Cover Cover
Cover Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-15827 | ||
Entity Registrant Name | VISTEON CORPORATION | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 38-3519512 | ||
Entity Address, Address Line One | One Village Center Drive, | ||
Entity Address, City or Town | Van Buren Township, | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48111 | ||
City Area Code | 800 | ||
Local Phone Number | VISTEON | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | VC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.6 | ||
Entity Common Stock, Shares Outstanding | 28,019,360 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001111335 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ (1) | $ 1 | $ 17 |
Sales | 2,945 | 2,984 | 3,146 |
Cost of sales | (2,621) | (2,573) | (2,655) |
Gross margin | 324 | 411 | 491 |
Selling, general and administrative expenses | (221) | (193) | (226) |
Restructuring expense | (4) | (29) | (14) |
Interest expense | (13) | (14) | (21) |
Interest income | (4) | (7) | (5) |
Equity in net income of non-consolidated affiliates | 6 | 13 | 7 |
Gain (Loss) on Disposition of Business | 0 | 0 | (33) |
Other expense, net | 10 | 21 | 14 |
(Loss) income before income taxes | 106 | 216 | 223 |
Provision for income taxes | (24) | (43) | (48) |
Net (loss) income from continuing operations | 82 | 173 | 175 |
Net (loss) income from discontinued operations, net of tax | (1) | 1 | 17 |
Net income (loss) | 81 | 174 | 192 |
Net income attributable to non-controlling interests | (11) | (10) | (16) |
Net (loss) income attributable to Visteon Corporation | $ 70 | $ 164 | $ 176 |
Basic earnings (loss) per share: | |||
Continuing operations | $ 2.53 | $ 5.53 | $ 5.03 |
Discontinued operations | (0.04) | 0.03 | 0.54 |
Basic (loss) earnings attributable to Visteon Corporation | 2.49 | 5.56 | 5.57 |
Diluted earnings (loss) per share | |||
Continuing operations | 2.52 | 5.49 | 4.94 |
Discontinued operations | (0.04) | 0.03 | 0.53 |
Diluted (loss) earnings attributable to Visteon Corporation | $ 2.48 | $ 5.52 | $ 5.47 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (5) | $ 1 | $ 1 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | (1) | 1 | |
Net income (loss) | 81 | 174 | 192 |
Other comprehensive (loss) income | |||
Foreign currency translation adjustments | (13) | (46) | 68 |
Other comprehensive (loss) income, net of tax | (53) | (46) | 64 |
Comprehensive (loss) income | 28 | 128 | 256 |
Comprehensive income attributable to noncontrolling interests | 9 | 6 | 21 |
Comprehensive (loss) income attributable to Visteon Corporation | (19) | (122) | (235) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (43) | (8) | 12 |
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax | 9 | 7 | (22) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax | $ (6) | $ 1 | $ 6 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and equivalents | $ 466 | $ 463 |
Restricted cash | 3 | 4 |
Accounts receivable, net | 514 | 486 |
Inventories, net | 169 | 184 |
Other current assets | 193 | 159 |
Total current assets | 1,345 | 1,296 |
Property and equipment, net | 436 | 397 |
Intangible assets, net | 127 | 129 |
Operating Lease, Right-of-Use Asset | 165 | 0 |
Investments in non-consolidated affiliates | 48 | 42 |
Other non-current assets | 150 | 143 |
Total assets | 2,271 | 2,007 |
LIABILITIES AND EQUITY | ||
Short-term debt, including current portion of long-term debt | 37 | 57 |
Accounts payable | 511 | 436 |
Accrued employee liabilities | 73 | 67 |
Operating Lease, Liability, Current | 30 | 0 |
Other current liabilities | 147 | 161 |
Total current liabilities | 798 | 721 |
Long-term debt | 348 | 348 |
Employee benefits | 292 | 257 |
Operating Lease, Liability, Noncurrent | 139 | 0 |
Deferred tax liabilities | 27 | 23 |
Other non-current liabilities | 72 | 76 |
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 | 1,342 | 1,335 |
Retained earnings | 1,679 | 1,609 |
Accumulated other comprehensive loss | (267) | (216) |
Treasury stock | (2,275) | (2,264) |
Total Visteon Corporation stockholders' equity | 480 | 465 |
Non-controlling interests | 115 | 117 |
Total equity | 595 | 582 |
Total liabilities and equity | $ 2,271 | $ 2,007 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | |||
Net income (loss) | $ 81 | $ 174 | $ 192 |
Adjustments to reconcile net income to net cash provided from operating activities: | |||
Gain on non-consolidated affiliate transactions | 0 | (8) | (11) |
Depreciation and amortization | 100 | 91 | 87 |
Losses on divestitures and impairments | 0 | 0 | 33 |
Equity in net income of non-consolidated affiliates, net of dividends remitted | (6) | (13) | (7) |
Non-cash stock-based compensation | 17 | 8 | 12 |
Other non-cash items | 8 | 3 | 1 |
Changes in assets and liabilities: | |||
Accounts receivable | (33) | 44 | 10 |
Inventories | 13 | 1 | (3) |
Accounts payable | 73 | (19) | (54) |
Other assets and other liabilities | (70) | (77) | (45) |
Net cash provided from operating activities | 183 | 204 | 215 |
Investing Activities | |||
Capital expenditures | (142) | (127) | (99) |
Loans to non-consolidated affiliates, net of repayments | 11 | 0 | 0 |
Proceeds from asset sales and business divestitures | 0 | 0 | 15 |
Acquisition of businesses, net of cash acquired | 0 | 16 | (47) |
Payments associated with business divestiture | 0 | 0 | (48) |
Other | 3 | 13 | 6 |
Net cash provided from (used by) investing activities | (128) | (98) | (173) |
Financing Activities | |||
Short-term debt, net | (19) | 12 | 10 |
Principal payments on debt | 0 | (2) | |
Payments of Capital Distribution | 0 | (14) | (1) |
Repurchase of common stock | (20) | (300) | (200) |
Dividends paid to non-controlling interests | (9) | (28) | (38) |
Stock based compensation tax withholding payments | 0 | (7) | (1) |
Other | 1 | (2) | 2 |
Net cash used by financing activities | (49) | (335) | (234) |
Effect of exchange rate changes on cash and equivalents | (4) | (13) | 19 |
Net increase (decrease) in cash and equivalents | 2 | (242) | (173) |
Cash and equivalents at beginning of the year | 467 | 709 | 882 |
Cash and equivalents at end of the year | 469 | 467 | 709 |
Supplemental Disclosures: | |||
Cash paid for interest | 14 | 15 | 16 |
Cash paid for income taxes, net of refunds | $ 40 | $ 47 | $ 49 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock | Stock Warrants | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Parent [Member] | Non-controlling interests |
Beginning Balance at Dec. 31, 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 | 1,339 | 1,445 | (174) | (1,974) | 637 | 124 | |
Dividends Payable | (2) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2) |
Net income (loss) | 174 | 0 | 0 | 0 | 164 | 0 | 0 | 164 | 10 |
Net (loss) income attributable to Visteon | 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 | 15 | |
Ending Balance at Dec. 31, 2018 | 582 | 1 | 0 | 1,335 | 1,609 | (216) | (2,264) | 465 | 117 |
Stockholders' Equity Attributable to Noncontrolling Interest | 117 | ||||||||
Net income (loss) | 81 | 0 | 0 | 0 | 0 | 0 | 70 | 11 | |
Net (loss) income attributable to Visteon | 70 | 70 | |||||||
Other comprehensive income (loss) | (53) | 0 | 0 | 0 | 0 | (51) | 0 | (51) | (2) |
Stock-based compensation, net | 14 | 0 | 0 | 5 | 0 | 0 | 9 | 14 | 0 |
Repurchase of common stock | 20 | 0 | 0 | 0 | 0 | 0 | 20 | 20 | 0 |
Cash dividends | (9) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (9) |
Acquisition of business | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 2 | (2) |
Ending Balance at Dec. 31, 2019 | 595 | $ 1 | $ 0 | $ 1,342 | $ 1,679 | $ (267) | $ (2,275) | $ 480 | |
Stockholders' Equity Attributable to Noncontrolling Interest | $ 115 | $ 115 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | NOTE 11. Leases The Company has operating leases primarily for corporate offices, technical and engineering centers, customer centers, vehicles and certain equipment. As of December 31, 2019 assets and related accumulated depreciation recorded under finance leasing arrangements were not material. The Company elected the package of practical expedients permitted under the transition guidance within the new lease standard, which among other things, allows the Company to carryforward the historical lease classification. The Company elected to combine lease components (e.g., fixed payments including rent, real estate taxes and insurance costs) with non-lease components (e.g., fixed common-area maintenance costs). The Company also elected to apply the practical expedient related to land easements, allowing the Company to carry forward its current accounting treatment for land easements on existing agreements. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to 30 years or more, leases may also include options to purchase the leased property or to terminate the leases. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Certain of the Company's lease agreements include rental payments adjusted periodically primarily for inflation. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company subleases certain real estate to third parties, which primarily consists of operating leases related to the Company’s principal executive offices in Van Buren Township, Michigan. