (benefit) 1 6 (13 ) Provision for income taxes $ 43 $ 48 $ 30 (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 21% for 2018 and 35% for 2017 and 2016 and the consolidated income tax provision from continuing operations is shown below: Year Ended December 31 2018 2017 2016 (Dollars in Millions) Tax provision (benefit) at U.S. statutory rate of 21% for 2018 and 35% for 2017 and 2016 $ 43 $ 76 $ 56 Impact of foreign operations 16 (5 ) (26 ) Non-U.S withholding taxes 14 15 13 Tax holidays in foreign operations (5 ) (7 ) (7 ) State and local income taxes 3 (1 ) (1 ) Tax reserve adjustments (6 ) (14 ) 5 Change in valuation allowance (81 ) (270 ) 25 Impact of U.S. tax reform 33 250 — Impact of tax law change 35 5 26 Worthless stock deduction — — (58 ) Research credits (5 ) (1 ) (3 ) Other (4 ) — — Provision for income taxes $ 43 $ 48 $ 30 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. As of December 31, 2017, the Company calculated its best estimate of the impact of the Act in its year-end income tax provision in accordance with the guidance available as described below. In accordance with Staff Accounting Bulletin 118 ("SAB 118"), income tax effects of the Act were refined upon obtaining, preparing, and analyzing additional information during the measurement period. At December 31, 2018, the Company had completed its accounting for the tax effects of the Act summarized as follows: • As a result of the Act, the Company remeasured its U.S. federal deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future. The Company recorded a cumulative income tax charge of $267 million (less than $1 million income tax charge in 2018 and $267 million income tax charge in 2017); the impact of which was entirely offset by a corresponding income tax benefit associated with a reduction in the U.S. valuation allowance in those years. • The Act requires a mandatory deemed repatriation of post-1986 undistributed foreign earnings, which results in a one- time transition tax. The Company recorded a cumulative charge of $52 million ( $33 million in 2018 and $19 million charge in 2017) related to the one-time transition tax, which was partially 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 cumulative $16 million income tax charge was entirely offset by a corresponding income tax benefit associated with a reduction in the U.S. valuation allowance in those years. • For tax years beginning after December 31, 2017, the Act introduces new provisions for U.S. taxation of certain global intangible low-taxed income (“GILTI”). The Company has made the policy election to record any liability associated with GILTI in the period in which it is incurred. Other items impacting the Company’s 2018 effective tax rate include the unfavorable impact of foreign operations of $ 16 million which reflects a $8 million unfavorable variance due to income taxes on foreign earnings taxed at rates higher than the U.S. statutory rate and $8 million related to U.S. income taxes in connection with GILTI and Subpart F inclusions, net of foreign tax credits, excluding the transition tax on the deemed repatriation of foreign earnings described above, entirely offset by a corresponding $8 million decrease in the U.S. valuation allowance. Tax reserve adjustments of $6 million primarily reflects the favorable audit developments in connection with uncertain tax positions related to goodwill tax amortization at an affiliate in Asia. The $35 million unfavorable impact of tax law change in 2018 (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 rate in France, which was entirely offset by the related valuation allowance. Other items impacting the Company’s 2017 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 . 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 $21 million and $19 million as of December 31, 2018 and 2017 , 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, tax planning strategies and projected future impacts attributable to the Act. 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. However, the three-year loss position is not solely determinative and, accordingly, management considers all other available positive and negative evidence in its analysis. In regards to the full valuation allowance recorded against the U.S. net deferred tax assets, despite recent improvement in the U.S. financial results, management concluded that the weight of negative evidence continues to outweigh the positive evidence, in part attributable to relative uncertainty surrounding global production volumes in 2019 and later years. Additionally, the Company has made a policy election to apply the incremental cash tax savings approach when analyzing the impact GILTI could have on its U.S. valuation allowance assessment. As a result of future expected GILTI inclusions, and because of the Act’s ordering rules, U.S. companies may now expect to utilize tax attribute carryforwards (e.g. net operating losses and foreign tax credits) for which a valuation allowance has historically been recorded (this is referred to as the “tax law ordering approach”). However, due to the mechanics of the GILTI rules, companies that have a GILTI inclusion may realize a reduced (or no) cash tax savings from utilizing such tax attribute carryforwards (this view is referred to as the “incremental cash tax savings approach”). These positions, along with management’s analysis of all other available evidence, resulted in the conclusion that the Company maintain the valuation allowance against deferred tax assets in the U.S. 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 2018 2017 (Dollars in Millions) Deferred Tax Assets: Employee benefit plans $ 64 $ 74 Capitalized expenditures for tax reporting 3 3 Net operating losses and credit carryforwards 1,090 1,178 Fixed assets and intangibles 9 10 Restructuring 8 7 Inventory 9 7 Deferred income 5 9 Warranty 10 13 Other 57 39 Valuation allowance (1,144 ) (1,242 ) Total deferred tax assets $ 111 $ 98 Deferred Tax Liabilities: Fixed assets and intangibles $ 17 $ 15 Outside basis investment differences, including withholding tax 57 54 All other 15 6 Total deferred tax liabilities $ 89 $ 75 Net deferred tax assets (liabilities) $ 22 $ 23 Consolidated Balance Sheet Classification: Other non-current assets 45 46 Deferred tax liabilities non-current 23 23 Net deferred tax assets (liabilities) $ 22 $ 23 At December 31, 2018, the Company had available non-U.S. net operating loss carryforwards and capital loss carryforwards of $1.5 billion and $20 million , respectively, which have carryforward periods ranging from 5 years to indefinite . The Company had available U.S. federal net operating loss carryforwards of $1.4 billion at December 31, 2018, which will expire at various dates between 2028 and 2030 . U.S. foreign tax credit carryforwards are $374 million at December 31, 2018. These credits will begin to expire in 2020 . U.S. research tax credit carryforwards are $19 million at December 31, 2018. These credits will begin to expire in 2030. The Company had available tax-effected U.S. state operating loss carryforwards of $30 million at December 31, 2018, which will expire at various dates between 2019 and 2038 . 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 $374 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, 2018, valuation allowances totaling $1.1 billion have been recorded against the Company’s deferred tax assets. Of this amount, $764 million relates to the Company’s deferred tax assets in the U.S. and $380 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, 2018 and 2017 were $10 million and $18 million , respectively. Of these amounts, approximately $4 million and $9 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, 2018 and 2017 were $2 million and $3 million , respectively. During 2018, 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, of which $6 million and $4 million of income tax benefits were reflected in continuing operations and discontinued operations, respectively. The $6 million income tax benefit in continuing operations primarily reflects the favorable audit developments in connection with uncertain tax positions related to goodwill tax amortization at an affiliate in Asia. The $4 million income tax benefit in discontinued operations relates to expiring statutes in connection with former climate operations in Europe. During 2017, 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, 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. 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 first quarter of 2018, the IRS informed the Company that the 2016 tax year would be added to the ongoing examination 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 $6 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 2018 2017 (Dollars in Millions) Beginning balance $ 18 $ 35 Tax positions related to current period Additions — 3 Tax positions related to prior periods Reductions (4 ) (18 ) Settlements with tax authorities — (3 ) Lapses in statute of limitations (4 ) — Effect of exchange rate changes — 1 Ending balance $ 10 $ 18 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 $14 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 $14 million , as of December 31, 2018. 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 $18 million as of December 31, 2018, 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, 2018 | |
Equity [Abstract] | |
Shareholders' Equity and Non-controlling Interests | NOTE 17. Stockholders’ Equity and Non-controlling Interests Share Repurchase Program 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 . In 2017 the Company entered various stock repurchase programs to purchase shares of common stock for an aggregate purchase price of $200 million . Under these programs the Company purchased 1,978,144 shares at an average price of $101.10 . In 2018, the Company entered into various programs with third-party financial institutions to purchase an aggregate amount of $300 million of the Company's common stock as further described below: • On March 6, 2018 the Company entered into an accelerated stock buyback ("ASB") program with a third-party financial institution to purchase shares of Visteon common stock for an aggregate purchase price of $150 million with an initial delivery on March 7, 2018. The program concluded on July 20, 2018, in total the Company purchased 1,218,372 shares at an average price of $123.12 under this ASB program. • During 2018 the Company entered into various share repurchase programs to purchase shares of the Company's common stock for an aggregate purchase price of $150 million . Under these programs the Company purchased 1,587,159 shares at an average price of $94.49 . As of December 31, 2018 , $400 million of the authorization remains outstanding 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 considerations. Treasury Stock As of December 31, 2018 and 2017 , the Company held 26,817,543 and 24,141,088 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 2018 2017 (Dollars in Millions) Yanfeng Visteon Automotive Electronics Co., Ltd. $ 56 $ 77 Shanghai Visteon Automotive Electronics Co., Ltd. 43 44 Changchun Visteon FAWAY Automotive Electronics Co., Ltd. 15 — Other 3 3 Total non-controlling interests $ 117 $ 124 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, 2018 , 2017 , and 2016 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, 2018 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, 2018 . Restricted Net Assets Restricted net assets related to the Company’s consolidated subsidiaries were approximately $177 million and $179 million , respectively as of December 31, 2018 and 2017. 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 2018 2017 (Dollars in Millions) Changes in AOCI: Beginning balance $ (174 ) $ (233 ) Other comprehensive income (loss) before reclassification, net of tax (42 ) 49 Amounts reclassified from AOCI — 5 Divestitures — 5 Ending balance $ (216 ) $ (174 ) Changes in AOCI by component: Foreign currency translation adjustments Beginning balance $ (100 ) $ (163 ) Other comprehensive income (loss) before reclassification (a) (42 ) 62 Divestitures (b) — 1 Ending balance (142 ) (100 ) Net investment hedge Beginning balance (12 ) 10 Other comprehensive income (loss) before reclassification (a) 9 (22 ) Amounts reclassified from AOCI (c) (2 ) — Ending balance (5 ) (12 ) Benefit plans Beginning balance (63 ) (75 ) Other comprehensive income (loss) before reclassification, net of tax (d) (10 ) 10 Amounts reclassified from AOCI 2 (2 ) Divestitures (b) — 4 Ending balance (71 ) (63 ) Unrealized hedging gain (loss) Beginning balance 1 (5 ) Other comprehensive income (loss) before reclassification, net of tax (e) 1 (1 ) Amounts reclassified from AOCI (f) — 7 Ending balance 2 1 AOCI ending balance $ (216 ) $ (174 ) (a) There were no income tax effects for either period due to the valuation allowance. (b) Amounts are included in "Loss on divestiture" within the consolidated statements of operations. (c) Amounts are included in "Interest expense" within the consolidated statements of operations. (d) Amount included in the computation of net periodic pension cost. (See Note 14 Employee benefit plans for additional details.) Net of tax expense of $1 million related to benefit plans for the years ended December 31, 2018 and 2017 . (e) Net tax expense of less than a $1 million and $1 million million are related to unrealized hedging gain (loss) for the years ended December 31, 2018 and December 31, 2017 , respectively. (f) Amounts are included in "Cost of sales" and "Interest Expense, net" within the consolidated statements of operations. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 2017 2016 (In Millions, Except Per Share Amounts) Numerator: Net income from continuing operations attributable to Visteon $ 163 $ 159 $ 115 Net income (loss) from discontinued operations attributable to Visteon 1 17 (40 ) Net income attributable to Visteon $ 164 $ 176 $ 75 Denominator: Average common stock outstanding - basic 29.5 31.6 35.0 Dilutive effect of performance based share units and other 0.2 0.6 0.4 Diluted shares 29.7 32.2 35.4 Basic and Diluted Per Share Data: Basic earnings (loss) per share attributable to Visteon: Continuing operations $ 5.53 $ 5.03 $ 3.28 Discontinued operations 0.03 0.54 (1.14 ) $ 5.56 $ 5.57 $ 2.14 Diluted earnings (loss) per share attributable to Visteon: Continuing operations $ 5.49 $ 4.94 $ 3.25 Discontinued operations 0.03 0.53 (1.13 ) $ 5.52 $ 5.47 $ 2.12 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Asset Category: Retirement plan assets $ 112 $ 271 $ 14 $ 370 $ 767 Foreign currency instruments $ — $ 1 $ — $ — $ 1 Liability Category: Foreign currency instruments $ — $ 16 $ — $ — $ 16 Interest rate swaps $ — $ 2 $ — $ — $ 2 December 31, 2017 Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Asset Category: Retirement plan assets $ 139 $ 366 $ 13 $ 349 $ 867 Interest rate swaps $ — $ 1 $ — $ — $ 1 Liability Category: Foreign currency instruments $ — $ 25 $ — $ — $ 25 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 and hedge funds 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, 2018 Asset Category Level 1 Level 2 NAV Total (Dollars in Millions) Registered investment companies $ 3 $ — $ — $ 3 Common and preferred stocks 22 — — 22 Common trust funds — 100 127 227 LDI — 104 — 104 Limited partnerships and hedge funds — — 205 205 Cash and cash equivalents — 6 — 6 Total $ 25 $ 210 $ 332 $ 567 December 31, 2017 Asset Category Level 1 Level 2 NAV Total (Dollars in Millions) Registered investment companies $ 3 $ — $ — $ 3 Common trust funds — 185 94 279 LDI — 103 — 103 Common and preferred stock 27 — — 27 Limited partnerships and hedge funds — — 226 226 Cash and cash equivalents — 9 — 9 Total $ 30 $ 297 $ 320 $ 647 The fair values of the Company’s Non-U.S. retirement plan assets are as follows: December 31, 2018 Asset Category Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Registered investment companies $ 29 $ 17 $ — $ — $ 46 Treasury and government securities 50 24 — — 74 Cash and cash equivalents 6 — — — 6 Corporate debt securities — 3 — — 3 Common and preferred stock 2 — — — 2 Common trust funds — 22 — 21 43 Limited partnerships — — — 17 17 Insurance contracts — — 14 — 14 Derivative instruments — (5 ) — — (5 ) Total $ 87 $ 61 $ 14 $ 38 $ 200 December 31, 2017 Asset Category Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Registered investment companies $ 52 $ 18 $ — $ — $ 70 Treasury and government securities 45 24 — — 69 Cash and cash equivalents 7 — — — 7 Corporate debt securities 3 4 — — 7 Common and preferred stock 2 — — — 2 Common trust funds — 20 — 14 34 Limited partnerships — — — 15 15 Insurance contracts — — 13 — 13 Derivative instruments — 3 — — 3 Total $ 109 $ 69 $ 13 $ 29 $ 220 Fair value measurements which used significant unobservable inputs are as follows: Insurance Contracts (Dollars in Millions) December 31, 2015 $ 10 Purchases, sales and settlements 1 December 31, 2016 $ 11 Return on assets held at the reporting date, including currency impacts 1 Purchases 1 December 31, 2017 $ 13 Purchases 1 December 31, 2018 $ 14 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 VFAE Acquisition and 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. Fair Value of Debt The fair value of debt, excluding amounts classified as held for sale, was approximately $388 million and $401 million as of December 31, 2018 and 2017 , 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. Equity Investment In the fourth quarter of 2018, the Company made an equity investment of $1 million in a private radar imaging firm for an ownership interest of 12.5% , which is accounted for in accordance with ASU 2016-01, as described in Note 2, "Summary of Significant Accounting Policies." This investment does not have a readily determinable fair value and is measured at cost, less impairments, adjusted for observable price changes in orderly transactions for identical or similar investments of the same issuer. During the year ended December 31, 2018, there were no material transactions, events or changes in circumstances requiring an impairment or an observable price change adjustment to the investment. The Company continues to monitor this investment to identify potential transactions which may indicate an impairment or an observable price change requiring an adjustment to its carrying value. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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 at fair value. The Company is not required to maintain cash collateral with its counterparties in relation to derivative transactions. Accounting for Derivative Financial Instruments The Company formally designates and documents, at inception, 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. Derivative financial instruments are measured at fair value on a recurring basis 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. 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 previously 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. The gain or loss associated with changes in the fair value of undesignated cash flow hedges are recorded immediately in the consolidated statement of operations, on the same line as the associated risk. 