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. As most of the Company's leases do not provide an implicit rate, the Company must estimate the incremental borrowing rate to discount the lease payments based on information available at lease commencement. The incremental borrowing rate is derived from Visteon's Term Loan B floating rate converted to a fixed rate utilizing the prevailing US swap curve to arrive at the equivalent fixed rates that have similar duration to the lease payments. The incremental borrowing rate is applied to the tranches of leases based on lease term, regardless of the asset class. For the year ended December 31, 2019 , the weighted average remaining lease term and discount rate were 7 years and 4.5% , respectively. The components of lease expense is as follows: Year Ended (In millions) 2019 Operating lease cost (includes immaterial variable lease costs) $ (41 ) Short-term lease cost (1 ) Sublease income 5 Total lease cost $ (37 ) Other information related to leases is as follows: Year Ended (In millions) 2019 Cash out flows from operating leases $ 38 Right-of-use assets obtained in exchange for lease obligations $ 38 Future minimum lease payments under non-cancellable leases is as follows: (In millions) 2020 $ 36 2021 29 2022 26 2023 24 2024 22 2025 and thereafter 58 Total future minimum lease payments 195 Less imputed interest (26 ) Total lease liabilities $ 169 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 1. Summary of Significant Accounting Policies Basis of Presentation: Visteon Corporation (the "Company" or "Visteon") 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. Revenue Recognition: The Company generates revenue from the production of automotive vehicle cockpit electronics parts sold to OEMs, 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, 2019, 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 adjustments 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. Some of these price adjustments are non-routine in nature and 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 consideration at the most likely amount to which the Company expects to be entitled 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 reserves at the earlier of when the most likely amount of consideration changes or when the consideration becomes fixed. In 2019, revenue recognized related to performance obligations satisfied in previous periods represented less than 1% of consolidated sales. The Company's customers pay for products received in accordance with payment terms that are customary within the industry. The Company's contracts with its customers do not have significant financing components. 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 $3 million , $6 million and $9 million for the years ended December 31, 2019 , 2018 and 2017 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 Sales: 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 $300 million , $286 million , and $253 million in 2019 , 2018 and 2017 , respectively, which includes recoveries of $140 million , $146 million and $133 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 (In millions) 2019 2018 2017 Pension financing benefits, net $ 10 $ 13 $ 12 Transformation initiatives — 4 (2 ) Gain on non-consolidated transactions, net — 4 4 $ 10 $ 21 $ 14 Pension financing benefits, net include return on assets net of interest costs and other amortization. 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 23, "Commitments and Contingencies." During 2017, 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. On September 1, 2018, Visteon acquired an additional 1% ownership interest in 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 20, "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." 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, 2019 the Company's cash balances are invested in a diversified portfolio of cash and highly liquid cash equivalents including money market funds, commercial paper rated A2/P2 and above with maturity under three months, time deposits and other short-term cash investments, which mature under three months with highly rated banking institutions. The cost of such funds approximates fair value based on the nature of the investment. Restricted Cash: Restricted cash represents amounts designated for uses other than current operations and includes $2 million related to a Letter of Credit Facility, and $1 million related to cash collateral for other corporate purposes as of December 31, 2019 . 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 $10 million and $6 million as of December 31, 2019 and 2018 , respectively. Provisions for estimated uncollectible accounts receivable of $5 million , $2 million and $3 million are included in selling, general and administrative expenses for the years ended December 31, 2019 , 2018 , and 2017 . The Company exchanges a portion of its accounts receivable for bank notes for certain of its customers in China. The collection on 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. Bank 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 $31 million and $22 million as of December 31, 2019 and 2018 , respectively, related to product 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. Fair value is determined using appraisals, management estimates or discounted cash flow calculations. 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. Leases: The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) assets, current lease liabilities, and non-current lease liabilities in the consolidated balance sheets. Finance leases are not material and are included in property and equipment, short-term debt and long-term debt in the consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company generally uses its incremental borrowing rate based on corporate rates. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements containing lease and non-lease components. The Company accounts for the lease and non-lease components as a single lease component. 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, 2019. 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 23, "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 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 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 In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, “Leases (Subtopic 842).” The standard increases the transparency and comparability of organizations by recognizing 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 elected 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 adopted 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 adoption of this guidance resulted in the recognition of ROU assets and lease liabilities for operating leases in the consolidated balance sheet of approximately $172 million and $176 million , respectively, as of January 1, 2019. The Company's accounting for finance leases remained substantially unchanged under the new guidance and the adoption did not have an impact on the Company’s consolidated results of operations and cash flows. For additional information, refer to Note 11, "Leases." In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220)." This standard provides an option to reclassify stranded tax effects within accumulated other comprehensive income (loss) to retained earnings due to the U.S. federal corporate income tax rate change in the Tax Cuts and Jobs Act of 2017 (the "Act"). The Company adopted the standard January 1, 2019 and elected to reclassify stranded amounts related to the Act from accumulated other comprehensive income (loss) to retained earnings. However, due to the U.S. valuation allowance, there were no stranded tax effects within accumulated other comprehensive income (loss) as of the enactment date, and thus, no amount to reclassify to retained earnings. Effective January 1, 2018 the Company adopted 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 for periods prior to adoption have not been restated and continue to be reported under the accounting standards in effect for those periods. Effective January 1, 2018 the Company adopted 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 was 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 resulted 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 the year ended December 31, 2017. Accounting Pronouncements Effective After 2019: In June 2016, the FASB issued ASU 2016-13, "Credit Losses - Measurement of Credit Losses on Financial Instruments." The guidance requires that for most financial assets, losses be based on an expected loss approach which includes estimates of losses over the life of exposure that considers historical, current and forecasted information. Expanded disclosures related to the methods used to estimate the losses as well as a specific disaggregation of balances for financial assets are also required. The change is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years.The Company considered historical experience and current conditions and concluded that the application of this accounting standard does not have a material impact on its consolidated financial statements. The Company will adopt this guidance effective January 1, 2020. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 20. 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. A summary of the fair value of the assets acquired and liabilities assumed 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. In 2018, 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. |
Divestitures
Divestitures | 12 Months Ended |
Dec. 31, 2019 | |
Divestitures [Abstract] | |
Divestitures | NOTE 21. 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). |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 22. Discontinued Operations During 2014 and 2015, the Company completed the Interiors Divestiture and the 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 (In millions) 2019 2018 2017 Sales $ — $ — $ — Cost of sales (2 ) (5 ) — Gross margin (2 ) (5 ) — Selling, general and administrative expenses — (1 ) — Gain on Climate Transaction — 4 7 Gain on Interiors Divestiture — — 8 Restructuring expense 1 (1 ) — Income (loss) from discontinued operations before income taxes (1 ) (3 ) 15 Benefit for income taxes — 4 2 Net income (loss) from discontinued operations attributable to Visteon $ (1 ) $ 1 $ 17 During 2019 the Company recognized approximately $2 million of corrections of judicial deposits related to former employees at a closed plant in Brazil. During 2018, the Company recognized a $3 million benefit on settlement of litigation matters with its former CEO as further described in Note 23, "Commitments and Contingencies." The Company also recorded a $4 million charge for legal expenses related to former employees at a closed plant in Brazil. Lastly, 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 |
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 18, "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 , classified as "Other income (expense), net", as further described in Note 20, "Business Acquisitions." During 2017, the Company completed the sale and disposal 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. Investments in Affiliates The Company recorded equity in the net income of non-consolidated affiliates of $6 million , $13 million and $7 million for the years ended December 31, 2019 , 2018 and 2017 , 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, 2019, 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 (In millions) 2019 2018 YFVIC (50%) $ 43 $ 38 Others 5 4 Total investments in non-consolidated affiliates $ 48 $ 42 A summary of transactions with affiliates is shown below: Year Ended December 31 (In millions) 2019 2018 Billings to affiliates (a) $ 75 $ 52 Purchases from affiliates (b) $ 73 $ 79 (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 Visteon and Yangfeng Automotive Trim Systems Co. Ltd. ("YF") each own 50% of a joint venture under the name of Yanfeng Visteon Investment Co., Ltd. ("YFVIC"). In October 2014, YFVIC completed the purchase of YF’s 49% direct ownership in Yanfeng Visteon Automotive Electronics Co., Ltd ("YFVE") a consolidated joint venture of the Company ("The YFVIC Transaction"). The purchase by YFVIC was financed through a shareholder loan from YF and external borrowings, guaranteed by Visteon, were paid in 2019. The Company determined that 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 (In millions) 2019 2018 Payables due to YFVIC $ 9 $ 17 Exposure to loss in YFVIC Investment in YFVIC $ 43 $ 38 Receivables due from YFVIC 41 36 Subordinated loan receivable 8 20 Loan guarantee — 11 Maximum exposure to loss in YFVIC $ 92 $ 105 |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | NOTE 5 . 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 net restructuring expenses of $3 million , $30 million and $14 million during the years ended December 31, 2019, 2018 and 2017, respectively. Significant restructuring programs are summarized below by product group. Electronics During the first quarter of 2020, the Company approved a restructuring program impacting engineering and administrative functions to improve the Company’s efficiency and optimize its footprint. The Company expects to incur costs between $18 million and $24 million related to this action. During the first quarter of 2019, the Company approved a restructuring program impacting two European manufacturing facilities due to the end of life of certain product lines. During the year ended December 31, 2019 , the Company recorded approximately $2 million net restructuring expenses. As of December 31, 2019 , less than a million remains accrued and the program is considered substantially complete. During the third quarter of 2018, the Company approved a restructuring program impacting engineering and administrative functions to optimize operations. During the years ended December 31, 2019 and December 31, 2018, the Company recorded approximately approximately $1 million and $19 million of net restructuring expenses. As of December 31, 2019 , approximately $5 million remains accrued and the program is considered substantially complete. 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 of net restructuring expenses associated with employees at North America manufacturing facilities due to the wind-down of certain products. During the year ended December 31, 2019 , the Company recorded approximately $1 million of restructuring expense under the programs and approximately $3 million remains accrued as of December 31, 2019 . During 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 and $14 million of net restructuring expenses, respectively under this program during the years ended December 31, 2018 and 2017. The Company has recorded approximately $45 million of restructuring expenses since inception of this program and it is considered complete. Other and Discontinued Operations During the year ended December 31, 2018, the Company recorded approximately $1 million associated with a former European Interiors facility related to settlement of employee severance litigation. As of December 31, 2019 , the Company has retained restructuring reserves as part of the Company's divestiture of the majority of its global Interiors business (the "Interiors Divestiture") of approximately $2 million , associated with previously announced programs for the fundamental reorganization of operations at facilities in Brazil and France. Restructuring Reserves Restructuring reserve balances of $10 million and $23 million as of December 31, 2019 and 2018, 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, 2019 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. (In millions) Electronics Other Total December 31, 2016 $ 31 $ 9 $ 40 Expense 7 — 7 Change in estimates 8 (1 ) 7 Utilization (30 ) (2 ) (32 ) Foreign currency 2 — 2 December 31, 2017 18 6 24 Expense 24 — 24 Change in estimates 5 1 6 Utilization (26 ) (4 ) (30 ) Foreign currency (1 ) — (1 ) December 31, 2018 20 3 23 Expense 5 — 5 Change in estimates (1 ) (1 ) (2 ) Utilization (15 ) — (15 ) Foreign currency (1 ) — (1 ) December 31, 2019 $ 8 $ 2 $ 10 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 7. Inventories Inventories, net consist of the following components: December 31 (In millions) 2019 2018 Raw materials $ 100 $ 124 Work-in-process 28 26 Finished products 41 34 $ 169 $ 184 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets [Abstract] | |
Other Assets | NOTE 10. Other Assets Other current assets are comprised of the following components: December 31 (In millions) 2019 2018 Recoverable taxes $ 61 $ 46 Joint venture receivables 41 37 Contractually reimbursable engineering costs 29 40 Prepaid assets and deposits 22 20 Royalty agreements 17 — China bank notes 16 12 Other 7 4 $ 193 $ 159 The Company sold $81 million , $36 million and $16 million of China bank notes to financial institutions during 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , $18 million remains outstanding and will mature by the end of the second quarter of 2020 , and as of December 31, 2018 , $3 million remained outstanding which matured during the second quarter of 2019 . Other non-current assets are comprised of the following components: December 31 (In millions) 2019 2018 Deferred tax assets $ 59 $ 45 Recoverable taxes 28 33 Contractually reimbursable engineering costs 24 29 Royalty agreements 11 — Joint venture note receivables 8 20 Other 20 16 $ 150 $ 143 During 2019, the Company amended royalty agreements with certain suppliers as part of cost reduction efforts. The Company recorded $17 million in other current assets and $11 million in other non-current assets, with an offsetting amount of $20 million in accounts payable and $13 million in other non-current liabilities as of December 31, 2019. The Company recorded approximately $5 million of royalty expense during 2019 associated with such arrangements. In conjunction with the Interiors Divestiture, the Company entered into a three year term loan with the buyer, classified as "Joint venture note receivable" 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 $29 million and $24 million , respectively, as of December 31, 2019 , and $40 million and $29 million , respectively, as of December 31, 2018 , 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 $29 million in 2020 , $10 million in 2021 , $8 million in 2022 , $3 million in 2023 and $3 million in 2024 and beyond. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 8. Property and Equipment Property and equipment, net consists of the following: December 31 (In millions) 2019 2018 Land $ 12 $ 13 Buildings and improvements 83 76 Machinery, equipment and other 599 531 Construction in progress 80 56 Total property and equipment 774 676 Accumulated depreciation (362 ) (303 ) 412 373 Product tooling, net of amortization 24 24 Property and equipment, net $ 436 $ 397 Depreciation and amortization expenses are summarized as follows: Year Ended December 31 (In millions) 2019 2018 2017 Depreciation $ 78 $ 73 $ 71 Amortization 6 3 3 $ 84 $ 76 $ 74 For the year ended December 31, 2019 , the Company recorded non-cash asset impairment charges of $2 million in cost of sales related to declines in the fair values of certain fixed assets. The net book value of capitalized internal use software costs was approximately $21 million and $19 million as of December 31, 2019 and 2018 , respectively. Related amortization expense was approximately $9 million , $7 million and $4 million for the years ended 2019 , 2018 and 2017 . Amortization expense of approximately $9 million , $7 million , $4 million and $1 million is expected for the annual periods ended December 31, 2020 , 2021 , 2022 and 2023 , respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | OTE 9. Intangible Assets Intangible assets as of December 31, 2019 were as follows: December 31, 2019 (In millions) Estimated Weighted Average Useful Life (years) Gross Intangibles Accumulated Amortization Net Intangibles Definite-Lived: Developed technology 7 $ 40 $ (35 ) $ 5 Customer related 10 89 (51 ) 38 Capitalized software development 4 32 (5 ) 27 Other 20 15 (4 ) 11 Subtotal 176 (95 ) 81 Indefinite-Lived: Goodwill 46 — 46 Total $ 222 $ (95 ) $ 127 A roll-forward of the net carrying amounts of intangible assets is presented below: December 31, 2018 December 31, 2019 (In millions) Gross Intangibles Accumulated Amortization Net Intangible Additions Foreign Currency Amortization Expense Net Intangibles Definite-Lived: Developed technology $ 40 $ (31 ) $ 9 $ — $ (1 ) $ (3 ) $ 5 Customer related 90 (42 ) 48 — (1 ) (9 ) 38 Capitalized software development 16 (3 ) 13 16 — (2 ) 27 Other 14 (2 ) 12 1 — (2 ) 11 Subtotal 160 (78 ) 82 17 (2 ) (16 ) 81 Indefinite-Lived: Goodwill 47 — 47 — (1 ) — 46 Total $ 207 $ (78 ) $ 129 $ 17 $ (3 ) $ (16 ) $ 127 December 31, 2017 December 31, 2018 (In millions) Gross Intangibles Accumulated Amortization Net Intangibles Additions Foreign Currency Amortization Expense Net Intangibles 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 Capitalized software development consists of software development costs intended for integration into customer products. The Company recorded approximately $16 million , $15 million and $13 million of amortization expense related to definite-lived intangible assets for the years ended December 31, 2019 , 2018 and 2017 , respectively. The Company currently estimates annual amortization expense to be $16 million for each of the years 2020 , 2021 , and 2022 , $13 million for 2023 , and $6 million for 2024 . During 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. |