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. The Company had foreign currency hedge economic derivative instruments, with notional amounts of approximately $23 million as of December 31, 2018 and foreign currency hedge derivative instruments with notional amounts of approximately $119 million of which $101 million was designated as cash flow hedges as of December 31, 2017 with the effective portion of the gain or loss reported in the "AOCI" component of Shareholders' equity in the Company's consolidated balance sheet. There was no ineffectiveness associated with such designated derivatives, and the fair value of all derivatives was an asset of less than $1 million and a liability of $2 million as of December 31, 2018 and 2017, respectively. The difference between the gross amounts recognized and the gross amounts subject to offsetting of these derivatives is not material. At December 31, 2017, the Company had cross currency swaps intended to mitigate the variability of the value of the Company's investment in certain European subsidiaries with an aggregate notional value of $150 million , designated as net investment hedges under the forward method of effectiveness assessment. The aggregate fair value was a non-current liability, net of $23 million at December 31, 2017. In connection with the Company's early adoption of ASU 2017-12, on March 29, 2018 the Company re-designated the hedging relationships of its existing cross currency swaps as net investment hedges of certain of the Company's European affiliates. Upon its adoption of the new standard, the Company elected to change the method of hedge effectiveness from the forward rate to the spot method. On May 30, 2018, concurrent with the fourth amendment of its Credit Agreement, the Company elected to de-designate its net investment hedge relationships and modify its existing cross currency swaps to more closely align with certain terms of the amended facility. The amended swaps are designated as net investment hedges of the Company's investments in certain European affiliates. These existing off-market swap transactions had an aggregate liability fair value of approximately $22 million at the time of designation as net investment hedges. At inception of the hedge relationship the amount of excluded component related to the off-market swap transactions was $3 million . This amount is amortized into earnings on a straight-line basis through expiration of the swaps in August 2022. Additionally, on May 30, 2018, the Company executed an incremental $50 million in notional value of cross currency swaps which are also designated as net investment hedges of certain of its European affiliates. In October 2018, the Company executed an incremental $50 million in notional value cross currency swap transaction that is designated as net investment hedges of its Japanese subsidiary. The Company uses the spot method to assess the effectiveness of its net investment hedge transactions. Accordingly, the effective portion of periodic changes in the fair value of the designated cross currency swaps are recorded to other comprehensive income. At December 31, 2018, the Company's outstanding cross currency swaps, maturing in August 2022, with an aggregate notional value of $250 million and aggregate fair value of $16 million is classified in other non-current liabilities. The amount of accumulated other income expected to be reclassified into earnings within the next 12 months is approximately $7 million . Interest Rate Risk: The Company is subject to interest rate risk principally in relation to its outstanding variable-rate debt. The Company uses derivative financial instruments to manage exposure to fluctuations in interest rates in connection with its risk management policies. At December 31, 2017, the Company had an aggregate notional value of $150 million of interest rate swaps intended to mitigate the variability of interest expense related to the floating rate debt under the Term Facility. There was no ineffectiveness associated with these derivatives and the fair value was an asset of $1 million as of December 31, 2017. On May 30, 2018, concurrent with the amendment of its Term Facility, the Company terminated the interest rate swaps and received $4 million of proceeds upon settlement. Simultaneously, the Company executed interest rate swaps with an aggregate notional value of $200 million to effectively convert designated floating rate interest payments to fixed cash flows. On July 17, 2018, the Company executed an incremental interest rate swap transaction with a notional value of $50 million . These swaps mature in August 2022 and do not exceed the underlying floating rate debt obligations under the amended Term Facility. The instruments are designated as cash flow hedges, accordingly, the effective portion of the periodic changes in the fair value of the swap transactions are recognized in accumulated other comprehensive income, a component of shareholders' equity. Amounts initially reported to accumulated other comprehensive income are reclassified to income in the period during which the hedged cash flow impacts earnings. At December 31, 2018, the Company had outstanding interest rate swaps with aggregate notional values of $250 million . The aggregate fair value of these instruments recorded as other non-current liabilities approximately $2 million liability. The amount of accumulated other loss expected to be reclassified into earnings within the next 12 months is less than $1 million . Financial Statement Presentation Gains and losses on derivative financial instruments for the years ended December 31, 2018 and 2017 are as follows: Amount of Gain (Loss) Recorded Income (Loss) in AOCI, net of tax Reclassified from AOCI into Income (Loss) Recorded in Income (Loss) 2018 2017 2018 2017 2018 2017 (Dollars in Millions) Foreign currency risk – Cost of sales: Cash flow hedges $ — $ (2 ) $ 1 $ (6 ) $ — $ — Non-designated cash flow hedges — — — — 2 2 Interest rate risk - Interest expense, net: Net investment hedges 9 (22 ) 2 — — — Interest rate swap 1 1 (1 ) (1 ) — — $ 10 $ (23 ) $ 2 $ (7 ) $ 2 $ 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, 2018 and 2017 is not material. The following is a summary of the percentage of sales and accounts receivable from the Company's largest ultimate customers: Percentage of Total Net Sales Percentage of Total Accounts Receivable December 31, December 31, 2018 December 31, 2017 2018 2017 2016 Ford 26 % 28 % 30 % 14 % 14 % Mazda 18 % 17 % 17 % 9 % 10 % Renault/Nissan 12 % 14 % 15 % 11 % 10 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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 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 that, among other things, reduced the taxable value of the headquarters property to current market value. The Settlement Agreement also provided that the Company would negotiate in good faith with the Township in the event that property tax payments were inadequate to permit the Township to meet its payment obligations with respect to the bonds. In September 2013, the Township notified the Company 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 litigation with regard to the foregoing. 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 trial court dismissed the Township’s lawsuit without prejudice on the basis that the Township’s claims were not ripe for adjudication. The appeals court affirmed the dismissal of the Township’s lawsuit. The Township has sought leave to appeal from the Michigan Supreme Court, which directed supplemental briefing and oral argument “on whether to grant the application or take other action.” The parties filed supplemental briefs and oral argument was held on October 9, 2018. The Supreme Court has not yet issued a ruling. The Company is not able to estimate the possible loss or range of loss in connection with this matter. The dispute between the Company and its former President and Chief Executive Officer, Timothy D. Leuliette, was resolved in the first quarter of 2018. Pursuant to the resolution, the Company recognized $17 million of pre-tax income, representing the forfeiture of stock based awards and release of other liabilities accrued during prior periods. The benefit is classified as a reduction to selling, general and administrative expenses of $10 million , a benefit to "Other income (expense), net" of $4 million , and a benefit to discontinued operations of $3 million . In November 2013, the Company and Halla Visteon Visteon Climate Corporation ("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 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, 2018 , the Company maintained accruals of approximately $13 million for claims aggregating approximately $99 million in Brazil. 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 2018 2017 (Dollars in Millions) Beginning balance $ 49 $ 55 Accruals for products shipped 19 20 Change in estimates (5 ) 4 Specific cause actions 9 6 Recoverable warranty/recalls 2 3 Currency/other — 2 Settlements (26 ) (41 ) Ending balance $ 48 $ 49 Guarantees and Commitments The Company provided a $11 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, 2018 , the Company has approximately $5 million and $2 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, 2018 , the Company had the following minimum rental commitments under non-cancelable operating leases: 2019 - $37 million ; 2020 - $30 million ; 2021 - $23 million ; 2022 - $19 million ; 2023 - $18 million ; thereafter - $59 million . Rent expense was approximately $39 million , $33 million , and $35 million for the years ended December 31, 2018 , 2017 and 2016, 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, 2018 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, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE 23. 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. As the Company has one reportable segment, total assets, depreciation, amortization and capital expenditures are equal to consolidated results. 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. Key financial measures reviewed by the Company’s chief operating decision maker are as follows. Segment Sales Year Ended December 31 2018 2017 2016 (Dollars in Millions) Electronics $ 2,984 $ 3,146 $ 3,107 Other — — 54 Total consolidated sales $ 2,984 $ 3,146 $ 3,161 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, equity in net income of non-consolidated affiliates, loss on divestiture, provision for income taxes, discontinued operations, net income attributable to non-controlling interests, non-cash stock-based compensation expense, and other gains and losses not reflective of the Company's ongoing operations. The Company has changed the presentation of the reconciliation of Adjusted EBITDA to Net income attributable to Visteon Corporation, due to the adoption of ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the presentation of net periodic pension cost and net periodic postretirement benefit cost." 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, 2018 , 2017 and 2016 is summarized below: Year Ended December 31 2018 2017 2016 (Dollars in Millions) Electronics $ 330 $ 370 $ 346 Other — — (9 ) Adjusted EBITDA $ 330 $ 370 $ 337 The reconciliation of Adjusted EBITDA to net income attributable to Visteon for the years ended December 31, 2018 , 2017 and 2016 is as follows: Year Ended December 31 2018 2017 2016 (Dollars in Millions) Net income attributable to Visteon Corporation $ 164 176 $ 75 Depreciation and amortization 91 87 84 Restructuring expense, net 29 14 49 Interest expense, net 7 16 12 Equity in net income of non-consolidated affiliates (13 ) (7 ) (2 ) Loss on divestiture — 33 — Provision for income taxes 43 48 30 Net income (loss) from discontinued operations, net of tax (1 ) (17 ) 40 Net income attributable to non-controlling interests 10 16 16 Non-cash, stock-based compensation expense 8 12 8 Other (8 ) (8 ) 25 Adjusted EBITDA $ 330 $ 370 $ 337 Financial Information by Geographic Region Sales (a) Property and Equipment, net Year Ended December 31 2018 2017 2016 2018 2017 (Dollars in Millions) United States $ 654 $ 776 $ 822 $ 14 $ 11 Mexico 67 70 72 60 54 Total North America 721 846 894 74 65 Portugal 563 508 443 84 75 Slovakia 235 294 288 38 36 Tunisia 96 109 151 7 10 France 70 84 113 7 7 Other Europe 20 20 49 10 10 Germany — — — 6 4 Intra-region eliminations (3 ) (11 ) (31 ) — — Total Europe 981 1,004 1,013 152 142 China Domestic 405 381 315 — — China Export 309 363 389 — — Total China 714 744 704 86 86 Japan 494 495 516 20 21 India 114 92 66 30 29 Thailand 69 81 82 10 10 Korea 2 12 18 — — Intra-region eliminations (1 ) (1 ) — — — Total Other Asia-Pacific 678 679 682 60 60 South America 79 68 91 25 24 Inter-region eliminations (189 ) (195 ) (223 ) — — $ 2,984 $ 3,146 $ 3,161 $ 397 $ 377 (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, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | NOTE 24. Summary Quarterly Financial Data (Unaudited) The following table presents summary quarterly financial data: 2018 2017 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in Millions, Except Per Share Amounts) Sales $ 814 $ 758 $ 681 $ 731 $ 810 $ 774 $ 765 $ 797 Gross margin 129 104 82 96 129 111 114 137 Income from continuing operations before income taxes 88 49 32 47 75 58 55 35 Net income from continuing operations 67 37 23 46 59 48 47 21 Net income 69 36 24 45 67 48 47 30 Net income attributable to Visteon Corporation $ 65 $ 35 $ 21 $ 43 $ 63 $ 45 $ 43 $ 25 Per Share Data: Basic earnings per share attributable to Visteon Corporation $ 2.14 $ 1.19 $ 0.71 $ 1.50 $ 1.94 $ 1.43 $ 1.38 $ 0.81 Diluted earnings per share attributable to Visteon Corporation $ 2.11 $ 1.17 $ 0.71 $ 1.49 $ 1.91 $ 1.41 $ 1.35 $ 0.79 The fourth quarter ended December 31, 2018, net income from continuing operations, net income, and net income (loss) attributable to Visteon Corporation includes expense of approximately $8 million , $11 million and $11 million , respectively, for corrections of judicial deposits related to former employees at a closed plant in Brazil. 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 . |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, 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, 2018: Allowance for doubtful accounts $ 8 $ 2 $ (4 ) $ — $ 6 Valuation allowance for deferred taxes 1,242 (81 ) — (17 ) 1,144 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 ____________ (a) Deductions represent uncollectible accounts charged off. (b) Deferred taxes valuation allowance - represents adjustments recorded through other comprehensive income, exchange, expiration of tax attribute carryforwards, and various tax return true-up adjustments, all of which impact deferred taxes and the related valuation allowances. In 2018, the $17 million overall decrease in the valuation allowance for deferred taxes is comprised of $18 million related to exchange, partially offset by $1 million related to other comprehensive income. 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. |
Revenue Recognition (Notes)
Revenue Recognition (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition [Text Block] | Revenue Recognition Disaggregated revenue by geographical market and product lines is as follows: 2018 (Dollars in Millions) Geographical Markets (a) Europe $ 981 Americas 800 China Domestic 405 China Export 309 Other Asia-Pacific 678 Eliminations (189 ) $ 2,984 (a) Company sales based on geographic region where sale originates and not where customer is located. 2018 (Dollars in Millions) Product Lines Instrument clusters $ 1,209 Audio and infotainment 772 Information displays 509 Climate controls 122 Body and security 110 Telematics 68 Other (includes HUD) 194 $ 2,984 The Company has no material contract assets, contract liabilities or capitalized contract acquisition costs as of December 31, 2018. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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] | eclassifications: Certain prior period amounts have been reclassified to conform to current period presentation. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: The Company generates revenue from the production of automotive vehicle cockpit electronics parts sold to Original Equipment Manufacturers ("OEM"), or Tier 1 suppliers at the direction of the OEM, under long term supply agreements supporting new vehicle production. Such agreements may also require related production for service parts, subsequent to initial vehicle production periods. The Company’s contracts with customers involve various governing documents (Sourcing Agreements, Master Purchase Agreements, Terms and Conditions Agreements, etc.) which do not reach the level of a performance obligation of the Company until the Company receives either a purchase order and/or a customer release for a specific number of parts at a specified price, at which point the collective group of documents represent an enforceable contract. While the long term supply agreements generally range from three to five years, customers make no commitments to volumes, and pricing or specifications can change prior to or during production. The Company recognizes revenue when control of the parts produced are transferred to the customer according to the terms of the contract, which is usually when the parts are shipped or delivered to the customer’s premises. Customers are generally invoiced upon shipment or delivery and payment generally occurs within 45 to 90 days. Customers in China are often invoiced one month after shipment or delivery. Customer returns, when they occur, relate to quality rework issues and are not connected to any repurchase obligation of the Company. As of December 31, 2018, all unfulfilled performance obligations are expected to be fulfilled within the next twelve months. Revenue is measured based on the transaction price and the quantity of parts specified in a contract with a customer. Discrete price changes may occur during the vehicle production period in order for the Company to remain competitive with market prices or based on changes in product specifications. In addition, customers may request or expect certain discounts not reflected in the purchase order that require estimation. In the event the Company concludes that a portion of the revenue for a given part may vary from the purchase order, the Company records variable consideration at the most likely amount to which the Company expects to be entitled. The estimates typically represent a narrow range of discounts and are based on historical experience and input from customer negotiations. The Company records such estimates within Sales and Accounts receivable, net, within the consolidated statements of comprehensive income and consolidated balance sheets, respectively. The Company adjusts its pricing accruals at the earlier of when the most likely amount of consideration changes or when the consideration becomes fixed. During 2018 the Company recognized approximately $30 million net increases in transaction price related to performance obligations satisfied in previous periods, respectively. The Company does not have an enforceable right to payment at any time prior to when the parts are shipped or delivered to the customer; therefore, the Company recognizes revenue at the point in time it satisfies a performance obligation by transferring control of a part to the customer. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control of the parts has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales. F |
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 $6 million , $9 million and $10 million for the years ended December 31, 2018 , 2017 and 2016 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, depreciation, forward model program development, and advanced engineering activities. Research and development expenses were $286 million , $253 million , and $295 million in 2018 , 2017 and 2016 , respectively, which includes recoveries of $146 million , $133 million and $104 million . 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, 2018 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 $2 million related to cash collateral for other corporate purposes as of December 31, 2018 . |
Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable: Accounts receivable are stated at the invoiced amount, less an allowance for doubtful accounts for estimated amounts not expected to be collected, and do not bear interest. The Company’s accounts receivables are continually assessed for collectability and any allowance is recorded based upon the age of outstanding receivables, historical payment experience and customer creditworthiness. The allowance for doubtful accounts balance was $6 million and $8 million as of December 31, 2018 and 2017 , respectively. Provisions for estimated uncollectible accounts receivable of $2 million , $3 million and $2 million are included in selling, general and administrative expenses for the years ended December 31, 2018 , 2017 , and 2016 . The Company exchanges a portion of its accounts receivable for bank notes for certain of its customers in China. The collection of such bank notes are included in operating cash flows based on the substance of the underlying transactions, which are operating in nature. 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. |
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 $22 million and $18 million as of December 31, 2018 and 2017 , 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 cost reimbursement is contractually guaranteed in a customer contract for which costs are capitalized as costs are 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. • Software development costs are capitalized after the software product development reaches technological feasibility and until the software product becomes releasable to customers. These 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. For further detail on the Company’s warranty obligations see Note 21, "Commitments and Contingencies." |
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] | . |
Cash, Cash Equivalents, and Short-term Investments [Text Block] |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Short Term Investments (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Statement of Financial Position [Abstract] | |
Short-term cash investments, net |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disposal group, including discontinued operations, held for sale table [Line Items] | |
Business Combination Disclosure [Text Block] | NOTE 3. Business Acquisitions VFAE Acquisition On September 1, 2018 , the Company invested approximately $300,000 and acquired an additional 1% ownership in VFAE, a Chinese automotive electronic applications manufacturer in which the Company had previously been an equity investor. The Company's ownership interest increased to 51% and, because of the change in control, the assets and liabilities of VFAE were consolidated from the date of the transaction. The Company made this additional investment as part of its long-term strategic plan for VFAE. The investment will contribute to the business growth and enhanced economic performance of VFAE by leveraging Visteon’s manufacturing technology and engineering capabilities. The VFAE acquisition has been accounted for as a purchase transaction. The total consideration, including the $300,000 paid and the fair value of the original 50% interest, has been allocated to the assets acquired, liabilities assumed and non-controlling shareholder interest based on their representative value at September 1, 2018 . The excess consideration over the estimated fair value of the net assets acquired has been allocated to goodwill. The operating results of VFAE have been included in the consolidated financial statements of the Company since the date of the transaction. The initial summary of the fair value of the assets acquired and liabilities assumed, pending the final valuation and translated in U.S. dollars, in conjunction with the transaction is shown below (in millions): Assets Acquired Liabilities Assumed Cash and equivalents $ 16 Payable to Visteon Corporation $ 9 Accounts receivable, net 12 Accounts payable 6 Inventories, net 4 Other current liabilities 5 Other current assets 6 Income taxes payable 1 Property and equipment, net 5 Other non-current liabilities 2 Intangible assets including goodwill 9 Total liabilities assumed 23 Other non-current assets 1 Non-controlling interest 15 Total assets acquired $ 53 Visteon Corporation Consideration $ 15 The Company utilized a third party to assist in the fair value determination of certain components of the purchase price allocation, primarily intangible assets and non-controlling interest, as well as the fair value of the Company’s original 50% equity investment. Fair values of equity investment and non-controlling interest, as of the acquisition date were estimated using the discounted cash flow technique of the income approach . Fair values of intangible assets were based on the excess earning method of the income approach. The income approach requires the Company to project related future cash inflows and outflows and apply an appropriate discount rate. The estimates used in determining fair values are based on assumptions believed to be reasonable but which are inherently uncertain. At December 31, 2017 , the Company previously recorded its investment in VFAE of $10 million classified as an "Investment in non-consolidated affiliates" on its consolidated balance sheet. In connection with its increased investment in VFAE, the Company recorded a gain of approximately $4 million on its original investment, classified as "Other income (expense), net" in the consolidated income statement. The acquisition does not meet the thresholds for a significant acquisition and therefore no pro forma financial information is presented. 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 $4 million , classified as "Other current liabilities" within the Company's balance sheet as of December 31, 2018. 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 income (expense), net" within the Company's consolidated statements of comprehensive income. |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The initial summary of the fair value of the assets acquired and liabilities assumed, pending the final valuation and translated in U.S. dollars, in conjunction with the transaction is shown below (in millions): Assets Acquired Liabilities Assumed Cash and equivalents $ 16 Payable to Visteon Corporation $ 9 Accounts receivable, net 12 Accounts payable 6 Inventories, net 4 Other current liabilities 5 Other current assets 6 Income taxes payable 1 Property and equipment, net 5 Other non-current liabilities 2 Intangible assets including goodwill 9 Total liabilities assumed 23 Other non-current assets 1 Non-controlling interest 15 Total assets acquired $ 53 Visteon Corporation Consideration $ 15 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | Year Ended December 31 2018 2017 2016 (Dollars in Millions) Sales $ — $ — $ 45 Cost of sales (5 ) — (59 ) Gross margin (5 ) — (14 ) Selling, general and administrative expenses (1 ) — (5 ) Gain (loss) on Climate Transaction 4 7 (2 ) Long-lived asset impairment — — (1 ) Gain (loss) on Interiors Divestiture — 8 (19 ) Restructuring expense (1 ) — (4 ) Other income (expense), net — — (2 ) (Loss) income from discontinued operations before income taxes (3 ) 15 (47 ) Benefit for income taxes 4 2 7 Net income (loss) from discontinued operations attributable to Visteon $ 1 $ 17 $ (40 ) |
Non-Consolidated Affiliates (Ta
Non-Consolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Investments [Line Items] | |
Related Party Transactions Disclosure [Text Block] | Year Ended December 31 2018 2017 (Dollars in Millions) Billings to affiliates (a) $ 52 $ 52 Purchases from affiliates (b) $ 79 $ 64 (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 equity method affiliates is provided below: December 31 2018 2017 (Dollars in Millions) YFVIC (50%) $ 38 $ 28 Changchun FAWAY Auto Electronics Co., Ltd. (50%) — 10 Others 4 3 Total investments in non-consolidated affiliates $ 42 $ 41 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The initial summary of the fair value of the assets acquired and liabilities assumed, pending the final valuation and translated in U.S. dollars, in conjunction with the transaction is shown below (in millions): Assets Acquired Liabilities Assumed Cash and equivalents $ 16 Payable to Visteon Corporation $ 9 Accounts receivable, net 12 Accounts payable 6 Inventories, net 4 Other current liabilities 5 Other current assets 6 Income taxes payable 1 Property and equipment, net 5 Other non-current liabilities 2 Intangible assets including goodwill 9 Total liabilities assumed 23 Other non-current assets 1 Non-controlling interest 15 Total assets acquired $ 53 Visteon Corporation Consideration $ 15 |
Investments in Affiliates (Tabl
Investments in Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 equity method affiliates is provided below: December 31 2018 2017 (Dollars in Millions) YFVIC (50%) $ 38 $ 28 Changchun FAWAY Auto Electronics Co., Ltd. (50%) — 10 Others 4 3 Total investments in non-consolidated affiliates $ 42 $ 41 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs [Table Text Block] | Electronics Other Total (Dollars in Millions) 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 Expense 31 1 32 Reversals (2 ) — (2 ) Utilization (26 ) (4 ) (30 ) Foreign currency (1 ) — (1 ) December 31, 2018 $ 20 $ 3 $ 23 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31 2018 2017 (Dollars in Millions) Raw materials $ 124 $ 133 Work-in-process 26 24 Finished products 34 32 $ 184 $ 189 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | December 31 2018 2017 (Dollars in Millions) Recoverable taxes $ 46 $ 56 Contractually reimbursable engineering costs 40 14 Joint venture receivables 37 43 Prepaid assets and deposits 20 36 China bank notes 12 23 Other 4 3 $ 159 $ 175 |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31 2018 2017 (Dollars in Millions) Deferred tax assets $ 45 $ 46 Recoverable taxes 33 35 Contractually reimbursable engineering costs 29 24 Joint venture note receivables 20 22 Long term notes receivable — 10 Other 16 14 $ 143 $ 151 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Depreciation and Amortization [Table Text Block] | Depreciation and amortization expenses are summarized as follows: Year Ended December 31 2018 2017 2016 (Dollars in Millions) Depreciation $ 73 $ 71 $ 66 Amortization 3 3 3 $ 76 $ 74 $ 69 |
Property and Equipment [Table Text Block] | December 31 2018 2017 (Dollars in Millions) Land $ 13 $ 13 Buildings and improvements 76 73 Machinery, equipment and other 531 471 Construction in progress 56 65 Total property and equipment 676 622 Accumulated depreciation (303 ) (269 ) 373 353 Product tooling, net of amortization 24 24 Property and equipment, net $ 397 $ 377 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Intangible assets as of December 31, 2018 were as follows: December 31, 2018 Estimated Weighted Average Useful Life (years) Gross Intangibles Accumulated Amortization Net Intangibles (Dollars in Millions) Definite-Lived: Developed technology 8 $ 40 $ (31 ) $ 9 Customer related 10 90 (42 ) 48 Capitalized software development 4 16 (3 ) 13 Other 20 14 (2 ) 12 Subtotal 160 (78 ) 82 Indefinite-Lived: Goodwill 47 — 47 Total $ 207 $ (78 ) $ 129 A roll-forward of the net carrying amounts of intangible assets is presented below: December 31, 2017 December 31, 2018 Gross Intangibles Accumulated Amortization Net Intangible Additions Foreign Currency Amortization Expense Net Intangibles (Dollars in Millions) Definite-Lived: Developed technology $ 40 $ (27 ) $ 13 $ — $ (1 ) $ (3 ) $ 9 Customer related 88 (35 ) 53 7 (3 ) (9 ) 48 Capitalized software development 8 (1 ) 7 8 — (2 ) 13 Other 13 (1 ) 12 2 (1 ) (1 ) 12 Subtotal 149 (64 ) 85 17 (5 ) (15 ) 82 Indefinite-Lived: Goodwill 47 — 47 2 (2 ) — 47 Total $ 196 $ (64 ) $ 132 $ 19 $ (7 ) $ (15 ) $ 129 December 31, 2016 December 31, 2017 Gross Intangibles Accumulated Amortization Net Intangibles Additions Foreign Currency Amortization Expense Net Intangibles (Dollars in Millions) Definite-Lived: Developed technology $ 40 $ (25 ) $ 15 $ — $ 1 $ (3 ) $ 13 Customer related 83 (25 ) 58 — 4 (9 ) 53 Capitalized software development 4 — 4 4 — (1 ) 7 Other 8 (1 ) 7 4 1 — 12 Subtotal 135 (51 ) 84 8 6 (13 ) 85 Indefinite-Lived: Goodwill 45 — 45 — 2 — 47 Total $ 180 $ (51 ) $ 129 $ 8 $ 8 $ (13 ) $ 132 On September 1, 2018, in connection with the VFAE acquisition, the Company recorded customer related intangible assets of $7 million . These definite lived intangible assets are being amortized using the straight-line method over their estimated useful lives of 10 to 12 years. Additionally, the Company recorded goodwill of $2 million for the excess of the total consideration over the fair values of the identifiable assets and liabilities acquired. These gross additions were partially offset by foreign currency related impacts in Customer related and Other intangibles of $5 million and $1 million , respectively. During 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 made a second contribution of $2 million during the third quarter of 2018 when the facility was substantially complete. The $4 million intangible asset, classified as "Other", is being amortized over a 36 month period on a straight-line basis beginning in January 2018 when the term of the arrangement began. During each of the years ended December 31, 2018 and 2017, the Company capitalized $8 million and $4 million respectively, related to software development cost intended for integration into customer products. The Company recorded approximately $15 million , $13 million and $15 million of amortization expense related to definite-lived intangible assets for the years ended December 31, 2018, 2017 and 2016, respectively. The Company currently estimates annual amortization expense to be $18 million , $15 million , $11 million , $11 million and $8 million for the years 2019, 2020, 2021, 2022 and 2023. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities [Abstract] | |
Other Current Liabilities [Table Text Block] | Other current liabilities are summarized as follows: December 31 2018 2017 (Dollars in Millions) Product warranty and recall accruals $ 34 $ 33 Restructuring reserves 23 24 Joint venture payables 17 12 Deferred income 16 18 Income taxes payable 15 12 Rents and royalties 14 24 Non-income taxes payable 13 10 Dividends payable 3 3 Distribution payable — 14 Other 26 30 $ 161 $ 180 |
Other Noncurrent Liabilities [Table Text Block] | s of December 31, 2018 and 2017 , deferred income, other non-current liabilities, includes approximately $12 million and $14 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, 2018 | |
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 2018 2017 2018 2017 (Dollars in Millions) Short-Term Debt: Current portion of long-term debt —% 3.9% $ — $ 2 Short-term borrowings 4.8% 3.9% 57 44 $ 57 $ 46 Long-Term Debt: Term facility due March 24, 2024 3.2% 3.6% $ 348 $ 347 |
Employee Retirement Benefits (T
Employee Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
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 2018 2017 (Dollars in Millions) Accumulated benefit obligation $ 813 $ 892 Projected benefit obligation $ 818 $ 898 Fair value of plan assets $ 582 $ 661 |
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, 2018 and 2017 are summarized in the following table: U.S. Plans Non-U.S. Plans Weighted Average Assumptions 2018 2017 2018 2017 Discount rate 4.33 % 3.65 % 3.34 % 3.28 % Rate of increase in compensation N/A N/A 3.51 % 3.62 % |
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, 2018 and 2017 , are as follows: U.S. Plans Non-U.S. Plans 2018 2017 2018 2017 (Dollars in Millions) Actuarial loss (gain) $ 13 $ (15 ) $ (4 ) $ (6 ) Deferred taxes — — 1 — Currency/other — — — 6 Reclassification to net income — — (2 ) (2 ) Divestitures — — — 4 $ 13 $ (15 ) $ (5 ) $ 2 |
Schedule of Retirement Plan expenses [Table Text Block] | U.S. Plans Non-U.S. Plans Year Ended December 31 Year Ended December 31 2018 2017 2016 2018 2017 2016 (Dollars in Millions) Costs Recognized in Income: Pension service cost: Service cost $ — $ — $ — $ (2 ) $ (2 ) $ (3 ) Pension financing benefit (cost): Interest cost (27 ) (29 ) (28 ) (8 ) (9 ) (10 ) Expected return on plan assets 41 41 42 9 9 10 Amortization of losses and other — — — (2 ) (2 ) (1 ) Settlements and curtailments — — — — 2 (1 ) Restructuring related pension cost: Special termination benefits (a) (2 ) — (6 ) — (2 ) (1 ) Net pension income (expense) $ 12 $ 12 $ 8 $ (3 ) $ (4 ) $ (6 ) Weighted Average Assumptions: Discount rate 3.65 % 4.12 % 4.37 % 3.28 % 3.51 % 4.60 % Compensation increase N/A N/A N/A 3.62 % 3.66 % 3.70 % Long-term return on assets 6.74 % 6.73 % 7.00 % 4.86 % 5.24 % 4.87 % (a) Primarily related to restructuring actions |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | 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 2018 2017 2018 2017 (Dollars in Millions) Change in Benefit Obligation: Benefit obligation — beginning $ 840 $ 828 $ 281 $ 249 Service cost — — 2 2 Interest cost 27 29 8 9 Actuarial loss (gain) (63 ) 29 (17 ) 8 Settlements and curtailments — — — (4 ) Special termination benefits 2 — — 2 Foreign exchange translation — — (16 ) 26 Divestitures — — — (4 ) Benefits paid and other (46 ) (46 ) (8 ) (7 ) Benefit obligation — ending $ 760 $ 840 $ 250 $ 281 Change in Plan Assets: Plan assets — beginning $ 647 $ 608 $ 220 $ 190 Actual return on plan assets (35 ) 84 (5 ) 14 Sponsor contributions 1 1 7 8 Settlements — — — (1 ) Foreign exchange translation — — (14 ) 16 Benefits paid and other (46 ) (46 ) (8 ) (7 ) Plan assets — ending $ 567 $ 647 $ 200 $ 220 Total funded status at end of period $ (193 ) $ (193 ) $ (50 ) $ (61 ) Balance Sheet Classification: Other non-current assets $ — $ — $ 4 $ 3 Accrued employee liabilities — — (1 ) (1 ) Employee benefits (193 ) (193 ) (53 ) (63 ) Accumulated other comprehensive loss: Actuarial loss 53 40 27 33 Tax effects/other — — (9 ) (10 ) $ 53 $ 40 $ 18 $ 23 |
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) 2019 $ 40 $ 5 2020 38 6 2021 38 6 2022 39 7 2023 40 8 Years 2024 - 2028 215 50 |
Schedule of Allocation of Plan Assets [Table Text Block] | The Company’s retirement plan asset allocation as of December 31, 2018 and 2017 and target allocation for 2019 are as follows: Target Allocation Percentage of Plan Assets U.S. Non-U.S. U.S. Non-U.S. 2019 2019 2018 2017 2018 2017 Equity securities 38 % 33 % 30 % 41 % 27 % 35 % Fixed income 15 % 43 % 18 % 16 % 41 % 43 % Alternative strategies 46 % 14 % 51 % 42 % 19 % 12 % Cash 1 % 3 % 1 % 1 % 8 % 4 % Other — % 7 % — % — % 5 % 6 % 100 % 100 % 100 % 100 % 100 % 100 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation, Performance Shares Award Nonvested 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, 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 Granted 87 124.90 Vested (63 ) 105.29 Forfeited (290 ) 33.85 Non-vested as of December 31, 2018 195 $ 110.42 |
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 2018 2017 2016 December 31, 2018 (Dollars in Millions) Performance based share units $ (2 ) $ 6 $ 4 $ 9 Restricted stock units 8 11 6 7 Stock options 2 2 2 1 Total stock-based compensation expense $ 8 $ 19 $ 12 $ 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, 2018 and 2017 are as follows: Year Ended December 31 2018 2017 Expected volatility 24.1 % 23.8 % Risk-free rate 2.33 % 1.59 % 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, 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 Granted 70 123.52 Vested (102 ) 96.34 Forfeited (34 ) 61.69 Non-vested as of December 31, 2018 164 $ 105.24 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Stock Options SARs 2018 2017 2016 2018 2017 2016 Expected term (in years) 5.00 5.00 5.00 — 5.00 4.50 Expected volatility 22.95 % 27.31 % 36.84 % — % 27.31 % 34.65 % Risk-free interest rate 2.58 % 2.03 % 1.37 % — % 2.03 % 1.83 % |