Other liabilities
Other liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | NOTE 13. Other Liabilities Other current liabilities are summarized as follows: December 31 (In millions) 2019 2018 Product warranty and recall accruals $ 34 $ 34 Deferred income 22 16 Rents and royalties 19 14 Non-income taxes payable 17 13 Restructuring reserves 10 23 Joint venture payables 9 17 Income taxes payable 7 15 Dividends payable 3 3 Other 26 26 $ 147 $ 161 Other non-current liabilities are summarized as follows: December 31 (In millions) 2019 2018 Product warranty and recall accruals $ 15 $ 14 Foreign currency hedges 14 18 Royalty agreements 13 — Deferred income 9 14 Income tax reserves 5 6 Non-income tax reserves 1 5 Other 15 19 $ 72 $ 76 During 2019 the Company amended royalty agreements, as part of cost reduction efforts, with certain suppliers. The Company recorded $17 million in other current assets and $11 million in other non-current assets, with an offsetting amount of $20 million in accounts payable and $13 million in other non-current liabilities as of December 31, 2019. The Company recorded approximately $5 million of amortization during 2019 associated with such arrangements. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 12. Debt The Company’s short and long-term debt consists of the following: Weighted Average Interest Rate Carrying Value (In millions) 2019 2018 2019 2018 Short-Term Debt: Short-term borrowings 4.3% 4.8% $ 37 $ 57 Long-Term Debt: Term facility due March 24, 2024 3.2% 3.2% $ 348 $ 348 Short-Term Debt Short-term borrowings are primarily related to the Company's non-U.S. joint venture and are payable in Chinese Renminbi. Available borrowings on outstanding affiliate credit facilities as of December 31, 2019 , are approximately $73 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. During 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 were extended to 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% . During 2017, the Company entered into a third amendment to the Credit Agreement. This amendment reduced the margin applicable to loans under the amended Term Facility. The Amendment did not modify any terms specifically pertaining to the Revolving Credit Facility. During 2018, the Company entered into a fourth amendment of its Credit Agreement to further reduce the margin on applicable to loans under the Term Facility. At the Company’s option, Term Facility loans under the amended Credit Agreement shall accrue interest at a rate equal to the applicable annualized domestic base rate plus an applicable margin of 0.75% or the LIBOR-based rate plus an applicable margin of 1.75% per annum. On December 19, 2019, the Company executed a fifth amendment of its Credit Agreement. The amendment makes certain modifications specifically pertaining to the Revolving Credit Facility, including an extension of the facility’s maturity date to December 24, 2024 and an increase in aggregate principal amount committed under the facility to $400 million . The Company is required to pay accrued interest on any outstanding principal balance under the Credit Agreement with a frequency of the lesser of the LIBOR tenor or every three months. Any outstanding principal is due upon the applicable maturity date. The Company may also terminate or reduce any amounts outstanding under the Credit Agreement, 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 borrowings. Any amount of the facility utilized for letters of credit or swing line loans outstanding will reduce the amount available under the existing Revolving Credit Facility. The Company may request increases in the limits under the Credit Agreement and may request the addition of one or more term loan facilities. 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 3.50 : 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, 2019, 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, any amounts outstanding 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 various amendments of the Credit Agreement, the Company recorded $1 million of interest expense and deferred $3 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, 2019, the Term Facility remains at $350 million of aggregate principal and there were no outstanding borrowings under the Revolving Credit Facility. Other During 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 of outstanding letters of credit issued under this facility secured by restricted cash, as of December 31, 2019 and 2018. Additionally, the Company had $14 million of locally issued letters of credit as of December 31, 2019 and 2018, to support various tax appeals, customs arrangements and other obligations at its local affiliates, of which less than $1 million |
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 (In millions, except percentages) 2019 2018 2017 2019 2018 2017 Costs Recognized in Income: Pension service cost: Service cost $ — $ — $ — $ (2 ) $ (2 ) $ (2 ) Pension financing benefit (cost): Interest cost (30 ) (27 ) (29 ) (8 ) (8 ) (9 ) Expected return on plan assets 40 41 41 10 9 9 Amortization of losses and other — — — (1 ) (2 ) (2 ) Settlements and curtailments — — — — — 2 Restructuring related pension cost: Special termination benefits (a) — (2 ) — (1 ) — (2 ) Net pension income (expense) $ 10 $ 12 $ 12 $ (2 ) $ (3 ) $ (4 ) Weighted Average Assumptions: Discount rate 4.33 % 3.65 % 4.12 % 3.34 % 3.28 % 3.51 % Compensation increase N/A N/A N/A 3.51 % 3.62 % 3.66 % Long-term return on assets 6.78 % 6.74 % 6.73 % 4.73 % 4.86 % 5.24 % (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 $1,116 million and $990 million as of December 31, 2019 and 2018 , 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 (In millions) 2019 2018 Accumulated benefit obligation $ 1,088 $ 813 Projected benefit obligation $ 1,107 $ 818 Fair value of plan assets $ 830 $ 582 Assumptions used by the Company in determining its defined benefit pension obligations as of December 31, 2019 and 2018 are summarized in the following table: U.S. Plans Non-U.S. Plans Weighted Average Assumptions 2019 2018 2019 2018 Discount rate 3.34 % 4.33 % 2.39 % 3.34 % Rate of increase in compensation N/A N/A 3.16 % 3.51 % 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 (In millions) 2019 2018 2019 2018 Change in Benefit Obligation: Benefit obligation — beginning $ 760 $ 840 $ 250 $ 281 Service cost — — 2 2 Interest cost 30 27 8 8 Actuarial loss (gain) 88 (63 ) 40 (17 ) Special termination benefits — 2 1 — Foreign exchange translation — — 4 (16 ) Benefits paid and other (40 ) (46 ) (5 ) (8 ) Benefit obligation — ending $ 838 $ 760 $ 300 $ 250 Change in Plan Assets: Plan assets — beginning $ 567 $ 647 $ 200 $ 220 Actual return on plan assets 102 (35 ) 26 (5 ) Sponsor contributions 1 1 7 7 Foreign exchange translation — — 4 (14 ) Benefits paid and other (40 ) (46 ) (5 ) (8 ) Plan assets — ending $ 630 $ 567 $ 232 $ 200 Total funded status at end of period $ (208 ) $ (193 ) $ (68 ) $ (50 ) Balance Sheet Classification: Other non-current assets $ — $ — $ 3 $ 4 Accrued employee liabilities — — (2 ) (1 ) Employee benefits (208 ) (193 ) (69 ) (53 ) Accumulated other comprehensive loss: Actuarial loss 79 53 50 27 Tax effects/other (1 ) — (14 ) (9 ) $ 78 $ 53 $ 36 $ 18 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, 2019 and 2018 , are as follows: U.S. Plans Non-U.S. Plans (In millions) 2019 2018 2019 2018 Actuarial loss (gain) $ 26 $ 13 $ 23 $ (4 ) Deferred taxes (1 ) — (5 ) 1 Currency/other — — 1 — Reclassification to net income — — (1 ) (2 ) $ 25 $ 13 $ 18 $ (5 ) Actuarial losses for the year ended December 31, 2019 are primarily related to a decrease in discount rates partially offset by an increase in return on assets. Actuarial losses of $2 million for the non-U.S. retirement plans are expected to be amortized to income during 2020. 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: (In millions) U.S. Plans Non-U.S. Plans 2020 $ 40 $ 6 2021 39 6 2022 40 7 2023 41 8 2024 40 10 Years 2025 - 2029 217 54 During the year ended December 31, 2019 , 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 contributions to its U.S. defined benefit pension plans of $19 million and non-US defined benefit pension plans of $7 million during 2020. The Company’s expected 2020 contributions may be revised. 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, 2019 and 2018 and target allocation for 2020 are as follows: Target Allocation Percentage of Plan Assets U.S. Non-U.S. U.S. Non-U.S. 2020 2020 2019 2018 2019 2018 Equity securities 38 % 34 % 37 % 30 % 38 % 27 % Fixed income 15 % 43 % 18 % 18 % 39 % 41 % Alternative strategies 46 % 14 % 44 % 51 % 14 % 19 % Cash 1 % 3 % 1 % 1 % 4 % 8 % Other — % 6 % — % — % 5 % 5 % 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 18, "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 0.45% to 8.95% to determine its pension and other benefit obligations as of December 31, 2019 , including weighted average discount rates of 3.34% for U.S. pension plans and 2.39% 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 $8 million in 2019 , $7 million in 2018 , and $8 million in 2017 . 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 as of December 31, 2019 and 2018 . |