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, 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 Granted 78 124.35 — — Exercised (31 ) 68.02 (1 ) 51.25 December 31, 2018 213 $ 99.36 7 $ 72.84 Exercisable at December 31, 2018 57 $ 80.39 5 $ 64.23 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 9 3.0 $ 50.11 $60.01 - $80.00 51 4.3 $ 73.06 $80.01 - $100.00 82 5.3 $ 96.51 $100.01 - $130.00 78 6.3 $ 124.35 220 |
Other Expense, Net (Tables)
Other Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other (Income) Expense, Net [Table Text Block] | Year Ended December 31 2018 2017 2016 (Dollars in Millions) Pension financing benefits, net $ 13 $ 12 $ 12 Transformation initiatives 4 (2 ) (9 ) Gain on non-consolidated transactions, net 4 4 — Foreign currency translation charge — — (11 ) Integration costs — — (2 ) Loss on asset contributions — — (2 ) $ 21 $ 14 $ (12 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 2017 2016 (Dollars in Millions) Income (Loss) Before Income Taxes: (a) U.S $ 76 $ 84 $ 41 Non-U.S 127 132 118 Total income before income taxes $ 203 $ 216 $ 159 Current Tax Provision: U.S. federal $ — $ — $ (11 ) Non-U.S 42 42 54 Total current tax provision 42 42 43 Deferred Tax Provision (Benefit): Non-U.S 1 6 (13 ) Total deferred tax provision (benefit) 1 6 (13 ) Provision for income taxes $ 43 $ 48 $ 30 (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 21% for 2018 and 35% for 2017 and 2016 and the consolidated income tax provision from continuing operations is shown below: Year Ended December 31 2018 2017 2016 (Dollars in Millions) Tax provision (benefit) at U.S. statutory rate of 21% for 2018 and 35% for 2017 and 2016 $ 43 $ 76 $ 56 Impact of foreign operations 16 (5 ) (26 ) Non-U.S withholding taxes 14 15 13 Tax holidays in foreign operations (5 ) (7 ) (7 ) State and local income taxes 3 (1 ) (1 ) Tax reserve adjustments (6 ) (14 ) 5 Change in valuation allowance (81 ) (270 ) 25 Impact of U.S. tax reform 33 250 — Impact of tax law change 35 5 26 Worthless stock deduction — — (58 ) Research credits (5 ) (1 ) (3 ) Other (4 ) — — Provision for income taxes $ 43 $ 48 $ 30 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred income tax assets and liabilities are as follows: December 31 2018 2017 (Dollars in Millions) Deferred Tax Assets: Employee benefit plans $ 64 $ 74 Capitalized expenditures for tax reporting 3 3 Net operating losses and credit carryforwards 1,090 1,178 Fixed assets and intangibles 9 10 Restructuring 8 7 Inventory 9 7 Deferred income 5 9 Warranty 10 13 Other 57 39 Valuation allowance (1,144 ) (1,242 ) Total deferred tax assets $ 111 $ 98 Deferred Tax Liabilities: Fixed assets and intangibles $ 17 $ 15 Outside basis investment differences, including withholding tax 57 54 All other 15 6 Total deferred tax liabilities $ 89 $ 75 Net deferred tax assets (liabilities) $ 22 $ 23 Consolidated Balance Sheet Classification: Other non-current assets 45 46 Deferred tax liabilities non-current 23 23 Net deferred tax assets (liabilities) $ 22 $ 23 |
Summary of Unrecognized Tax Benefits [Table Text Block] | Year Ended December 31 2018 2017 (Dollars in Millions) Beginning balance $ 18 $ 35 Tax positions related to current period Additions — 3 Tax positions related to prior periods Reductions (4 ) (18 ) Settlements with tax authorities — (3 ) Lapses in statute of limitations (4 ) — Effect of exchange rate changes — 1 Ending balance $ 10 $ 18 |
Stock-holders' Equity and Non-c
Stock-holders' Equity and Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 2017 (Dollars in Millions) Changes in AOCI: Beginning balance $ (174 ) $ (233 ) Other comprehensive income (loss) before reclassification, net of tax (42 ) 49 Amounts reclassified from AOCI — 5 Divestitures — 5 Ending balance $ (216 ) $ (174 ) Changes in AOCI by component: Foreign currency translation adjustments Beginning balance $ (100 ) $ (163 ) Other comprehensive income (loss) before reclassification (a) (42 ) 62 Divestitures (b) — 1 Ending balance (142 ) (100 ) Net investment hedge Beginning balance (12 ) 10 Other comprehensive income (loss) before reclassification (a) 9 (22 ) Amounts reclassified from AOCI (c) (2 ) — Ending balance (5 ) (12 ) Benefit plans Beginning balance (63 ) (75 ) Other comprehensive income (loss) before reclassification, net of tax (d) (10 ) 10 Amounts reclassified from AOCI 2 (2 ) Divestitures (b) — 4 Ending balance (71 ) (63 ) Unrealized hedging gain (loss) Beginning balance 1 (5 ) Other comprehensive income (loss) before reclassification, net of tax (e) 1 (1 ) Amounts reclassified from AOCI (f) — 7 Ending balance 2 1 AOCI ending balance $ (216 ) $ (174 ) (a) There were no income tax effects for either period due to the valuation allowance. (b) Amounts are included in "Loss on divestiture" within the consolidated statements of operations. (c) Amounts are included in "Interest expense" within the consolidated statements of operations. (d) Amount included in the computation of net periodic pension cost. (See Note 14 Employee benefit plans for additional details.) Net of tax expense of $1 million related to benefit plans for the years ended December 31, 2018 and 2017 . (e) Net tax expense of less than a $1 million and $1 million million are related to unrealized hedging gain (loss) for the years ended December 31, 2018 and December 31, 2017 , respectively. |
Schedule of Non-controlling Interests [Table Text Block] | Non-controlling interests in the Visteon Corporation economic entity are as follows: December 31 2018 2017 (Dollars in Millions) Yanfeng Visteon Automotive Electronics Co., Ltd. $ 56 $ 77 Shanghai Visteon Automotive Electronics Co., Ltd. 43 44 Changchun Visteon FAWAY Automotive Electronics Co., Ltd. 15 — Other 3 3 Total non-controlling interests $ 117 $ 124 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 2018 2017 2016 (In Millions, Except Per Share Amounts) Numerator: Net income from continuing operations attributable to Visteon $ 163 $ 159 $ 115 Net income (loss) from discontinued operations attributable to Visteon 1 17 (40 ) Net income attributable to Visteon $ 164 $ 176 $ 75 Denominator: Average common stock outstanding - basic 29.5 31.6 35.0 Dilutive effect of performance based share units and other 0.2 0.6 0.4 Diluted shares 29.7 32.2 35.4 Basic and Diluted Per Share Data: Basic earnings (loss) per share attributable to Visteon: Continuing operations $ 5.53 $ 5.03 $ 3.28 Discontinued operations 0.03 0.54 (1.14 ) $ 5.56 $ 5.57 $ 2.14 Diluted earnings (loss) per share attributable to Visteon: Continuing operations $ 5.49 $ 4.94 $ 3.25 Discontinued operations 0.03 0.53 (1.13 ) $ 5.52 $ 5.47 $ 2.12 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Asset Category: Retirement plan assets $ 112 $ 271 $ 14 $ 370 $ 767 Foreign currency instruments $ — $ 1 $ — $ — $ 1 Liability Category: Foreign currency instruments $ — $ 16 $ — $ — $ 16 Interest rate swaps $ — $ 2 $ — $ — $ 2 December 31, 2017 Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Asset Category: Retirement plan assets $ 139 $ 366 $ 13 $ 349 $ 867 Interest rate swaps $ — $ 1 $ — $ — $ 1 Liability Category: Foreign currency instruments $ — $ 25 $ — $ — $ 25 |
Domestic Plan [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, 2018 Asset Category Level 1 Level 2 NAV Total (Dollars in Millions) Registered investment companies $ 3 $ — $ — $ 3 Common and preferred stocks 22 — — 22 Common trust funds — 100 127 227 LDI — 104 — 104 Limited partnerships and hedge funds — — 205 205 Cash and cash equivalents — 6 — 6 Total $ 25 $ 210 $ 332 $ 567 December 31, 2017 Asset Category Level 1 Level 2 NAV Total (Dollars in Millions) Registered investment companies $ 3 $ — $ — $ 3 Common trust funds — 185 94 279 LDI — 103 — 103 Common and preferred stock 27 — — 27 Limited partnerships and hedge funds — — 226 226 Cash and cash equivalents — 9 — 9 Total $ 30 $ 297 $ 320 $ 647 |
Significant Unobservable Inputs Used In Fair Value Measurement [Table Text Block] | |
Foreign Plan [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, 2018 Asset Category Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Registered investment companies $ 29 $ 17 $ — $ — $ 46 Treasury and government securities 50 24 — — 74 Cash and cash equivalents 6 — — — 6 Corporate debt securities — 3 — — 3 Common and preferred stock 2 — — — 2 Common trust funds — 22 — 21 43 Limited partnerships — — — 17 17 Insurance contracts — — 14 — 14 Derivative instruments — (5 ) — — (5 ) Total $ 87 $ 61 $ 14 $ 38 $ 200 December 31, 2017 Asset Category Level 1 Level 2 Level 3 NAV Total (Dollars in Millions) Registered investment companies $ 52 $ 18 $ — $ — $ 70 Treasury and government securities 45 24 — — 69 Cash and cash equivalents 7 — — — 7 Corporate debt securities 3 4 — — 7 Common and preferred stock 2 — — — 2 Common trust funds — 20 — 14 34 Limited partnerships — — — 15 15 Insurance contracts — — 13 — 13 Derivative instruments — 3 — — 3 Total $ 109 $ 69 $ 13 $ 29 $ 220 |
Significant Unobservable Inputs Used In Fair Value Measurement [Table Text Block] | Fair value measurements which used significant unobservable inputs are as follows: Insurance Contracts (Dollars in Millions) December 31, 2015 $ 10 Purchases, sales and settlements 1 December 31, 2016 $ 11 Return on assets held at the reporting date, including currency impacts 1 Purchases 1 December 31, 2017 $ 13 Purchases 1 December 31, 2018 $ 14 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 years ended December 31, 2018 and 2017 are as follows: Amount of Gain (Loss) Recorded Income (Loss) in AOCI, net of tax Reclassified from AOCI into Income (Loss) Recorded in Income (Loss) 2018 2017 2018 2017 2018 2017 (Dollars in Millions) Foreign currency risk – Cost of sales: Cash flow hedges $ — $ (2 ) $ 1 $ (6 ) $ — $ — Non-designated cash flow hedges — — — — 2 2 Interest rate risk - Interest expense, net: Net investment hedges 9 (22 ) 2 — — — Interest rate swap 1 1 (1 ) (1 ) — — $ 10 $ (23 ) $ 2 $ (7 ) $ 2 $ 2 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Year Ended December 31 2018 2017 (Dollars in Millions) Beginning balance $ 49 $ 55 Accruals for products shipped 19 20 Change in estimates (5 ) 4 Specific cause actions 9 6 Recoverable warranty/recalls 2 3 Currency/other — 2 Settlements (26 ) (41 ) Ending balance $ 48 $ 49 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31 2018 2017 2016 (Dollars in Millions) Electronics $ 330 $ 370 $ 346 Other — — (9 ) Adjusted EBITDA $ 330 $ 370 $ 337 Segment Sales Year Ended December 31 2018 2017 2016 (Dollars in Millions) Electronics $ 2,984 $ 3,146 $ 3,107 Other — — 54 Total consolidated sales $ 2,984 $ 3,146 $ 3,161 |
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, 2018 , 2017 and 2016 is as follows: Year Ended December 31 2018 2017 2016 (Dollars in Millions) Net income attributable to Visteon Corporation $ 164 176 $ 75 Depreciation and amortization 91 87 84 Restructuring expense, net 29 14 49 Interest expense, net 7 16 12 Equity in net income of non-consolidated affiliates (13 ) (7 ) (2 ) Loss on divestiture — 33 — Provision for income taxes 43 48 30 Net income (loss) from discontinued operations, net of tax (1 ) (17 ) 40 Net income attributable to non-controlling interests 10 16 16 Non-cash, stock-based compensation expense 8 12 8 Other (8 ) (8 ) 25 Adjusted EBITDA $ 330 $ 370 $ 337 |
Segment Operating Assets [Table Text Block] | |
Segment Expenditures [Table Text Block] | |
Financial Information by Geographical Region [Table Text Block] | Financial Information by Geographic Region Sales (a) Property and Equipment, net Year Ended December 31 2018 2017 2016 2018 2017 (Dollars in Millions) United States $ 654 $ 776 $ 822 $ 14 $ 11 Mexico 67 70 72 60 54 Total North America 721 846 894 74 65 Portugal 563 508 443 84 75 Slovakia 235 294 288 38 36 Tunisia 96 109 151 7 10 France 70 84 113 7 7 Other Europe 20 20 49 10 10 Germany — — — 6 4 Intra-region eliminations (3 ) (11 ) (31 ) — — Total Europe 981 1,004 1,013 152 142 China Domestic 405 381 315 — — China Export 309 363 389 — — Total China 714 744 704 86 86 Japan 494 495 516 20 21 India 114 92 66 30 29 Thailand 69 81 82 10 10 Korea 2 12 18 — — Intra-region eliminations (1 ) (1 ) — — — Total Other Asia-Pacific 678 679 682 60 60 South America 79 68 91 25 24 Inter-region eliminations (189 ) (195 ) (223 ) — — $ 2,984 $ 3,146 $ 3,161 $ 397 $ 377 (a) Company sales based on geographic region where sale originates and not where customer is located. |
Summary Quarterly Financial D_2
Summary Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following table presents summary quarterly financial data: 2018 2017 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter (Dollars in Millions, Except Per Share Amounts) Sales $ 814 $ 758 $ 681 $ 731 $ 810 $ 774 $ 765 $ 797 Gross margin 129 104 82 96 129 111 114 137 Income from continuing operations before income taxes 88 49 32 47 75 58 55 35 Net income from continuing operations 67 37 23 46 59 48 47 21 Net income 69 36 24 45 67 48 47 30 Net income attributable to Visteon Corporation $ 65 $ 35 $ 21 $ 43 $ 63 $ 45 $ 43 $ 25 Per Share Data: Basic earnings per share attributable to Visteon Corporation $ 2.14 $ 1.19 $ 0.71 $ 1.50 $ 1.94 $ 1.43 $ 1.38 $ 0.81 Diluted earnings per share attributable to Visteon Corporation $ 2.11 $ 1.17 $ 0.71 $ 1.49 $ 1.91 $ 1.41 $ 1.35 $ 0.79 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue from External Customers by Geographic Areas [Table Text Block] | Disaggregated revenue by geographical market and product lines is as follows: 2018 (Dollars in Millions) Geographical Markets (a) Europe $ 981 Americas 800 China Domestic 405 China Export 309 Other Asia-Pacific 678 Eliminations (189 ) $ 2,984 (a) Company sales based on geographic region where sale originates and not where customer is located. |
Revenue from External Customers by Products and Services [Table Text Block] | 2018 (Dollars in Millions) Product Lines Instrument clusters $ 1,209 Audio and infotainment 772 Information displays 509 Climate controls 122 Body and security 110 Telematics 68 Other (includes HUD) 194 $ 2,984 |
Description of Business (Detail
Description of Business (Details) | Dec. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Entity Number of Employees | 10,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 01, 2018 | |
Pension Financing Benefits, net | $ 13,000,000 | $ 12,000,000 | $ 12,000,000 | |||
Increases (decrease) in other income | 12,000,000 | |||||
Increase to cost of sales | 8,000,000 | |||||
Increase to selling, general and administrative expenses | 4,000,000 | |||||
Net changes in transaction price | 30,000,000 | |||||
Business Combination, Acquired Receivable, Fair Value | $ 12,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 23,000,000 | |||||
Goodwill, Acquired During Period | 2,000,000 | 0 | ||||
Other expense, net | 21,000,000 | 14,000,000 | (12,000,000) | |||
Foreign Currency Transaction Gain (Loss), before Tax | 0 | 0 | (11,000,000) | |||
Business Combination, Consideration Transferred | $ 300,000 | 17,000,000 | ||||
Business Combination, Contingent Consideration, Liability | 2,000,000 | |||||
Transformation costs | 4,000,000 | (2,000,000) | (9,000,000) | |||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 4,000,000 | 4,000,000 | 0 | |||
Business Combination, Integration Related Costs | 0 | 0 | (2,000,000) | |||
Loss on asset contribution | 0 | 0 | (2,000,000) | |||
Foreign Currency Transaction Gain (Loss), Realized | 6,000,000 | (9,000,000) | 10,000,000 | |||
Research and Development Expense | 286,000,000 | 253,000,000 | 295,000,000 | |||
Restricted cash | 4,000,000 | 3,000,000 | ||||
Allowance for Doubtful Accounts Receivable, Current | 6,000,000 | 8,000,000 | ||||
Provision for Doubtful Accounts | 2,000,000 | 3,000,000 | 2,000,000 | |||
Receivables for Customer-owned Production Tooling | 22,000,000 | 18,000,000 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 5,000,000 | |||||
Acquisition Costs, Period Cost | 1,000,000 | |||||
Increase (Decrease) Operating Activity | 2,000,000 | 4,000,000 | ||||
Increase (Decrease) Investing Activities | 2,000,000 | |||||
Increase (Decrease) in Financing Activity | 1,000,000 | |||||
Operating Lease, Liability | 145,000,000 | |||||
Operating Lease, Right-of-Use Asset | 165,000,000 | |||||
Letter of Credit Reimbursement and Security Agreement [Member] | ||||||
Restricted cash | 2,000,000 | |||||
Cash Collateral For Other Corporate Purposes [Member] | ||||||
Restricted cash | $ 2,000,000 | |||||
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 | |||||
HVCC [Member] | ||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 3,000,000 | $ 4,000,000 | 7,000,000 | (2,000,000) | ||
In Process Research and Development [Member] | ||||||
Research and Development Expense | $ 146,000,000 | $ 133,000,000 | $ 104,000,000 |
Business Acquisitions (Details)
Business Acquisitions (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 01, 2018 | Aug. 31, 2018 | |
Business Acquisition, Effective Date of Acquisition | Sep. 1, 2018 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 16,000,000 | |||||
Business Combination, Contingent Consideration, Liability | $ 2,000,000 | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 5,000,000 | |||||
Business Combination, Acquired Receivable, Fair Value | 12,000,000 | |||||
Business Combination, Consideration Transferred | $ 300,000 | 17,000,000 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 50.00% | |||||
Business Combination, Contingent Consideration, Liability, Noncurrent | $ 4,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 23,000,000 | |||||
Acquisition Costs, Period Cost | 1,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 6,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 4,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other | 5,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 6,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | 2,000,000 | |||||
Intangible Assets, Net (Including Goodwill) | 132,000,000 | $ 129,000,000 | $ 129,000,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 1,000,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 53,000,000 | |||||
Stockholders' Equity Attributable to Parent | 637,000,000 | $ 465,000,000 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 1.00% | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 51.00% | |||||
Business Combination, Reason for Business Combination | The Company made this additional investment as part of its long-term strategic plan for VFAE. The investment will contribute to the business growth and enhanced economic performance of VFAE by leveraging Visteon’s manufacturing technology and engineering capabilities. | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Valuation Techniques | Fair values of equity investment and non-controlling interest, as of the acquisition date were estimated using the discounted cash flow technique of the income approach | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 10,000,000 | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 4,000,000 | |||||
VFAE [Member] | ||||||
Accounts Payable, Related Parties | $ 9,000,000 | |||||
Taxes Payable | 1,000,000 | |||||
Intangible Assets, Net (Including Goodwill) | 9,000,000 | |||||
Business Combination, Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | 15,000,000 | |||||
Stockholders' Equity Attributable to Parent | $ 15,000,000 |
Divestitures (Details)
Divestitures (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gain (Loss) on Disposition of Assets | $ 0 | $ (33,000,000) | $ 0 | ||||||||
cash contribution-France Transaction | 13,000,000 | ||||||||||
Transformation costs | 4,000,000 | (2,000,000) | (9,000,000) | ||||||||
Asset Impairment Charges | 0 | 0 | (1,000,000) | ||||||||
working capital and other impact - France Transaction | 7,000,000 | ||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 463,000,000 | $ 706,000,000 | 463,000,000 | 706,000,000 | |||||||
Liability, Reporting Currency Denominated, Value | 11,000,000 | 11,000,000 | |||||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | 0 | 0 | 356,000,000 | ||||||||
Revenues | $ 731,000,000 | $ 681,000,000 | $ 758,000,000 | $ 814,000,000 | 797,000,000 | $ 765,000,000 | $ 774,000,000 | $ 810,000,000 | 2,984,000,000 | 3,146,000,000 | 3,161,000,000 |
Payments to Acquire Businesses and Interest in Affiliates | 47,000,000 | ||||||||||
Gain on repurchase of India operations | 7,000,000 | ||||||||||
HVCC [Member] | |||||||||||
Gain (loss) on business divestiture | $ 3,000,000 | 4,000,000 | 7,000,000 | (2,000,000) | |||||||
SOUTH AFRICA | |||||||||||
Gain on non-consolidated affiliate transactions | 2,000,000 | ||||||||||
Revenues | 9,000,000 | ||||||||||
Interiors [Member] | |||||||||||
Gain (loss) on business divestiture | $ 7,000,000 | 0 | (8,000,000) | (19,000,000) | |||||||
Europe [Member] | |||||||||||
Revenues | $ 981,000,000 | 1,004,000,000 | $ 1,013,000,000 | ||||||||
Europe [Member] | Germany Interiors Operations [Domain] | |||||||||||
Payment associated with business disposal | $ 35,000,000 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Restructuring Reserve, Accrual Adjustment | $ (2) | $ (5) | $ (4) | ||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (1) | 2 | (1) | ||||
Payments to Acquire Businesses and Interest in Affiliates | 47 | ||||||
Gain on repurchase of India operations | 7 | ||||||
Income Tax Expense (Benefit) | (43) | (48) | (30) | ||||
Sales | 0 | 0 | 45 | ||||
Cost of sales | (5) | 0 | (59) | ||||
Gross margin | (5) | 0 | (14) | ||||
Selling, general and administrative expenses | (1) | 0 | (5) | ||||
Asset Impairment Charges | 0 | 0 | (1) | ||||
Restructuring expenses | (1) | 0 | (4) | ||||
Other expense | 0 | 0 | (2) | ||||
(Loss) income from discontinued operations before income taxes | (3) | 15 | (47) | ||||
Provision for income taxes | 4 | 2 | 7 | ||||
Net (loss) income from discontinued operations, net of tax | 17 | (40) | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 1 | 17 | (40) | ||||
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 | $ (3) | (4) | (7) | 2 | |||
Interiors [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain (loss) on business divestiture | $ (7) | 0 | 8 | 19 | |||
Electronics [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Restructuring Reserve, Accrual Adjustment | (2) | (4) | (4) | ||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (1) | 2 | (1) | ||||
Other Segments [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Restructuring Reserve, Accrual Adjustment | 0 | (1) | 0 | ||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | $ 0 | $ 0 | $ 0 |
Non-Consolidated Affiliates (De
Non-Consolidated Affiliates (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 01, 2018 | Dec. 31, 2014 | |
Business Acquisition, Percentage of Voting Interests Acquired | 1.00% | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 51.00% | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 4 | |||||
Revenue from Related Parties | $ 52 | $ 52 | ||||
Investments in non-consolidated affiliates | $ 42 | $ 41 | $ 41 | |||
Equity Method Investment, Ownership Percentage | 13.00% | 50.00% | 50.00% | |||
Gain on sale of joint venture interest | $ 5 | |||||
Equity in net income of non-consolidated affiliates | $ 13 | $ 7 | 2 | |||
Due to Related Parties, Noncurrent | 17 | 12 | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 105 | 100 | ||||
Guarantor Obligations, Current Carrying Value | 11 | 15 | ||||
Cost-method Investments, Realized Gains | 4 | $ 5 | ||||
Related Party Transaction, Purchases from Related Party | 79 | 64 | ||||
Yanfeng Visteon Electronics (China) Investment Company [Member] | ||||||
Investments in non-consolidated affiliates | 38 | 28 | ||||
YFVE [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | |||||
YFVIC [Member] | ||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||
Changchun FAWAY Auto Electronics Co., Ltd. [Member] | ||||||
Investments in non-consolidated affiliates | 0 | $ 10 | ||||
All Other Non-consolidated Affiliates [Member] | ||||||
Investments in non-consolidated affiliates | 4 | 3 | ||||
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 | 36 | 35 | ||||
Other Noncurrent Assets [Member] | ||||||
Due from Related Parties, Noncurrent | $ 20 | $ 22 |
Investments in Affiliates (Deta
Investments in Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in net income of non-consolidated affiliates | $ 13 | $ 7 | $ 2 |
Equity Method Investment, Ownership Percentage | 13.00% | 50.00% | 50.00% |
Investments in non-consolidated affiliates | $ 42 | $ 41 | $ 41 |
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 | $ 38 | 28 | |
Changchun FAWAY Auto Electronics Co., Ltd. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in non-consolidated affiliates | 0 | 10 | |
All Other Non-consolidated Affiliates [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in non-consolidated affiliates | $ 4 | $ 3 |
Restructuring Activities (Detai
Restructuring Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 29 | $ 14 | $ 49 | ||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Current Beginning | $ (24) | (24) | (40) | (38) | |
Expense | 32 | 19 | 57 | ||
Reversals | (2) | (5) | (4) | ||
Exchange | (1) | 2 | (1) | ||
Utilization | (30) | (32) | (50) | ||
Restructuring Reserve, Current Ending | (23) | (24) | (40) | ||
Electronics [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 31 | 19 | 41 | ||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Current Beginning | (18) | (18) | (31) | (33) | |
Reversals | (2) | (4) | (4) | ||
Exchange | (1) | 2 | (1) | ||
Utilization | (26) | (30) | (38) | ||
Restructuring Reserve, Current Ending | (20) | (18) | (31) | ||
Other Segments [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Current Beginning | (6) | (6) | (9) | (5) | |
Expense | 1 | 16 | |||
Reversals | 0 | (1) | 0 | ||
Exchange | 0 | 0 | 0 | ||
Utilization | (4) | (2) | (12) | ||
Restructuring Reserve, Current Ending | (3) | (6) | (9) | ||
2016 Electronics Restructuring Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, net of reversals | 11 | ||||
2016 Engineering & SGA [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, net of reversals | 5 | 14 | 26 | ||
Restructuring Charges | 45 | ||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Current Ending | (2) | ||||
2016 Other Restructuring Program [Member] [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, net of reversals | 16 | ||||
Restructuring Charges | $ 1 | ||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Current Ending | (3) | ||||
2011 Climate Segment Restructuring Actions [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, net of reversals | $ 3 | ||||
North America Manufacturing [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, net of reversals | $ 2 | ||||
South America Legacy & North America Manufacturing [Member] [Member] | |||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Current Ending | (3) | ||||
2018 Engineering & SGA [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, net of reversals | 19 | ||||
Restructuring Charges | 25 | ||||
Restructuring Reserve [Roll Forward] | |||||
Restructuring Reserve, Current Ending | (14) | ||||
restructuring charges, net of reversal, including discontinued operations [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges, net of reversals | $ 30 | $ 14 | $ 53 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Raw materials | $ 124 | $ 133 |
Work-in-process | 26 | 24 |
Finished products | 34 | 32 |
Inventories, net | $ 184 | $ 189 |
Other Assets (Details)
Other Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Assets [Abstract] | |||
Recoverable taxes, current | $ 46,000,000 | $ 56,000,000 | |
Joint venture receivables | 37,000,000 | 43,000,000 | |
Prepaid assets and deposits | 20,000,000 | 36,000,000 | |
Notes Receivable, Related Parties, Current | 12,000,000 | 23,000,000 | |
Contractually reimbursable engineering costs, current | 40,000,000 | 14,000,000 | |
Other Assets, Miscellaneous, Current | 4,000,000 | 3,000,000 | |
Other Assets, Current | 159,000,000 | 175,000,000 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes, Loans and Financing Receivable, Gross, Current | 36,000,000 | 16,000,000 | $ 2,000,000 |
Deferred Tax Assets, Net, Noncurrent | 45,000,000 | 46,000,000 | |
Value Added Tax Receivable, Noncurrent | 33,000,000 | 35,000,000 | |
Notes Receivable, Related Parties, Noncurrent | 20,000,000 | 22,000,000 | |
Contractual engineering cost recoveries, non-current | 29,000,000 | 24,000,000 | |
Notes, Loans and Financing Receivable, Gross, Noncurrent | 0 | 10,000,000 | |
Other Assets, Miscellaneous, Noncurrent | 16,000,000 | 14,000,000 | |
Other Assets, Noncurrent | 143,000,000 | 151,000,000 | |
Reimbursement for engineering costs in year one | 40,000,000 | ||
Reimbursement for engineering costs expected in year two | 19,000,000 | ||
Reimbursement for engineering costs expected in year three | 9,000,000 | ||
Reimbursement for engineering costs expected in year four | 1,000,000 | ||
Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes, Loans and Financing Receivable, Gross, Current | 3,000,000 | $ 10,000,000 | |
Notes Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest Income, Other | $ 1,000,000 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Capitalized Computer Software, Net | $ 19 | $ 11 | ||
Capitalized Computer Software, Amortization | 7 | 4 | $ 4 | $ 4 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 18 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 15 | 16 | ||
Future Amortization Expense, Year Three | 11 | |||
Land | 13 | 13 | ||
Buildings and improvements | 76 | 73 | ||
Machinery, equipment and other | 531 | 471 | ||
Construction in progress | 56 | 65 | ||
Total property and equipment | 676 | 622 | ||
Accumulated depreciation | (303) | (269) | ||
Property and equipment, net, before product tooling | 373 | 353 | ||
Property and equipment, net | 397 | 377 | ||
Depreciation | 73 | 71 | 66 | |
Depreciation and Amortization Expense | 76 | 74 | 69 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 11 | |||
Computer Software, Intangible Asset [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 7 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 6 | |||
Future Amortization Expense, Year Three | 4 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1 | |||
Product tooling [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, net | 24 | 24 | ||
Amortization | $ 3 | $ 3 | $ 3 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 01, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Net | $ 82 | $ 85 | $ 84 | ||
Definite-Lived Intangible Assets [Abstract] | |||||
Finite-Lived Intangible Assets, Gross | 160 | 149 | 135 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (78) | (64) | (51) | ||
Goodwill and Indefinite-lived Intangible Assets, Net | 47 | 47 | 45 | ||
Goodwill and indefinite-lived intangible assets [Abstract] | |||||
Goodwill, Gross | 47 | 47 | 45 | ||
Goodwill | 0 | ||||
Intangible Assets, Gross (Including Goodwill) | 207 | 196 | 180 | ||
Intangible Assets, Net (Including Goodwill) | 129 | 132 | 129 | ||
Finite-lived Intangible Assets Acquired | 17 | 8 | |||
Goodwill, Acquired During Period | 2 | 0 | |||
Intangible Assets Net Including Goodwill Recognized From Business Acquisition | 19 | 8 | |||
Finite-Lived Intangible Assets, Translation Adjustments | $ (6) | 5 | |||
Goodwill, Translation Adjustments | 1 | ||||
Intangible Assets Including Goodwill Translation Adjustment | (7) | 8 | |||
Amortization expense | (15) | (13) | |||
Intangible Assets, Net (Excluding Goodwill) | 82 | 85 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 18 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 10 | ||||
Other Finite-Lived Intangible Assets, Gross | 2 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 15 | 16 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 11 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 11 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 8 | ||||
Software and Software Development Costs [Member] | |||||
Definite-Lived Intangible Assets [Abstract] | |||||
Finite-Lived Intangible Assets, Gross | 4 | ||||
Total American Center for Mobility [Member] | |||||
Goodwill and indefinite-lived intangible assets [Abstract] | |||||
Other Finite-Lived Intangible Assets, Gross | 4 | ||||
Electronics [Member] | |||||
Goodwill and indefinite-lived intangible assets [Abstract] | |||||
Amortization expense | (15) | (13) | $ 15 | ||
VFAE [Member] | |||||
Goodwill and indefinite-lived intangible assets [Abstract] | |||||
Intangible Assets, Net (Including Goodwill) | $ 9 | ||||
Goodwill [Member] | |||||
Goodwill and indefinite-lived intangible assets [Abstract] | |||||
Goodwill, Translation Adjustments | (2) | 2 | |||
Amortization expense | 0 | $ 0 | |||
Goodwill [Member] | VFAE [Member] | |||||
Definite-Lived Intangible Assets [Abstract] | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | $ 2 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Dividends Payable | $ 2 | $ 1,750 | ||
Sale Leaseback Transaction, Deferred Gain, Net | $ 12 | 14 | ||
Payments of Capital Distribution | 14 | 1 | $ 1,736 | |
Product Warranty Accrual, Current | 34 | 33 | ||
Restructuring Reserve | 23 | 24 | ||
Rent and royalties | 14 | 24 | ||
Deferred Revenue, Current | 16 | 18 | ||
Distribution Payable | 0 | 14 | ||
Accrued Income Taxes, Current | 15 | 12 | ||
Joint venture payables | 17 | 12 | ||
Accrual for Taxes Other than Income Taxes, Current | 13 | 10 | ||
Dividends Payable, Current | 3 | 3 | ||
Other Sundry Liabilities, Current | 26 | 30 | ||
Other Liabilities, Current | 161 | 180 | ||
Hedging Liabilities, Noncurrent | 18 | 23 | ||
Deferred Revenue | 14 | 16 | ||
Product Warranty Accrual, Noncurrent | 14 | 16 | ||
Accrued Income Taxes, Noncurrent | 6 | 12 | ||
Accrual for Taxes Other than Income Taxes | 5 | 7 | ||
Other Sundry Liabilities, Noncurrent | 19 | 21 | ||
Other Liabilities, Noncurrent | $ 76 | 95 | ||
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, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 24, 2017USD ($) | |
Short-term debt [Abstract] | ||||||||
Current portion of long-term debt | $ 2 | $ 2 | ||||||
Other - short-term | 44 | $ 57 | 44 | |||||
Short-term debt | 46 | 57 | 46 | |||||
Long-term debt | ||||||||
Long-term debt | 347 | 348 | 347 | |||||
Amended LOC Agreement facility capacity | 17 | 14 | $ 17 | $ 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 | $ 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 | |||||||
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% | 3.20% | 3.60% | |||||
Unsecured long-term debt, non-current | $ 347 | $ 348 | $ 347 | |||||
Debt Instrument, face amount | $ 350 | $ 350 | $ 350 | $ 350 | $ 350 | |||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | 2.75% | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.50%) | (0.75%) | ||||||
Term loan, required periodic payment | 2.00% | 1.75% | 1.75% | |||||
Current Portion of Long-term Debt [Member] | ||||||||
Short-term debt [Abstract] | ||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.90% | 0.00% | 3.90% | |||||
Other Short-term Debt [Member] | ||||||||
Short-term debt [Abstract] | ||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.90% | 4.80% | 3.90% | |||||
Affiliated Entity [Member] | ||||||||
Long-term debt | ||||||||
Working capital facility availability | $ 29 | |||||||
Revolving Credit Facility [Member] | ||||||||
Long-term debt | ||||||||
Total facility size | $ 75 | $ 75 | ||||||
borrowing capacity under swing line advances | $ 20 | $ 20 | ||||||
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 | ||||||||
Line of Credit Facility, Interest Rate Description | 0.0275 | |||||||
Financial maintenance covenant | 3 | |||||||
Minimum [Member] | ||||||||
Long-term debt | ||||||||
Line of Credit Facility, Interest Rate Description | 0.02 | |||||||
Financial maintenance covenant | 1 |
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, Plan Assets, Payment for Settlement | $ 5 |
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement | 5 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (1) |
Benefit Expenses (Details)
Benefit Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
U.S Defined Contribution Plan Matching Contributions | 100.00% | |||
Defined Contribution Plan, matching contribution expenses | $ 7 | $ 8 | $ 9 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | $ 5 | |||
Benefit Expenses | ||||
Settlements and curtailments | $ 1 | |||
Domestic Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Payment for Settlement | ||||
Benefit Expenses | ||||
Defined Benefit Plan, Interest Cost | (27) | (29) | (28) | |
Expected return on plan assets | 41 | 41 | 42 | |
Settlements and curtailments | 0 | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | (2) | 0 | (6) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 12 | $ 12 | $ 8 | |
Amortization of: | ||||
Discount rate for expense | 3.65% | 4.12% | 4.37% | |
Assumed long-term rate of return on assets | 6.74% | 6.73% | 7.00% | |
Foreign Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Payment for Settlement | $ 1 | |||
Benefit Expenses | ||||
Service cost | $ (2) | (2) | $ (3) | |
Defined Benefit Plan, Interest Cost | (8) | (9) | (10) | |
Expected return on plan assets | 9 | 9 | 10 | |
Settlements and curtailments | 2 | (1) | ||
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | 0 | (2) | (1) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (3) | (4) | (6) | |
Amortization of: | ||||
Losses and other | $ (2) | $ (2) | $ (1) | |
Discount rate for expense | 3.28% | 3.51% | 4.60% | |
Rate of increase in compensation | 3.51% | 3.62% | ||
Assumed long-term rate of return on assets | 4.86% | 5.24% | 4.87% | |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | ||||
Amortization of: | ||||
Rate of increase in compensation | 3.62% | 3.66% | 3.70% | |
6% of pay contributed employer match [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
U.S Defined Contribution Plan Matching Contributions | 6.00% |
Change in Benefit Obligation (D
Change in Benefit Obligation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | $ 990 | |||
Defined Benefit Plan, Plan Assets, Amount | 582 | $ 661 | ||
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, Postretirement and Supplemental Plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit Obligation Beginning Balance | 1,093 | |||
Benefit Obligation Ending Balance | 1,093 | |||
Domestic Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 567 | 647 | $ 608 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (193) | $ (193) | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.33% | 3.65% | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit Obligation Beginning Balance | $ 840 | $ 828 | ||
Defined Benefit Plan, Interest Cost | 27 | 29 | 28 | |
Actuarial loss/(gain) | (63) | 29 | ||
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | 2 | 0 | 6 | |
Foreign exchange translation | ||||
Defined Benefit Plan, Benefit Obligations, Acquisitions and Divestitures | ||||
Benefits paid and other | (46) | (46) | ||
Benefit Obligation Ending Balance | 840 | $ 828 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Actual return on plan assets | (35) | 84 | ||
Sponsor contributions | 1 | 1 | ||
Settlements | ||||
Accumulated other comprehensive income/(Loss) | $ 53 | $ 40 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Defined Benefit Plan, Expected Return on Plan Assets | 6.74% | 6.73% | 7.00% | |