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 17. 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. The total recognized and unrecognized stock-based compensation expense is as follows: Year Ended December 31 Unrecognized Stock-Based Compensation Expense (In millions) 2019 2018 2017 December 31, 2019 Performance based share units $ 6 $ (2 ) $ 6 $ 8 Restricted stock units 9 8 11 8 Stock options 2 2 2 1 Total stock-based compensation expense $ 17 $ 8 $ 19 $ 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 23, "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 period of three years which may range from 0% to 200% 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, 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 Granted 71 111.98 Vested (73 ) 89.74 Forfeited (23 ) 118.87 Non-vested as of December 31, 2019 170 $ 118.77 The grant date fair value for PSUs was determined using the Monte Carlo valuation model. Unrecognized compensation expense as of December 31, 2019 for PSUs to be settled in shares of the Company's common stock was $7 million for the non-vested portion and will be recognized over the remaining vesting period of approximately 1.7 years. The Company made cash settlement payments of less than $1 million and $1 million for PSUs expected to be settled in cash during the years ended December 31, 2019 and 2018 , respectively. Unrecognized compensation expense as of December 31, 2019 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. Volatility is based on the Company’s stock history using daily stock prices over a period commensurate with the expected life. 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, 2019 and 2018 are as follows: Year Ended December 31 2019 2018 Expected volatility 31.2 % 24.1 % Risk-free rate 2.43 % 2.33 % 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 133,000 , 70,000 and 76,000 RSUs, expected to be settled in shares, during the years ended December 31, 2019 , 2018 and 2017 , respectively, at a weighted average grant date fair value of $79.88 , $123.52 and $94.51 per share, respectively. Unrecognized compensation expense as of December 31, 2019 was $8 million for non-vested RSUs and will be recognized over the remaining vesting period of approximately 1.5 years. The Company granted 8,000 and 23,000 RSUs, expected to be settled in cash, during the years ended December 31, 2019 and 2017 , respectively, at weighted average grant date fair values $75.02 and $95.45 per share, respectively. The Company made cash settlement payments of less than $1 million , less than $1 million and $1 million during the years ended December 31, 2019 , 2018 and 2017 , respectively. Unrecognized compensation expense as of December 31, 2019 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 1.6 years. A summary of employee activity for RSUs is provided below: RSUs Weighted Average Grant Date Fair Value 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 Granted 141 79.61 Vested (71 ) 93.60 Forfeited (18 ) 92.18 Non-vested as of December 31, 2019 216 $ 90.98 Additionally, as of December 31, 2019 , the Company has 82,000 outstanding RSUs awarded at a weighted average grant date fair value of $102.84 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 less than $1 million , $3 million and $2 million related to the exercise of stock options with total intrinsic value of options exercised of less than $1 million , $2 million and $1 million during the years ended December 31, 2019 , 2018 and 2017 , respectively. Unrecognized compensation expense for non-vested Stock Options and SARs as of December 31, 2019 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 less than 1.0 year, 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. Volatility is based on the Company’s stock history using daily stock prices over a period commensurate with the expected life. Weighted average assumptions used to estimate the fair value of awards granted during the years ended December 31, 2019 , 2018 and 2017 are as follows: Stock Options SARs 2019 2018 2017 2019 2018 2017 Expected term (in years) 5 5 5 N/A N/A 5 Expected volatility 27.69 % 22.95 % 27.31 % N/A N/A 27.31 % Risk-free interest rate 2.43 % 2.58 % 2.03 % N/A N/A 2.03 % 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, 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 Granted 106 80.97 — — Exercised (4 ) 59.37 — — Forfeited or expired (32 ) 96.02 — — December 31, 2019 283 $ 93.51 7 $ 72.84 Exercisable at December 31, 2019 129 $ 91.65 6 $ 70.05 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 7 2.1 $ 54.80 $60.01 - $80.00 48 3.3 $ 72.89 $80.01 - $100.00 166 5.3 $ 87.40 $100.01 - $130.00 69 5.3 $ 124.35 290 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 15. 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 (In millions) 2019 2018 2017 Income (Loss) Before Income Taxes: (a) U.S $ 5 $ 76 $ 84 Non-U.S 95 127 132 Total income before income taxes $ 100 $ 203 $ 216 Current Tax Provision: Non-U.S $ 29 42 $ 42 Deferred Tax Provision (Benefit): Non-U.S (5 ) 1 6 Total deferred tax provision (benefit) (5 ) 1 6 Provision for income taxes $ 24 $ 43 $ 48 (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 2019 and 2018 , and 35% for 2017 and the consolidated income tax provision from continuing operations is shown below: Year Ended December 31 (In millions) 2019 2018 2017 Tax provision (benefit) at U.S. statutory rate of 21% for 2019 and 2018, and 35% for 2017 $ 21 $ 43 $ 76 Impact of foreign operations 23 16 (5 ) Non-U.S withholding taxes 10 14 15 Tax holidays in foreign operations (5 ) (5 ) (7 ) State and local income taxes — 3 (1 ) Tax reserve adjustments 2 (6 ) (14 ) Change in valuation allowance (10 ) (81 ) (270 ) Impact of U.S. tax reform (18 ) 33 250 Impact of tax law change — 35 5 Research credits (1 ) (5 ) (1 ) Other 2 (4 ) — Provision for income taxes $ 24 $ 43 $ 48 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. During 2019, the Company further adjusted its estimate of the impact of U.S. tax reform primarily related to assumptions made in calculating its 2018 GILTI inclusion resulting in an $18 million income tax benefit, the impact of which was entirely offset by a corresponding income tax charge associated with an increase in the U.S. valuation allowance. Other items impacting the Company’s 2019 effective tax rate include the unfavorable impact of foreign operations of $23 million which reflects a $6 million unfavorable variance due to income taxes on foreign earnings taxed at rates higher than the U.S. statutory rate; $8 million related to income tax expense, net of foreign tax credits, associated with income from foreign subsidiaries treated as branches for U.S. income tax purposes; and $9 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; these amounts were offset by a corresponding $18 million income tax benefit associated with a reduction in the U.S. valuation allowance. Tax reserve adjustments of $2 million primarily relates to certain transfer pricing positions taken between affiliates in Europe and the U.S. 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. 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 $26 million and $21 million as of December 31, 2019 and 2018 , 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 the reduction in the U.S. profitability during 2019, as well as the expectation that global production volumes are expected to continue to decline in 2020. These factors contribute to the relative uncertainty surrounding the ability that the U.S. operations will demonstrate sustained profitability in the future. 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 (In millions) 2019 2018 Deferred Tax Assets: Net operating losses and credit carryforwards $ 1,099 $ 1,090 Employee benefit plans 73 64 Lease liability 55 — Fixed assets and intangibles 14 9 Warranty 11 10 Inventory 9 9 Restructuring 5 8 Capitalized expenditures for tax reporting 5 3 Deferred income 4 5 Other 55 57 Valuation allowance (1,132 ) (1,144 ) Total deferred tax assets $ 198 $ 111 Deferred Tax Liabilities: Outside basis investment differences, including withholding tax $ 64 $ 57 Right-of-use assets 54 — Fixed assets and intangibles 16 17 All other 32 15 Total deferred tax liabilities 166 89 Net deferred tax assets (liabilities) $ 32 $ 22 Consolidated Balance Sheet Classification: Other non-current assets $ 59 $ 45 Deferred tax liabilities non-current 27 23 Net deferred tax assets (liabilities) $ 32 $ 22 At December 31, 2019 , the Company had available non-U.S. net operating loss carryforwards and capital loss carryforwards of $1.5 billion and $17 million , respectively, which have remaining carryforward periods ranging from 1 year to indefinite . The Company had available U.S. federal net operating loss carryforwards of $1.4 billion at December 31, 2019 , which will expire at various dates between 2028 and 2034 . U.S. foreign tax credit carryforwards are $385 million at December 31, 2019 . These credits will begin to expire in 2022 . U.S. research tax credit carryforwards are $20 million at December 31, 2019 . 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, 2019 , which will expire at various dates between 2020 and 2039 . 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 $385 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, 2019 , valuation allowances totaling $1.1 billion have been recorded against the Company’s deferred tax assets. Of this amount, $768 million relates to the Company’s deferred tax assets in the U.S. and $364 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, 2019 and 2018 were $13 million and $10 million , respectively. Of these amounts, approximately $6 million and $4 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, 2019 and 2018 was $2 million in both years. During 2019 , the Company recorded uncertain tax positions related to certain transfer positions taken between affiliates in Europe and the U.S. 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. 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 $5 million is included in Other non-current liabilities on the consolidated balance sheet, while $3 million is reflected as a reduction of a deferred tax asset related to a net operating loss included in Other-non current assets 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 (In millions) 2019 2018 Beginning balance $ 10 $ 18 Tax positions related to current period Additions 3 — Tax positions related to prior periods Additions 1 — Reductions (1 ) (4 ) Lapses in statute of limitations — (4 ) Ending balance $ 13 $ 10 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 $15 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, 2019 . 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, 2019 , 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 16. Stockholders’ Equity and Non-controlling Interests Share Repurchase Program In 2017, the Company purchased a total of 1,978,144 shares of Visteon common stock at an average price of $101.10 for an aggregate purchase amount of $200 million . pursuant to various programs with third-party financial institutions. In 2018, the Company purchased a total of 2,805,531 shares of Visteon common stock at an average price of $106.92 for an aggregate purchase amount of $300 million pursuant to various programs with third-party financial institutions. In 2019, the Company purchased a total of 322,120 shares of Visteon common stock at an average price of $62.06 for an aggregate purchase amount of $20 million pursuant to various programs with third-party financial institutions. As of December 31, 2019 , the Company has the capacity to repurchase up to an additional $380 million of the Company's shares under the Board authorization that expires on December 31, 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, 2019 and 2018 , respectively, the Company held 27,044,003 and 26,817,543 shares of common stock in treasury which may be used for 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 (In millions) 2019 2018 Yanfeng Visteon Automotive Electronics Co., Ltd. $ 56 $ 56 Shanghai Visteon Automotive Electronics Co., Ltd. 41 43 Changchun Visteon FAWAY Automotive Electronics Co., Ltd. 17 15 Other 1 3 $ 115 $ 117 In 2019, the Company paid less than $1 million to purchase the remaining shares of a previous non-controlling interest. 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, 2019 , 2018 , and 2017 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, 2019 is reduced to a nominal $0.01 and each warrant is entitled to approximately 1.4 shares of stock upon exercise based on share price as of December 31, 2019 . Restricted Net Assets Restricted net assets related to the Company’s non-consolidated affiliates were approximately $43 million and $38 million , respectively as of December 31, 2019 and 2018 . Restricted net assets related to the Company’s consolidated subsidiaries were approximately $196 million and $177 million , respectively as of December 31, 2019 and 2018 . 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 (In millions) 2019 2018 Changes in AOCI: Beginning balance $ (216 ) $ (174 ) Other comprehensive loss before reclassification, net of tax (46 ) (42 ) Amounts reclassified from AOCI (5 ) — Ending balance $ (267 ) $ (216 ) Changes in AOCI by component: Foreign currency translation adjustments Beginning balance $ (142 ) $ (100 ) Other comprehensive loss before reclassification (a) (11 ) (42 ) Ending balance (153 ) (142 ) Net investment hedge Beginning balance (5 ) (12 ) Other comprehensive income before reclassification (a) 15 9 Amounts reclassified from AOCI (b) (6 ) (2 ) Ending balance 4 (5 ) Benefit plans Beginning balance (71 ) (63 ) Other comprehensive loss before reclassification, net of tax (c) (44 ) (10 ) Amounts reclassified from AOCI 1 2 Ending balance (114 ) (71 ) Unrealized hedging gain (loss) Beginning balance 2 1 Other comprehensive income (loss) before reclassification, net of tax (d) (6 ) 1 Ending balance (4 ) 2 AOCI ending balance $ (267 ) $ (216 ) (a) There were no income tax effects for either period due to the valuation allowance. (b) Amounts are included in "Interest expense" within the consolidated statements of operations. (c) Amount included in the computation of net periodic pension cost. (See Note 14, "Employee Benefit Plans" for additional details.) Net of tax benefit of $5 million , and tax expense of $1 million related to benefit plans for the years ended December 31, 2019 and 2018 , respectively. (d) There were no income tax effects for the period ended December 31, 2019 , while net tax expense of less than $1 million million related to unrealized hedging gain (loss) for the year ended December 31, 2018 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 4. Earnings Per Share A summary of information used to compute basic and diluted earnings per share attributable to Visteon is as follows: Year Ended December 31 (In millions, except per share amounts) 2019 2018 2017 Numerator: Net income from continuing operations attributable to Visteon $ 71 $ 163 $ 159 Net income (loss) from discontinued operations attributable to Visteon (1 ) 1 17 Net income attributable to Visteon $ 70 $ 164 $ 176 Denominator: Average common stock outstanding - basic 28.1 29.5 31.6 Dilutive effect of performance based share units and other 0.1 0.2 0.6 Diluted shares 28.2 29.7 32.2 Basic and Diluted Per Share Data: Basic earnings (loss) per share attributable to Visteon: Continuing operations $ 2.53 $ 5.53 $ 5.03 Discontinued operations (0.04 ) 0.03 0.54 $ 2.49 $ 5.56 $ 5.57 Diluted earnings (loss) per share attributable to Visteon: Continuing operations $ 2.52 $ 5.49 $ 4.94 Discontinued operations (0.04 ) 0.03 0.53 $ 2.48 $ 5.52 $ 5.47 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 18. 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, 2019 (In millions) Level 1 Level 2 Level 3 NAV Total Asset Category: Retirement plan assets $ 131 $ 353 $ 15 $ 363 $ 862 Foreign currency instruments $ — $ — $ — $ — $ — Liability Category: Foreign currency instruments $ — $ 6 $ — $ — $ 6 Interest rate swaps $ — $ 7 $ — $ — $ 7 December 31, 2018 (In millions) Level 1 Level 2 Level 3 NAV Total 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 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: (In millions) December 31, 2019 Asset Category Level 1 Level 2 NAV Total Registered investment companies $ 3 $ — $ — $ 3 Common and preferred stocks 27 — — 27 Common trust funds — 152 123 275 LDI — 111 — 111 Limited partnerships and hedge funds — — 206 206 Cash and cash equivalents 1 7 — 8 Total $ 31 $ 270 $ 329 $ 630 (In millions) December 31, 2018 Asset Category Level 1 Level 2 NAV Total Registered investment companies $ 3 $ — $ — $ 3 Common trust funds — 100 127 227 LDI — 104 — 104 Common and preferred stock 22 — — 22 Limited partnerships and hedge funds — — 205 205 Cash and cash equivalents — 6 — 6 Total $ 25 $ 210 $ 332 $ 567 The fair values of the Company’s Non-U.S. retirement plan assets are as follows: (In millions) December 31, 2019 Asset Category Level 1 Level 2 Level 3 NAV Total Registered investment companies $ 59 $ 24 $ — $ — $ 83 Treasury and government securities 34 18 — — 52 Cash and cash equivalents 4 1 — — 5 Corporate debt securities — 8 — — 8 Common and preferred stock 3 — — — 3 Common trust funds — 35 — 18 53 Limited partnerships — — — 16 16 Insurance contracts — — 15 — 15 Derivative instruments — (3 ) — — (3 ) Total $ 100 $ 83 $ 15 $ 34 $ 232 (In millions) December 31, 2018 Asset Category Level 1 Level 2 Level 3 NAV Total 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 The change in fair value of insurance contracts which used significant unobservable inputs was primarily due to purchases during the years ended December 31, 2019 and 2018. 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. The Company utilized a third party to assist in the fair value determination of the purchase price allocation for the VFAE Acquisition. Management’s allocation of fair values to asset and liabilities was completed through a combination of cost, market and income approaches. As further described in Note 8, " Property and Equipment", the fair value of certain fixed assets was less than carrying value and therefore, impairment charges of $2 million were recorded in the year ended December 31, 2019. As further described in Note 21, "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 $390 million and $388 million as of December 31, 2019 and 2018 , 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. Investments 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% . 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 end December 31, 2019, 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, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | NOTE 19. 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. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument or may derived from observable data. Accordingly, the Company's currency instruments are classified as Level 2, "Other Observable Inputs" in the fair value hierarchy. 