Defined Benefit Plans Benefits Paid Other | $ 46 | $ 46 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (53) | (40) | ||
Accumulated Other Comprehensive Income Pension and Other Postretirement Benefit Plans Tax | 0 | 0 | ||
Domestic Plan [Member] | Employee Benefits [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Liability, Defined Benefit Plan, Noncurrent | (193) | (193) | ||
Domestic Plan [Member] | Continuing Operations [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 567 | 647 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit Obligation Beginning Balance | 840 | |||
Benefit Obligation Ending Balance | 760 | 840 | ||
Foreign Plan [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 200 | 220 | $ 190 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (50) | $ (61) | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.34% | 3.28% | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit Obligation Beginning Balance | $ 249 | |||
Service cost | $ 2 | 2 | 3 | |
Defined Benefit Plan, Interest Cost | 8 | 9 | 10 | |
Actuarial loss/(gain) | (17) | 8 | ||
Settlements and curtailments | (4) | |||
Defined Benefit Plan, Benefit Obligation, Special and Contractual Termination Benefits | 0 | 2 | 1 | |
Foreign exchange translation | (16) | 26 | ||
Defined Benefit Plan, Benefit Obligations, Acquisitions and Divestitures | (4) | |||
Benefits paid and other | (8) | (7) | ||
Benefit Obligation Ending Balance | $ 249 | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Actual return on plan assets | (5) | 14 | ||
Sponsor contributions | 7 | 8 | ||
Settlements | (1) | |||
Foreign exchange translation | (14) | 16 | ||
Accumulated other comprehensive income/(Loss) | $ 18 | $ 23 | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Defined Benefit Plan, Expected Return on Plan Assets | 4.86% | 5.24% | 4.87% | |
Defined Benefit Plans Benefits Paid Other | $ 8 | $ 7 | ||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (27) | (33) | ||
Accumulated Other Comprehensive Income Pension and Other Postretirement Benefit Plans Tax | 9 | 10 | ||
Foreign Plan [Member] | Other Noncurrent Assets [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Assets for Plan Benefits, Defined Benefit Plan | 4 | 3 | ||
Foreign Plan [Member] | Accrued Employee Liabilities [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Liability, Defined Benefit Plan, Current | (1) | (1) | ||
Foreign Plan [Member] | Employee Benefits [Member] | ||||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||||
Liability, Defined Benefit Plan, Noncurrent | (53) | (63) | ||
Foreign Plan [Member] | Continuing Operations [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 200 | 220 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit Obligation Beginning Balance | 281 | |||
Benefit Obligation Ending Balance | $ 250 | $ 281 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 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] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 813,000 | $ 892 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 46 | (68) | $ 11 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (1) | (1) | $ (3) |
Domestic Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (13) | 15 | |
Defined Benefit Plan Divestitures Accumulated Other Comprehensive Income | 0 | 0 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 13 | (15) | |
Foreign Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 4 | 6 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 6 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | (2) | (2) | |
Defined Benefit Plan Divestitures Accumulated Other Comprehensive Income | 4 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (5) | $ 2 | |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 1 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 1 |
Future Benefit Payments (Detail
Future Benefit Payments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Foreign Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 5 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 6 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 6 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 7 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 8 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 7 | $ 8 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 6 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 50 | |
Domestic Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 40 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 38 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 38 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 39 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 40 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1 | $ 1 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 1 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 215 |
Asset Allocation (Details)
Asset Allocation (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Domestic Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 100.00% | 100.00% | |
Domestic Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 30.00% | 41.00% | |
Domestic Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 18.00% | 16.00% | |
Domestic Plan [Member] | Other Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 51.00% | 42.00% | |
Domestic Plan [Member] | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 1.00% | 1.00% | |
Domestic Plan [Member] | Scenario, Forecast [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | ||
Domestic Plan [Member] | Scenario, Forecast [Member] | Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 38.00% | ||
Domestic Plan [Member] | Scenario, Forecast [Member] | Debt Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15.00% | ||
Domestic Plan [Member] | Scenario, Forecast [Member] | Other Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 46.00% | ||
Domestic Plan [Member] | Scenario, Forecast [Member] | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 1.00% | ||
Foreign Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 100.00% | 100.00% | |
Foreign Plan [Member] | Other Plan Asset Categories [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 5.00% | 6.00% | |
Foreign Plan [Member] | Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 27.00% | 35.00% | |
Foreign Plan [Member] | Debt Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 41.00% | 43.00% | |
Foreign Plan [Member] | Other Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 19.00% | 12.00% | |
Foreign Plan [Member] | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Plan Assets | 8.00% | 4.00% | |
Foreign Plan [Member] | Scenario, Forecast [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | ||
Foreign Plan [Member] | Scenario, Forecast [Member] | Other Plan Asset Categories [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 7.00% | ||
Foreign Plan [Member] | Scenario, Forecast [Member] | Equity Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 33.00% | ||
Foreign Plan [Member] | Scenario, Forecast [Member] | Debt Securities [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 43.00% | ||
Foreign Plan [Member] | Scenario, Forecast [Member] | Other Investments [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 14.00% | ||
Foreign Plan [Member] | Scenario, Forecast [Member] | Cash [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 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, 2019 | Dec. 31, 2016 | Dec. 31, 2014 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 813,000 | $ 892 | |||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 818 | 898 | |||
Defined Benefit Plan, Plan Assets, Amount | 582 | 661 | |||
Other Pension, Postretirement and Supplemental Plans [Member] | |||||
Defined Benefit Plan, Benefit Obligation | 1,093 | ||||
Other Postretirement Benefit Plan, Defined Benefit [Member] | |||||
Defined Benefit Plan, Benefit Obligation | $ 1 | 2 | $ 6 | ||
Domestic Plan [Member] | |||||
Defined Benefit Plan, Benefit Obligation | $ 840 | $ 828 | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.33% | 3.65% | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1 | $ 1 | |||
Defined Benefit Plan, Plan Assets, Amount | $ 567 | $ 647 | $ 608 | ||
Domestic Plan [Member] | Scenario, Forecast [Member] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Decrease to selling, general and administrative expenses | $ 10 | |||
Common Stock, Dividends, Per Share, Declared | $ 43.40 | |||
Dividends Payable | $ 2 | $ 1,750 | ||
Allocated Share-based Compensation Expense | 8 | 12 | $ 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 | 8 | $ 11 | $ 6 | |
Unrecognized compensation expense | $ 7 | |||
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 | 0.00% | 27.31% | 34.65% | |
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 | 24.10% | 23.80% | ||
Allocated Share-based Compensation Expense | $ (2) | $ 6 | $ 4 | |
Unrecognized compensation expense | $ 9 | |||
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 | 22.95% | 27.31% | 36.84% | |
Allocated Share-based Compensation Expense | $ 2 | $ 2 | $ 2 | |
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 | $ 8 | $ 19 | $ 12 |
Performance Based Share Units (
Performance Based Share Units (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 8 | $ 12 | $ 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 | $ 123.52 | $ 94.73 | $ 81.05 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 96.34 | 83.46 | 90.45 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 61.69 | $ 83.66 | $ 79.11 | |
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 | $ (2) | $ 6 | $ 4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 87,000 | 78,000 | 82,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 33.85 | $ 103.72 | $ 68.70 | |
Unrecognized compensation expense | $ 9 | |||
Expected volatility | 24.10% | 23.80% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.33% | 1.59% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 195,000 | 461,000 | 414,000 | 662,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 110.42 | $ 58.76 | $ 51.94 | $ 37.92 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 124.90 | $ 110.66 | $ 89.79 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (63,000) | (16,000) | (324,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 105.29 | $ 90.45 | $ 32.58 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (290,000) | (15,000) | (6,000) | |
Performance Based Units Equity Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 9 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | |||
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 12 days | |||
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 | $ 2 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 77.36 | $ 72.01 | ||
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 | 22.95% | 27.31% | 36.84% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.58% | 2.03% | 1.37% | |
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 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||
Expected volatility | 0.00% | 27.31% | 34.65% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.00% | 2.03% | 1.83% | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 7,000 | 8,000 | 13,000 | 15,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,000) | (7,000) | (3,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (1,000) | |||
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 | 70,000 | 76,000 | 94,000 | |
Unrecognized compensation expense | $ 7 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 123.52 | $ 94.51 | $ 81.54 | |
Two Thousand Ten Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 8 | $ 19 | $ 12 |
RSAs and RSUs (Details)
RSAs and RSUs (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 17 | |||
Allocated Share-based Compensation Expense | $ 8 | $ 12 | $ 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 | $ 105.24 | $ 87.09 | $ 83.30 | $ 84.26 |
Awards granted weighted average grant date fair value | 123.52 | 94.73 | 81.05 | |
Vested Weighted Average Grant Date Fair Value | 96.34 | 83.46 | 90.45 | |
Forfeited Weighted Average Grant Date Fair Value | $ 61.69 | $ 83.66 | $ 79.11 | |
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 12 days | |||
Cash payments | $ 1 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | 7 | |||
Allocated Share-based Compensation Expense | 8 | $ 11 | $ 6 | |
Cash payments | $ 1 | $ 1 | $ 1 | |
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 | 230,000 | 170,000 | 86,000 | |
Granted | 70,000 | 99,000 | 112,000 | |
Vested | 102,000 | 29,000 | 17,000 | |
Forfeited | (34,000) | (10,000) | (11,000) | |
Non-vested at end of period | 164,000 | 230,000 | 170,000 | |
Restricted Stock Units Equity Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 7 | |||
Weighted average remaining vesting period | 1 year 8 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted | 70,000 | 76,000 | 94,000 | |
Awards granted weighted average grant date fair value | $ 123.52 | $ 94.51 | $ 81.54 | |
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average remaining vesting period | 1 year | |||
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 | 8,000 | 13,000 | 15,000 | |
Granted | 0 | 0 | ||
Vested | 1,000 | 7,000 | 3,000 | |
Forfeited | (1,000) | |||
Non-vested at end of period | 7,000 | 8,000 | 13,000 | |
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 | $ 2 | |
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 | ||
Awards granted weighted average grant date fair value | $ 95.45 | $ 78.49 | ||
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 | 55,000 | |||
Weighted average grant date fair value | $ 125.10 | |||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Proceeds from Stock Options Exercised | $ 3 | $ 2 | $ 1 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 2 | 1 | 1 | |
Unrecognized compensation expense | 17 | |||
Allocated Share-based Compensation Expense | $ 8 | $ 12 | $ 8 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 123.52 | $ 94.73 | $ 81.05 | |
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 | 220,000 | |||
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 | 9,000 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 years | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 50.11 | |||
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 | 51,000 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 3 months 18 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 73.06 | |||
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 | 82,000 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 years 3 months 6 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 96.51 | |||
Price Range Four [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 | 78,000 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 3 months 18 days | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 124.35 | |||
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 | $ 9 | |||
Allocated Share-based Compensation Expense | $ (2) | $ 6 | $ 4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 124.90 | $ 110.66 | $ 89.79 | |
Expected volatility | 24.10% | 23.80% | ||
Risk-free interest rate | 2.33% | 1.59% | ||
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 | $ 33.85 | $ 103.72 | $ 68.70 | |
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 | 461,000 | 414,000 | 662,000 | |
Granted | 87,000 | 78,000 | 82,000 | |
Exercised | (63,000) | (16,000) | (324,000) | |
Forfeited | (290,000) | (15,000) | (6,000) | |
Non-vested at end of period | 195,000 | 461,000 | 414,000 | |
Restricted Stock Units Equity Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 7 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 123.52 | $ 94.51 | $ 81.54 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted | 70,000 | 76,000 | 94,000 | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 7 | |||
Allocated Share-based Compensation Expense | $ 8 | $ 11 | $ 6 | |
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 | 230,000 | 170,000 | 86,000 | |
Granted | 70,000 | 99,000 | 112,000 | |
Exercised | (102,000) | (29,000) | (17,000) | |
Forfeited | (34,000) | (10,000) | (11,000) | |
Non-vested at end of period | 164,000 | 230,000 | 170,000 | |
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 | $ 64.23 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||
Expected Term | 0 years | 5 years | 4 years 6 months | |
Expected volatility | 0.00% | 27.31% | 34.65% | |
Risk-free interest rate | 0.00% | 2.03% | 1.83% | |
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 | 8,000 | 13,000 | 15,000 | |
Granted | 0 | 0 | ||
Exercised | (1,000) | (7,000) | (3,000) | |
Forfeited | (1,000) | |||
Non-vested at end of period | 7,000 | 8,000 | 13,000 | |
Non-vested SARS Weighted Average Exercise Price | $ 72.84 | $ 69.21 | $ 51.10 | $ 44.36 |
Granted SARS Weighted Average Exercise Price | 94.77 | 78.24 | ||
Exercised SARs Weighted Average Exercise Price | $ 51.25 | 44.33 | 31.28 | |
Forfeited or expired SARs Weighted Average Exercise Price | $ 59.59 | $ 59.59 | ||
Share-based Compensation Arangements by Share-based Payment Award, Equity Awards other than options, excercisable, number | 5,000 | |||
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 | $ 2 | |
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 | 22.95% | 27.31% | 36.84% | |
Risk-free interest rate | 2.58% | 2.03% | 1.37% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding Options Beginning Period | 166,000 | 115,000 | 48,000 | |
Granted | 78,000 | 84,000 | 96,000 | |
Exercised | (31,000) | (26,000) | (6,000) | |
Forfeited or expired | (7,000) | (23,000) | ||
Outstanding Options Ending Period | 213,000 | 166,000 | 115,000 | |
Outstanding Options Weighted Average Exercise Price | $ 99.36 | $ 0 | $ 68.37 | $ 59.41 |
Granted Options Weighted Average Exercise Price | 124.35 | 94.77 | 73.02 | |
Exercised Options Weighted Average Exercise Price | $ 68.02 | 65.79 | 57.46 | |
Forfeited or expired Options Weighted Average Exercise Price | 77.36 | 72.01 | ||
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 | 57,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 80.39 | |||
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 | ||
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 | ||
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Transformation costs | $ 4 | $ (2) | $ (9) |
Business Combination, Integration Related Costs | 0 | 0 | (2) |
Loss on asset contribution | 0 | 0 | (2) |
Other expense, net | $ (21) | $ (14) | $ 12 |
Provision For Income Taxes (Det
Provision For Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Deferred Tax Assets, Capital Loss Carryforwards | $ 20 | $ 20 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | 35.00% | ||
Tax Adjustments, Settlements, and Unusual Provisions | $ (2) | $ (10) | |||
Total income (loss) before income taxes | 203 | $ 216 | $ 159 | ||
Total current tax provision | 42 | 42 | 43 | ||
Total deferred tax provision (benefit) | 1 | 6 | (13) | ||
Provision for income taxes | 43 | 48 | 30 | ||
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | 43 | 76 | 56 | ||
Income Tax Reconciliation, Foreign Income Tax Rate Differential | (16) | (5) | 26 | ||
Effective Income Tax Rate Reconciliation, Non-US Withholding Taxes | 14 | 15 | 13 | ||
Income Tax Reconciliation, State and Local Income Taxes | 3 | (1) | (1) | ||
Income Tax Reconciliation, Tax Contingencies | (16) | 6 | 14 | (5) | |
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | (81) | (270) | 25 | ||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 33 | 250 | 0 | ||
Income Tax Reconciliation, Change in Enacted Tax Rate | 35 | 5 | 26 | ||
Foreign Earnings Repatriated | 33 | 19 | 52 | ||
Deferred Tax Liabilities, Other | 36 | 36 | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | 0 | 58 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | (5) | (1) | (3) | ||