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 The Company is exposed to various market risks including, but not limited to, changes in currency exchange rates arising from the sale of products in countries other than the manufacturing source, foreign currency denominated supplier payments, debt, dividends and investments in subsidiaries. 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 related to transactions, excluding those transactions as related to the payment of variable interest on existing debt, is eighteen months. The maximum length of time over which the Company hedges forecasted transactions related to variable interest payments is the term of the underlying debt. 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 are included in the Company’s consolidated balance sheets. There is no cash collateral on any of these derivatives. Currency Exchange Rate Instruments: The Company primarily uses forward contracts denominated in Euro, Japanese Yen, Thai Baht and Mexican Peso intended to mitigate the variability of cash flows denominated in currency other than the hedging entity's functional currency. The Company had foreign currency hedge economic derivative instruments, with notional amounts of approximately $8 million and $23 million as of December 31, 2019 and 2018, respectively. The fair value of all derivatives was a liability of less than $1 million and an asset of $1 million as of December 31, 2019 and 2018, respectively. The difference between the gross and net value of these derivatives after offset by counter party is not material. Cross Currency Swaps: The Company has executed cross-currency swap transactions intended to mitigate the the variability of the U.S. dollar value of its investment in certain of its non-U.S. entities. These transactions are designated as net investment hedges and the Company has elected to assess hedge effectiveness under the spot method. Accordingly, periodic changes in the fair value of the derivative instruments attributable to factor other than spot exchange rate variability are excluded from the measure of hedge ineffectiveness and reported directly in earnings each reporting period. As of December 31, 2019 and 2018, the Company had cross currency swaps with an aggregate notional value of $250 million . The aggregate fair value of these derivatives is a non-current liability of $6 million and $16 million as of December 31, 2019 and 2018, respectively. The amount of accumulated other income expected to be reclassified into earnings within the next 12 months is a gain of approximately $7 million . Interest Rate Risk The Company utilizes interest rate swap instruments to manage its exposure and to mitigate the impact of interest rate variability. The instruments are designated as cash flow hedges, accordingly, the effective portion of the periodic changes in fair value is recognized in accumulated other comprehensive income, a component of shareholders' equity. Subsequently, the accumulated gains and losses recorded in equity are reclassified to income in the period during which the hedged cash flow impacts earnings. As of December 31, 2019 and 2018, the Company had an aggregate notional value of interest rate swap transactions of $250 million . The aggregate fair value of these derivative transactions as of December 31, 2019 and 2018, was a non-current liability of approximately $7 million and $2 million , respectively. As of December 31, 2019 , a gain of approximately $3 million is expected to be reclassified out of accumulated other comprehensive income into earnings within the next 12 months. Financial Statement Presentation Gains and losses on derivative financial instruments for the years ended December 31, 2019 and 2018 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) (In millions) 2019 2018 2019 2018 2019 2018 Foreign currency risk – Sales: Non-designated cash flow hedges $ — $ — $ — $ — $ 1 $ — Foreign currency risk – Cost of sales: Cash flow hedges — — — 1 — — Non-designated cash flow hedges — — — — (1 ) 2 Interest rate risk - Interest expense, net: Net investment hedges 15 9 6 2 — — Interest rate swap (6 ) 1 — (1 ) — — $ 9 $ 10 $ 6 $ 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, 2019 and 2018 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, 2019 December 31, 2018 2019 2018 2017 Ford 22 % 26 % 28 % 12 % 14 % Mazda 14 % 18 % 17 % 5 % 9 % Renault/Nissan 13 % 12 % 14 % 13 % 11 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 23. 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 (the “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 October 2019, the Township notified the Company that the Township had incurred a shortfall under the bonds of less than $1 million and requested that the Company meet to discuss payment. The parties met in November 2019 but no agreement was reached. On December 9, 2019, the Township commenced litigation against the Company in Michigan’s Wayne County Circuit Court claiming damages of $28 million related to what the Township alleges to be the current shortfall and projected future shortfalls under the bonds. The Company disputes the factual and legal assertions made by the Township and will defend the matter vigorously. 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, 2019 , the Company maintained accruals of approximately $11 million for claims aggregating approximately $78 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 (In millions) 2019 2018 Beginning balance $ 48 $ 49 Accruals for products shipped 20 19 Change in estimates (2 ) (5 ) Specific cause actions 6 9 Currency/other (1 ) 2 Settlements (22 ) (26 ) Ending balance $ 49 $ 48 Guarantees and Commitments During 2014, as part of the YFVIC Transaction, the Company guaranteed certain standard non-payment provisions to cover the lenders in event of non-payment of principal, accrued interest, and other fees due. The loan was fully payed by the borrower and the guarantee concurrently relieved during the year ended December 31, 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, 2019 , the Company has approximately $5 million and $1 million of outstanding guarantees, related to the divested Climate and Interiors entities, respectively. These guarantees will generally cease upon expiration of current lease agreement which expire in 2026 and 2021 for the Climate and Interiors entities, 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, 2019 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 3. 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 1, "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. Key financial measures reviewed by the Company’s chief operating decision maker are as follows. Segment Sales Segment Sales were $2,945 million , $2,984 million and $3,146 million for the years ended December 31, 2019 , 2018 and 2017 . 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 was $234 million , $330 million and $370 million for the years ended December 31, 2019 , 2018 and 2017 . The reconciliation of Adjusted EBITDA to net income attributable to Visteon for the years ended December 31, 2019 , 2018 and 2017 is as follows: Year Ended December 31 (In millions) 2019 2018 2017 Net income attributable to Visteon Corporation $ 70 $ 164 $ 176 Depreciation and amortization 100 91 87 Restructuring expense, net 4 29 14 Interest expense, net 9 7 16 Equity in net income of non-consolidated affiliates (6 ) (13 ) (7 ) Loss on divestiture — — 33 Provision for income taxes 24 43 48 Net (income) loss from discontinued operations, net of tax 1 (1 ) (17 ) Net income attributable to non-controlling interests 11 10 16 Non-cash, stock-based compensation expense 17 8 12 Other 4 (8 ) (8 ) Adjusted EBITDA $ 234 $ 330 $ 370 Financial Information by Geographic Region Sales by geographic region for the years ended December 31, 2019 , 2018 and 2017 are as follows: Year Ended December 31 (In millions) 2019 2018 2017 United States $ 663 $ 654 $ 776 Mexico 38 67 70 Total North America 701 721 846 Portugal 602 563 508 Slovakia 237 235 294 Tunisia 71 96 109 France 53 70 84 Other Europe 16 20 20 Intra-region eliminations (1 ) (3 ) (11 ) Total Europe 978 981 1,004 China Domestic 527 405 381 China Export 262 309 363 Total China 789 714 744 Japan 393 494 495 India 110 114 92 Thailand 57 69 81 Korea — 2 12 Intra-region eliminations — (1 ) (1 ) Total Other Asia-Pacific 560 678 679 South America 91 79 68 Inter-region eliminations (174 ) (189 ) (195 ) $ 2,945 $ 2,984 $ 3,146 Company sales based on geographic region where sale originates and not where customer is located. Tangible long-lived assets by geographic region as of December 31, 2019 and 2018 are as follows: Year Ended December 31 (In millions) 2019 2018 Europe $ 207 $ 152 North America 186 74 China 93 86 Other Asia-Pacific 86 60 South America 29 25 $ 601 $ 397 Tangible long-lived assets include property, plant and equipment and right-of-use assets. |
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: 2019 2018 (In millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Sales $ 737 $ 733 $ 731 $ 744 $ 814 $ 758 $ 681 $ 731 Gross margin 66 70 84 104 129 104 82 96 Income from continuing operations before income taxes 11 16 31 48 88 49 32 47 Net income from continuing operations 16 8 18 40 67 37 23 46 Net income 16 8 18 39 69 36 24 45 Net income attributable to Visteon Corporation $ 14 $ 7 $ 14 $ 35 $ 65 $ 35 $ 21 $ 43 Per Share Data: Basic earnings per share attributable to Visteon Corporation $ 0.50 $ 0.25 $ 0.50 $ 1.24 $ 2.14 $ 1.19 $ 0.71 $ 1.50 Diluted earnings per share attributable to Visteon Corporation $ 0.49 $ 0.25 $ 0.50 $ 1.24 $ 2.11 $ 1.17 $ 0.71 $ 1.49 The fourth quarter ended December 31, 2018, net income from continuing operations, net income, and net income attributable to Visteon Corporation includes expense of approximately $8 million , $11 million and $11 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 (In millions) Balance at Beginning of Period (Benefits)/ Charges to Income Deductions(a) Other( b) Balance at End of Period Year Ended December 31, 2019: Allowance for doubtful accounts $ 6 $ 5 $ (1 ) $ — $ 10 Valuation allowance for deferred taxes 1,144 (10 ) — (2 ) 1,132 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 ____________ (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 2019, the $2 million overall decrease in the valuation allowance for deferred taxes is comprised of $7 million related to exchange, partially offset by $5 million related to other comprehensive income. 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 |