Income Tax Reconciliation, Other Reconciling Items | (4) | ||||
Effective Income Tax Rate Reconciliation, Tax Holiday, Amount | (5) | (7) | (7) | ||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 19 | 19 | |||
Domestic Tax Authority [Member] | |||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 374 | $ 374 | |||
Total income (loss) before income taxes | 76 | 84 | 41 | ||
U.S. federal | (11) | ||||
Foreign Tax Authority [Member] | |||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 34 | ||||
Total income (loss) before income taxes | 127 | 132 | 118 | ||
Non-U.S. | 42 | 42 | 54 | ||
Non-U.S. | 1 | 6 | (13) | ||
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) | |||
Other Affiliates [Member] | |||||
Income Tax Reconciliation, Tax Contingencies | (3) | ||||
Mexico [Member] | |||||
Tax Adjustments, Settlements, and Unusual Provisions | 2 | ||||
Income Tax Reconciliation, Tax Contingencies | (2) | ||||
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 | 8 | 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 | $ 1 | $ 267 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Employee benefit plans | $ 64 | $ 74 | ||
Capitalized expenditures for tax reporting | 3 | 3 | ||
Net operating losses and carryforwards | 1,090 | 1,178 | ||
Deferred Tax Assets, Property, Plant and Equipment | 9 | 10 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Restructuring Charges | 8 | 7 | ||
Deferred Tax Assets, Inventory | 9 | 7 | ||
Deferred Tax Assets, Deferred Income | 5 | 9 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves | 10 | 13 | ||
All other | 57 | 39 | ||
Valuation allowance | (1,144) | (1,242) | ||
Total deferred tax assets | 111 | 98 | ||
Fixed assets and intangibles | 17 | 15 | ||
Investment in foreign affiliates, including withholding tax | 57 | 54 | ||
All other | 15 | 6 | ||
Total deferred tax liabilities | 89 | 75 | ||
Net deferred tax liabilities | 22 | 23 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 19 | |||
Annual limitations under IRC Section 382 and 383 | 120 | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 1,100 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4 | 9 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2 | 3 | ||
Reconciiation of Unrecognized Tax Benefits [Abstract] | ||||
Unrecognized Tax Benefits Beginning balance | $ 35 | 18 | 35 | |
Tax positions related to current periods | ||||
Additions | 3 | |||
Tax positions related to prior periods | ||||
Reductions | (4) | (18) | ||
Settlements with tax authorities | (3) | |||
Unrecognized Tax Benefits Ending balance | 10 | 18 | $ 35 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 4 | |||
Tax Adjustments, Settlements, and Unusual Provisions | (2) | (10) | ||
Income Tax Credits and Adjustments | 6 | |||
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | 4 | 2 | 7 | |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 16 | 5 | (26) | |
Liability for Uncertain Tax Positions, Noncurrent | 6 | |||
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 | 374 | |||
Operating Loss Carryforwards | 1,400 | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 800 | |||
State and Local Jurisdiction [Member] | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Operating Loss Carryforwards | 30 | |||
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 | 34 | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 380 | |||
Domestic Country Foreign Country And Foreign Country Witholding Taxes [Member] | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Total deferred tax liabilities | 21 | 19 | ||
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 | 14 | |||
Other Entity [Member] | ||||
Tax positions related to prior periods | ||||
Tax Adjustments, Settlements, and Unusual Provisions | 1 | |||
Tax audit appeals and refund claims receivable | 18 | |||
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 | 374 | |||
Other Noncurrent Assets [Member] | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Deferred Tax Assets, Gross | 45 | 46 | ||
Other Noncurrent Liabilities [Member] | ||||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||||
Deferred Tax Liabilities, Gross | $ 23 | $ 23 | ||
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-_2
Stockholders' Equity and Non-controlling Interests (Details) - USD ($) | Mar. 19, 2018 | Mar. 06, 2018 | Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 01, 2010 |
Accelerated Share Repurchase, Aggregate Purchase Price | $ 200,000,000 | $ 150,000,000 | $ 500,000,000 | ||||||
accelerated share repurchase, initial stock delivery | 1,978,144 | 1,587,159 | |||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 101.10 | $ 94.49 | |||||||
Payments for Repurchase of Common Stock | $ 300,000,000 | $ 200,000,000 | 500,000,000 | ||||||
Common Stock, Dividends, Per Share, Declared | $ 43.40 | ||||||||
Dividends Payable | 2,000,000 | $ 1,750,000,000 | |||||||
Payments of Capital Distribution | $ 14,000,000 | $ 1,000,000 | 1,736,000,000 | ||||||
Treasury Stock, Shares | 26,817,543 | 24,141,088 | |||||||
Non-controlling interests | $ 117,000,000 | $ 124,000,000 | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||
Accumulated other comprehensive income (loss) | $ (216,000,000) | $ (174,000,000) | (233,000,000) | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (42,000,000) | 49,000,000 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 5,000,000 | |||||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | 1,000,000 | 1,000,000 | 3,000,000 | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 1,000,000 | (1,000,000) | $ 2,000,000 | ||||||
Restricted net assets, non-consolidated affiliates | 177,000,000 | 179,000,000 | |||||||
YFVE [Member] | |||||||||
Non-controlling interests | 56,000,000 | 77,000,000 | |||||||
SVAE - Shanghai Electronics [Member] | |||||||||
Non-controlling interests | 43,000,000 | 44,000,000 | |||||||
Visteon Interiors Korea Ltd. [Member] | |||||||||
Non-controlling interests | 15,000,000 | 0 | |||||||
Other Entity [Member] | |||||||||
Non-controlling interests | $ 3,000,000 | $ 3,000,000 | |||||||
10-year Warrants [Member] | |||||||||
Class of warrant, outstanding | 909 | 909 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1.3 | ||||||||
Exercise price of warrants or rights | $ 9.66 | ||||||||
Stock Warrants, Fair Value | $ 15 | ||||||||
Accumulated Translation Adjustment [Member] | |||||||||
Accumulated other comprehensive income (loss) | $ (142,000,000) | $ (100,000,000) | $ (163,000,000) | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (42,000,000) | 62,000,000 | |||||||
Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||
Accumulated other comprehensive income (loss) | (71,000,000) | (63,000,000) | (75,000,000) | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (10,000,000) | 10,000,000 | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2,000,000 | (2,000,000) | |||||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||||||||
Accumulated other comprehensive income (loss) | 2,000,000 | 1,000,000 | $ (5,000,000) | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1,000,000 | (1,000,000) | |||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 7,000,000 | |||||||
10b5-1 Share Repurchase Program [Member] | |||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 123.12 | $ 69.48 | |||||||
Payments for Repurchase of Common Stock | $ 150,000,000 | ||||||||
Stock Repurchased During Period, Shares | 1,218,372 | 7,190,506 | |||||||
HVCC and Germany Interiors Operations [Member] | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 5,000,000 | |||||||
HVCC and Germany Interiors Operations [Member] | Accumulated Translation Adjustment [Member] | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 1,000,000 | |||||||
HVCC and Germany Interiors Operations [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 4,000,000 | |||||||
Repurchase Agreements [Member] | |||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 400,000,000 | ||||||||
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 | (5,000,000) | (12,000,000) | $ 10,000,000 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | $ 9,000,000 | $ (22,000,000) |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net income from continuing operations attributable to Visteon | $ 43 | $ 21 | $ 35 | $ 65 | $ 25 | $ 43 | $ 45 | $ 63 | $ 163 | $ 159 | $ 115 |
Loss from discontinued operations, net of tax | 1 | 17 | (40) | ||||||||
Net (loss) income attributable to Visteon | $ 164 | $ 176 | $ 75 | ||||||||
Denominator: | |||||||||||
Average common stock outstanding | 29.5 | 31.6 | 35 | ||||||||
Dilutive effect of warrants | 0.2 | 0.6 | 0.4 | ||||||||
Diluted shares | 29.7 | 32.2 | 35.4 | ||||||||
Basic earnings (loss) per share | |||||||||||
Continuing operations | $ 5.53 | $ 5.03 | $ 3.28 | ||||||||
Discontinued operations | 0.03 | 0.54 | (1.14) | ||||||||
Basic | $ 1.50 | $ 0.71 | $ 1.19 | $ 2.14 | $ 0.81 | $ 1.38 | $ 1.43 | $ 1.94 | 5.56 | 5.57 | 2.14 |
Diluted earnings (loss) per share | |||||||||||
Continuing operations | 5.49 | 4.94 | 3.25 | ||||||||
Discontinued operations | 0.03 | 0.53 | (1.13) | ||||||||
Diluted | $ 1.49 | $ 0.71 | $ 1.17 | $ 2.11 | $ 0.79 | $ 1.35 | $ 1.41 | $ 1.91 | $ 5.52 | $ 5.47 | $ 2.12 |
Fair Value Of Retirement Plan (
Fair Value Of Retirement Plan (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 582 | $ 582 | $ 661 | |
Asset Impairment Charges | 0 | 0 | $ (1) | |
Debt Instrument, Fair Value Disclosure | 388 | $ 388 | $ 401 | |
Equity Method Investment, Amount Sold | $ 1 | |||
Equity Method Investment, Ownership Percentage | 13.00% | 13.00% | 50.00% | 50.00% |
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, Plan Assets, Amount | $ 370 | $ 370 | $ 349 | |
Foreign currency instruments | 0 | 0 | 0 | |
Foreign currency instruments | 0 | 0 | 0 | |
Interest Rate Derivative Liabilities, at Fair Value | 0 | 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, Plan Assets, Amount | 112 | 112 | 139 | |
Foreign currency instruments | 0 | 0 | 0 | |
Foreign currency instruments | 0 | 0 | 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, Plan Assets, Amount | 271 | 271 | 366 | |
Foreign currency instruments | 1 | 1 | 1 | |
Foreign currency instruments | 16 | 16 | 25 | |
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, Plan Assets, Amount | 14 | 14 | 13 | |
Foreign currency instruments | 0 | 0 | 0 | |
Foreign currency instruments | 0 | 0 | 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 Liabilities, at Fair Value | 0 | 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 Liabilities, at Fair Value | 2 | 2 | ||
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 Liabilities, at Fair Value | 0 | 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, Plan Assets, Amount | 767 | 767 | 867 | |
Foreign currency instruments | 1 | 1 | 1 | |
Foreign currency instruments | 16 | 16 | 25 | |
Interest Rate Derivative Liabilities, at Fair Value | 2 | 2 | ||
Domestic Plan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 567 | 567 | 647 | $ 608 |
Domestic Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 25 | 25 | 30 | |
Domestic Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 210 | 210 | 297 | |
Domestic Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 332 | 332 | 320 | |
Domestic Plan [Member] | Registered Investment Companies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 3 | 3 | 3 | |
Domestic 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, Plan Assets, Amount | 3 | 3 | 3 | |
Domestic Plan [Member] | Registered Investment Companies [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Domestic Plan [Member] | Registered Investment Companies [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Domestic Plan [Member] | Common Trust Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 227 | 227 | 279 | |
Domestic 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, Plan Assets, Amount | 0 | 0 | 0 | |
Domestic Plan [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, Plan Assets, Amount | 100 | 100 | 185 | |
Domestic Plan [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, Plan Assets, Amount | 127 | 127 | 94 | |
Domestic Plan [Member] | LDI [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 104 | 104 | 103 | |
Domestic Plan [Member] | LDI [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Domestic Plan [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, Plan Assets, Amount | 104 | 104 | 103 | |
Domestic Plan [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, Plan Assets, Amount | 0 | 0 | 0 | |
Domestic Plan [Member] | Short-term Investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 6 | 6 | 9 | |
Domestic Plan [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, Plan Assets, Amount | 6 | 6 | 9 | |
Domestic Plan [Member] | Common And Preferred Stock [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 22 | 22 | 27 | |
Domestic 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, Plan Assets, Amount | 22 | 22 | 27 | |
Domestic Plan [Member] | Common And Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Domestic Plan [Member] | Common And Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Domestic Plan [Member] | HFF [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 205 | 205 | 226 | |
Domestic Plan [Member] | HFF [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Domestic Plan [Member] | HFF [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Domestic 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, Plan Assets, Amount | 205 | 205 | 226 | |
Domestic 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, Plan Assets, Amount | 0 | 0 | 0 | |
Domestic Plan [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, Plan Assets, Amount | 0 | 0 | 0 | |
Domestic Plan [Member] | Continuing Operations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 567 | 567 | 647 | |
Foreign Plan [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 200 | 200 | 220 | 190 |
Foreign Plan [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 87 | 87 | 109 | |
Foreign Plan [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 61 | 61 | 69 | |
Foreign Plan [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 14 | 14 | 13 | |
Foreign Plan [Member] | Registered Investment Companies [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 46 | 46 | 70 | |
Foreign 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, Plan Assets, Amount | 29 | 29 | 52 | |
Foreign Plan [Member] | Registered Investment Companies [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 17 | 17 | 18 | |
Foreign Plan [Member] | Registered Investment Companies [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Common Trust Funds [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 43 | 43 | 34 | |
Foreign 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, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [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, Plan Assets, Amount | 22 | 22 | 20 | |
Foreign Plan [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, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Common And Preferred Stock [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 2 | 2 | 2 | |
Foreign 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, Plan Assets, Amount | 2 | 2 | 2 | |
Foreign Plan [Member] | Common And Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Common And Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | HFF [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 17 | 17 | 15 | |
Foreign Plan [Member] | HFF [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | HFF [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign 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, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Cash and Cash Equivalents [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 6 | 6 | 7 | |
Foreign 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, Plan Assets, Amount | 6 | 6 | 7 | |
Foreign 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, Plan Assets, Amount | 0 | 0 | ||
Foreign Plan [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, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Corporate Debt Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 3 | 3 | 7 | |
Foreign 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, Plan Assets, Amount | 0 | 0 | 3 | |
Foreign 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, Plan Assets, Amount | 3 | 3 | 4 | |
Foreign Plan [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Insurance Contracts [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 14 | 14 | 13 | |
Foreign Plan [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Insurance Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign 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, Plan Assets, Amount | 14 | 14 | 13 | |
Unobservable inputs, Beginning Balance | 13 | 11 | 10 | |
Relating to assets still held at the reporting date | 1 | |||
Purchases, sales and settlements | 1 | 1 | 1 | |
Unobservable inputs, Ending Balance | 14 | 14 | 13 | $ 11 |
Foreign Plan [Member] | Treasury And Government Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 74 | 74 | 69 | |
Foreign 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, Plan Assets, Amount | 50 | 50 | 45 | |
Foreign 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, Plan Assets, Amount | 24 | 24 | 24 | |
Foreign Plan [Member] | Treasury And Government Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Other Misc Investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | (5) | (5) | 3 | |
Foreign Plan [Member] | Other Misc Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Other Misc Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | (5) | (5) | 3 | |
Foreign Plan [Member] | Other Misc Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Continuing Operations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 200 | 200 | 220 | |
Foreign Plan [Member] | 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, Plan Assets, Amount | 38 | 38 | 29 | |
Foreign Plan [Member] | Estimate of Fair Value Measurement [Member] | Registered Investment Companies [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Estimate of Fair Value Measurement [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, Plan Assets, Amount | 21 | 21 | 14 | |
Foreign Plan [Member] | Estimate of Fair Value Measurement [Member] | Common And Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Estimate of Fair Value Measurement [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, Plan Assets, Amount | 17 | 17 | 15 | |
Foreign Plan [Member] | Estimate of Fair Value Measurement [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, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Estimate of Fair Value Measurement [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Estimate of Fair Value Measurement [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, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Estimate of Fair Value Measurement [Member] | Treasury And Government Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | 0 | |
Foreign Plan [Member] | Estimate of Fair Value Measurement [Member] | Other Misc Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 | $ 0 |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 17, 2018 | May 30, 2018 | |
Derivative [Line Items] | ||||||
Derivative, Excluded Component, Gain (Loss), Recognized in Earnings | $ 3 | |||||
Derivative, Cash Received on Hedge | 4 | |||||
Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 250 | $ 250 | $ 200 | $ 50 | ||
Foreign Exchange Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 10 | (23) | ||||
Derivative, Gain (Loss) on Derivative, Net | 2 | 2 | ||||
Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 150 | |||||
Currency Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Fair Value, Net | (23) | |||||
Cash Flow Hedging [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 23 | 23 | 119 | |||
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | 101 | 101 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | (7) | (1) | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 1 | 1 | ||||
Derivative Liability | 2 | 2 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (2) | |||||
Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Fair Value, Net | (1) | (1) | ||||
Designated as Hedging Instrument [Member] | Liability [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Fair Value, Net | (2) | |||||
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Fair Value, Net | (16) | (16) | $ (22) | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 9 | (22) | ||||
Currency Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 250 | $ 50 | $ 250 | |||
Currency Swap [Member] | Currency Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 50 | |||||
Terminated [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 150 |
Derivatives Balance Sheet Locat
Derivatives Balance Sheet Location (Details) - USD ($) $ in Millions | Dec. 31, 2018 | May 30, 2018 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | $ 16 | $ 22 |
Derivatives Income Statement Lo
Derivatives Income Statement Location (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 10 | $ (23) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | (7) |
Derivative, Gain (Loss) on Derivative, Net | 2 | 2 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (2) | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | (6) |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Net Investment Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 9 | (22) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | 0 |
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] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 1 | 1 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (1) | (1) |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | 0 | 0 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Ford And Affiliates [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 26.00% | 28.00% | 30.00% |
Ford And Affiliates [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 14.00% | 14.00% | |
Mazda [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 18.00% | 17.00% | 17.00% |
Mazda [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 9.00% | 10.00% | |
Nissan\Renault [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 12.00% | 14.00% | 15.00% |
Nissan\Renault [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 11.00% | 10.00% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2013 | Dec. 31, 2003 | Dec. 31, 2014 | |
Product Liability Contingency [Line Items] | |||||||||||||||
Revenues | $ 731 | $ 681 | $ 758 | $ 814 | $ 797 | $ 765 | $ 774 | $ 810 | $ 2,984 | $ 3,146 | $ 3,161 | ||||
Guarantor Obligations, Current Carrying Value | $ 11 | $ 15 | $ 11 | $ 15 | |||||||||||
Equity Method Investment, Ownership Percentage | 13.00% | 50.00% | 13.00% | 50.00% | 50.00% | ||||||||||
Product warranty accrual, including held for sale | $ 49 | $ 55 | $ 49 | $ 55 | |||||||||||
Amount of Bonds Issued by the Charter Township of Van Buren, Michigan | $ 28 | ||||||||||||||
Beginning balance | 49 | 49 | |||||||||||||
Accruals for products shipped | 19 | 20 | |||||||||||||
Changes in estimates | (5) | 4 | |||||||||||||
Product warranty accrual, specific action increase (decrease) | 9 | 6 | |||||||||||||
Product warranty accrual, recoverable warranty or recalls | 2 | 3 | |||||||||||||
Foreign currency translation | 0 | 2 | |||||||||||||
Settlements | (26) | (41) | |||||||||||||
Ending balance | 48 | $ 49 | 48 | 49 | |||||||||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 37 | 37 | |||||||||||||
Operating Leases, Future Minimum Payments, Due in Two Years | 30 | 30 | |||||||||||||
Operating Leases, Future Minimum Payments, Due in Three Years | 23 | 23 | |||||||||||||
Operating Leases, Future Minimum Payments, Due in Four Years | 19 | 19 | |||||||||||||
Operating Leases, Future Minimum Payments, Due in Five Years | 18 | 18 | |||||||||||||
Operating Leases, Future Minimum Payments, Due Thereafter | 59 | 59 | |||||||||||||
Operating Leases, Rent Expense | 39 | 33 | $ 35 | ||||||||||||
Increase in pre-tax income | 17 | ||||||||||||||
Decrease to selling, general and administrative expenses | 10 | ||||||||||||||
Transformation costs | 4 | (2) | $ (9) | ||||||||||||
Minimum [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Estimated Shortfall in Tax Revenues of the Township | $ 25 | ||||||||||||||
Maximum [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
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% | ||||||||||||||
IRAN, ISLAMIC REPUBLIC OF | Certain HVCC subsidiaries in China [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Revenues | $ 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 | 2 | 2 | |||||||||||||
Pending Litigation [Member] | BRAZIL | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Loss Contingency Accrual, at Carrying Value | 13 | 13 | |||||||||||||
Loss Contingency, Estimate of Possible Loss | $ 99 | 99 | |||||||||||||
HVCC [Member] | |||||||||||||||
Product Liability Contingency [Line Items] | |||||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 3 | $ 4 | $ 7 | $ (2) |
Segment Information Details (De
Segment Information Details (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | $ 731 | $ 681 | $ 758 | $ 814 | $ 797 | $ 765 | $ 774 | $ 810 | $ 2,984 | $ 3,146 | $ 3,161 | |
Adjusted EBITDA | 330 | 370 | 337 | $ 337 | ||||||||
Depreciation and amortization | 91 | 87 | 84 | |||||||||
Restructuring expense | 29 | 14 | 49 | |||||||||
Interest expense, net | 7 | 16 | 12 | |||||||||
Equity in net income of non-consolidated affiliates | (13) | (7) | (2) | |||||||||
Gain (Loss) on Disposition of Business | 0 | 33 | 0 | |||||||||
Other expense, net | (21) | (14) | 12 | |||||||||
Provision for income taxes | 43 | 48 | 30 | |||||||||
Discontinued operations | (1) | (17) | 40 | |||||||||
Net income attributable to non-controlling interests | 10 | 16 | 16 | |||||||||
Non-cash, stock-based compensation expense | 8 | 12 | 8 | |||||||||
Other | 8 | 8 | (25) | |||||||||
Net (loss) income attributable to Visteon | 164 | 176 | 75 | |||||||||
Property and equipment, net | 397 | 377 | 397 | 377 | ||||||||
Assets | 2,007 | 2,304 | 2,007 | 2,304 | ||||||||
Depreciation, Depletion and Amortization | 91 | 87 | 84 | |||||||||
United States [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 654 | 776 | 822 | |||||||||
Property and equipment, net | 14 | 11 | 14 | 11 | ||||||||
Mexico [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 67 | 70 | 72 | |||||||||
Property and equipment, net | 60 | 54 | 60 | 54 | ||||||||
North America [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 721 | 846 | 894 | |||||||||
Property and equipment, net | 74 | 65 | 74 | 65 | ||||||||
Portugal [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 563 | 508 | 443 | |||||||||
Property and equipment, net | 84 | 75 | 84 | 75 | ||||||||
Slovakia [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 235 | 294 | 288 | |||||||||
Property and equipment, net | 38 | 36 | 38 | 36 | ||||||||
FRANCE | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 70 | 84 | 113 | |||||||||
Property and equipment, net | 7 | 7 | 7 | 7 | ||||||||
Germany [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Property and equipment, net | 6 | 4 | 6 | 4 | ||||||||
TUNISIA | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 96 | 109 | 151 | |||||||||
Property and equipment, net | 7 | 10 | 7 | 10 | ||||||||
Other Europe [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 20 | 20 | 49 | |||||||||
Property and equipment, net | 10 | 10 | 10 | 10 | ||||||||
Intra-region Eliminations Within Europe [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (3) | (11) | (31) | |||||||||
Europe [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 981 | 1,004 | 1,013 | |||||||||
Property and equipment, net | 152 | 142 | 152 | 142 | ||||||||
Korea [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2 | 12 | 18 | |||||||||
China [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 714 | 744 | 704 | |||||||||
Property and equipment, net | 86 | 86 | 86 | 86 | ||||||||
Japan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 494 | 495 | 516 | |||||||||
Property and equipment, net | 20 | 21 | 20 | 21 | ||||||||
India [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 114 | 92 | 66 | |||||||||
Property and equipment, net | 30 | 29 | 30 | 29 | ||||||||
Thailand [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 69 | 81 | 82 | |||||||||
Property and equipment, net | 10 | 10 | 10 | 10 | ||||||||
Intra-region Eliminations Within Asia [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (1) | (1) | ||||||||||
Asia [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 678 | 679 | 682 | |||||||||
Property and equipment, net | 60 | 60 | 60 | 60 | ||||||||
South America [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 79 | 68 | 91 | |||||||||
Property and equipment, net | $ 25 | $ 24 | 25 | 24 | ||||||||
Geography Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (189) | (195) | (223) | |||||||||
China Domestic [Member] | Asia [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 405 | 381 | 315 | |||||||||
Electronics [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 3,146 | 3,107 | ||||||||||
Adjusted EBITDA | 330 | 370 | 346 | |||||||||
Restructuring expense | 31 | 19 | 41 | |||||||||
Other Segments [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 54 | |||||||||||
Adjusted EBITDA | 0 | 0 | $ (9) | |||||||||
China Export [Member] | Asia [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 309 | $ 363 | $ 389 | |||||||||
Retained Earnings [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net (loss) income attributable to Visteon | $ 164 |
Summary Quarterly Financial D_3
Summary Quarterly Financial Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Litigation Settlement Interest | $ 8,000,000 | ||||||||||
Litigation Settlement, Expense | 11,000,000 | ||||||||||
Revenues | $ 731,000,000 | $ 681,000,000 | $ 758,000,000 | $ 814,000,000 | $ 797,000,000 | $ 765,000,000 | $ 774,000,000 | $ 810,000,000 | 2,984,000,000 | $ 3,146,000,000 | $ 3,161,000,000 |
Gain (Loss) on Disposition of Business | 0 | (33,000,000) | 0 | ||||||||
cash contribution-France Transaction | 13,000,000 | ||||||||||
Gross margin | 96,000,000 | 82,000,000 | 104,000,000 | 129,000,000 | 137,000,000 | 114,000,000 | 111,000,000 | 129,000,000 | 411,000,000 | 491,000,000 | 456,000,000 |
Income from continuing operations before income taxes | 47,000,000 | 32,000,000 | 49,000,000 | 88,000,000 | 35,000,000 | 55,000,000 | 58,000,000 | 75,000,000 | 216,000,000 | 223,000,000 | 161,000,000 |
Net income from continuing operations | 46,000,000 | 23,000,000 | 37,000,000 | 67,000,000 | 21,000,000 | 47,000,000 | 48,000,000 | 59,000,000 | 173,000,000 | 175,000,000 | 131,000,000 |
Net income (loss) | 45,000,000 | 24,000,000 | 36,000,000 | 69,000,000 | 30,000,000 | 47,000,000 | 48,000,000 | 67,000,000 | 174,000,000 | 192,000,000 | 91,000,000 |
Net income (loss) attributable to Visteon Corporation | $ 43,000,000 | $ 21,000,000 | $ 35,000,000 | $ 65,000,000 | $ 25,000,000 | $ 43,000,000 | $ 45,000,000 | $ 63,000,000 | $ 163,000,000 | $ 159,000,000 | $ 115,000,000 |
Per Share Data | |||||||||||
Earnings Per Share, Basic | $ 1.50 | $ 0.71 | $ 1.19 | $ 2.14 | $ 0.81 | $ 1.38 | $ 1.43 | $ 1.94 | $ 5.56 | $ 5.57 | $ 2.14 |
Earnings Per Share, Diluted | $ 1.49 | $ 0.71 | $ 1.17 | $ 2.11 | $ 0.79 | $ 1.35 | $ 1.41 | $ 1.91 | $ 5.52 | $ 5.47 | $ 2.12 |
Asset Impairment Charges | $ 0 | $ 0 | $ (1,000,000) | ||||||||
working capital and other impact - France Transaction | 7,000,000 | ||||||||||
Interiors [Member] | |||||||||||
Per Share Data | |||||||||||
Gain (loss) on business divestiture | $ (7,000,000) | 0 | 8,000,000 | 19,000,000 | |||||||
FRANCE | |||||||||||
Revenues | $ 70,000,000 | 84,000,000 | $ 113,000,000 | ||||||||
Per Share Data | |||||||||||
Asset Impairment Charges | $ 13,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Nov. 14, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 24, 2017 | |
Subsequent Event [Line Items] | ||||||||
Proceeds from Divestiture of Interest in Subsidiaries and Affiliates | $ 0 | $ 0 | $ 356 | |||||
accelerated share repurchase, initial stock delivery | 1,978,144 | 1,587,159 | ||||||
Gain (Loss) on Disposition of Business | $ 0 | (33) | 0 | |||||
Term Loan [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt Instrument, Face Amount | $ 350 | $ 350 | 350 | 350 | $ 350 | |||
Term loan, required periodic payment | 2.00% | 1.75% | 1.75% | |||||
HVCC [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Gain (loss) on business divestiture | $ 3 | $ 4 | $ 7 | $ (2) |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances | $ 1,100 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances | 8 | $ 10 | $ 14 |
Valuation Allowances and Reserves, Charged to Cost and Expense | 2 | 3 | 2 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (4) | (5) | 6 |
Valuation Allowances and Reserves, Adjustments | 0 | 0 | 0 |
Valuation Allowances | 6 | 8 | 10 |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances | 1,242 | 1,532 | 1,498 |
Valuation Allowances and Reserves, Charged to Cost and Expense | (81) | (270) | 25 |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 0 | 0 | 0 |
Valuation Allowances and Reserves, Adjustments | (17) | (20) | 9 |
Valuation Allowances | 1,144 | 1,242 | 1,532 |
Foreign Currency Gain (Loss) [Member] | SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Adjustments | (18) | (44) | 13 |
Other Comprehensive Income (Loss) [Member] | SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Adjustments | $ (1) | (26) | 10 |
U.S. foreign tax credit and other adjustments [Member] | SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Adjustments | 23 | ||
U.S. foreign tax credit and other adjustments [Member] | SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Adjustments | $ (38) | ||
Discontinued Operations, Disposed of by Sale [Member] | SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances and Reserves, Adjustments | $ 11 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
net changes in transaction price [Line Items] | |||||||||||
Revenues | $ 731 | $ 681 | $ 758 | $ 814 | $ 797 | $ 765 | $ 774 | $ 810 | $ 2,984 | $ 3,146 | $ 3,161 |
hedging impact and eliminations | (189) | ||||||||||
Europe [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 981 | 1,004 | 1,013 | ||||||||
Americas [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 800 | ||||||||||
Asia [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 678 | 679 | 682 | ||||||||
All Countries [Domain] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 2,984 | ||||||||||
Instrument cluster [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 1,209 | ||||||||||
Audio and infotainment [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 772 | ||||||||||
Information displays [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 509 | ||||||||||
Climate controls [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 122 | ||||||||||
Body and security [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 110 | ||||||||||
Telematics [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 68 | ||||||||||
Other (includes HUD) [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 194 | ||||||||||
China Domestic [Member] | Asia [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 405 | 381 | 315 | ||||||||
China Export [Member] | Asia [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | $ 309 | $ 363 | $ 389 |
Uncategorized Items - vc-201812
Label | Element | Value |
Goodwill [Member] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | $ 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | 0 |
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, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | (2,000,000) |
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 Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | $ 14,000,000 |
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 20 years |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | $ 4,000,000 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 2,000,000 |
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 | (1,000,000) |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | 1,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 7,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 12,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 12,000,000 |
Other Intangible Assets [Member] | American Center for Mobility [Member] | ||
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 2,000,000 |
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, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | (3,000,000) |
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 Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | $ 16,000,000 |
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 4 years |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | $ 8,000,000 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 1,000,000 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 2,000,000 |
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 |
Capitalized Software Development Costs for Software Sold to Customers | us-gaap_CapitalizedSoftwareDevelopmentCostsForSoftwareSoldToCustomers | 4,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 4,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 7,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 13,000,000 |
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, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | (31,000,000) |
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, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 40,000,000 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 0 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 0 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 3,000,000 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 3,000,000 |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | (1,000,000) |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | 1,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 15,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 13,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 9,000,000 |
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, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | (42,000,000) |
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 Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 90,000,000 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 0 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 7,000,000 |
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 | (4,000,000) |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | 3,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 58,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 53,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | $ 48,000,000 |
Customer Relationships [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 10 years |
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 10 years |
Customer Relationships [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 12 years |
In Process Research and Development [Member] | ||
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 36 months |
VFAE [Member] | Customer Relationships [Member] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill | $ 7,000,000 |