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: Year Ended December 31 (In millions) 2019 2018 Geographical Markets (a) Europe $ 978 $ 981 Americas 792 800 China Domestic 527 405 China Export 262 309 Other Asia-Pacific 560 678 Eliminations (174 ) (189 ) $ 2,945 $ 2,984 (a) Company sales based on geographic region where sale originates and not where customer is located. Year Ended December 31 (In millions) 2019 2018 Product Lines Instrument clusters $ 1,314 $ 1,209 Audio and infotainment 721 772 Information displays 486 509 Body and security 117 110 Telematics 76 68 Climate controls 72 122 Other (includes HUD) 159 194 $ 2,945 $ 2,984 The Company has no material contract assets, contract liabilities or capitalized contract acquisition costs as of December 31, 2019. |
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: Visteon Corporation (the "Company" or "Visteon") 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: |
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. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: The Company generates revenue from the production of automotive vehicle cockpit electronics parts sold to OEMs, 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, 2019, 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 adjustments 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. Some of these price adjustments are non-routine in nature and 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 consideration at the most likely amount to which the Company expects to be entitled 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 reserves at the earlier of when the most likely amount of consideration changes or when the consideration becomes fixed. In 2019, revenue recognized related to performance obligations satisfied in previous periods represented less than 1% of consolidated sales. The Company's customers pay for products received in accordance with payment terms that are customary within the industry. The Company's contracts with its customers do not have significant financing components. 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, 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 $3 million , $6 million and $9 million for the years ended December 31, 2019 , 2018 and 2017 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 Sales: 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 $300 million , $286 million , and $253 million in 2019 , 2018 and 2017 , respectively, which includes recoveries of $140 million , $146 million and $133 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, 2019 the Company's cash balances are invested in a diversified portfolio of cash and highly liquid cash equivalents including money market funds, commercial paper rated A2/P2 and above with maturity under three months, time deposits and other short-term cash investments, which mature under three months with highly rated banking institutions. The cost of such funds approximates fair value based on the nature of the investment. |
Restricted Cash, Policy [Policy Text Block] | Restricted Cash: Restricted cash represents amounts designated for uses other than current operations and includes $2 million related to a Letter of Credit Facility, and $1 million related to cash collateral for other corporate purposes as of December 31, 2019 . |
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 $10 million and $6 million as of December 31, 2019 and 2018 , respectively. Provisions for estimated uncollectible accounts receivable of $5 million , $2 million and $3 million are included in selling, general and administrative expenses for the years ended December 31, 2019 , 2018 , and 2017 . The Company exchanges a portion of its accounts receivable for bank notes for certain of its customers in China. The collection on 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. Bank 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 $31 million and $22 million as of December 31, 2019 and 2018 , respectively, related to product 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. Fair value is determined using appraisals, management estimates or discounted cash flow calculations. 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. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill: |
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 23, "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 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 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. |
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 20. 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. A summary of the fair value of the assets acquired and liabilities assumed 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. In 2018, 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. |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | summary of the fair value of the assets acquired and liabilities assumed 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, 2019 | |
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 (In millions) 2019 2018 2017 Sales $ — $ — $ — Cost of sales (2 ) (5 ) — Gross margin (2 ) (5 ) — Selling, general and administrative expenses — (1 ) — Gain on Climate Transaction — 4 7 Gain on Interiors Divestiture — — 8 Restructuring expense 1 (1 ) — Income (loss) from discontinued operations before income taxes (1 ) (3 ) 15 Benefit for income taxes — 4 2 Net income (loss) from discontinued operations attributable to Visteon $ (1 ) $ 1 $ 17 |
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 (In millions) 2019 2018 Billings to affiliates (a) $ 75 $ 52 Purchases from affiliates (b) $ 73 $ 79 (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 (In millions) 2019 2018 YFVIC (50%) $ 43 $ 38 Others 5 4 Total investments in non-consolidated affiliates $ 48 $ 42 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | summary of the fair value of the assets acquired and liabilities assumed 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 (In millions) 2019 2018 YFVIC (50%) $ 43 $ 38 Others 5 4 Total investments in non-consolidated affiliates $ 48 $ 42 |
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] | (In millions) Electronics Other Total December 31, 2016 $ 31 $ 9 $ 40 Expense 7 — 7 Change in estimates 8 (1 ) 7 Utilization (30 ) (2 ) (32 ) Foreign currency 2 — 2 December 31, 2017 18 6 24 Expense 24 — 24 Change in estimates 5 1 6 Utilization (26 ) (4 ) (30 ) Foreign currency (1 ) — (1 ) December 31, 2018 20 3 23 Expense 5 — 5 Change in estimates (1 ) (1 ) (2 ) Utilization (15 ) — (15 ) Foreign currency (1 ) — (1 ) December 31, 2019 $ 8 $ 2 $ 10 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31 (In millions) 2019 2018 Raw materials $ 100 $ 124 Work-in-process 28 26 Finished products 41 34 $ 169 $ 184 |
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 (In millions) 2019 2018 Recoverable taxes $ 61 $ 46 Joint venture receivables 41 37 Contractually reimbursable engineering costs 29 40 Prepaid assets and deposits 22 20 Royalty agreements 17 — China bank notes 16 12 Other 7 4 $ 193 $ 159 |
Schedule of Other Assets, Noncurrent [Table Text Block] | December 31 (In millions) 2019 2018 Deferred tax assets $ 59 $ 45 Recoverable taxes 28 33 Contractually reimbursable engineering costs 24 29 Royalty agreements 11 — Joint venture note receivables 8 20 Other 20 16 $ 150 $ 143 |
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 (In millions) 2019 2018 2017 Depreciation $ 78 $ 73 $ 71 Amortization 6 3 3 $ 84 $ 76 $ 74 |
Property and Equipment [Table Text Block] | December 31 (In millions) 2019 2018 Land $ 12 $ 13 Buildings and improvements 83 76 Machinery, equipment and other 599 531 Construction in progress 80 56 Total property and equipment 774 676 Accumulated depreciation (362 ) (303 ) 412 373 Product tooling, net of amortization 24 24 Property and equipment, net $ 436 $ 397 |
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, 2019 were as follows: December 31, 2019 (In millions) Estimated Weighted Average Useful Life (years) Gross Intangibles Accumulated Amortization Net Intangibles Definite-Lived: Developed technology 7 $ 40 $ (35 ) $ 5 Customer related 10 89 (51 ) 38 Capitalized software development 4 32 (5 ) 27 Other 20 15 (4 ) 11 Subtotal 176 (95 ) 81 Indefinite-Lived: Goodwill 46 — 46 Total $ 222 $ (95 ) $ 127 A roll-forward of the net carrying amounts of intangible assets is presented below: December 31, 2018 December 31, 2019 (In millions) Gross Intangibles Accumulated Amortization Net Intangible Additions Foreign Currency Amortization Expense Net Intangibles Definite-Lived: Developed technology $ 40 $ (31 ) $ 9 $ — $ (1 ) $ (3 ) $ 5 Customer related 90 (42 ) 48 — (1 ) (9 ) 38 Capitalized software development 16 (3 ) 13 16 — (2 ) 27 Other 14 (2 ) 12 1 — (2 ) 11 Subtotal 160 (78 ) 82 17 (2 ) (16 ) 81 Indefinite-Lived: Goodwill 47 — 47 — (1 ) — 46 Total $ 207 $ (78 ) $ 129 $ 17 $ (3 ) $ (16 ) $ 127 December 31, 2017 December 31, 2018 (In millions) Gross Intangibles Accumulated Amortization Net Intangibles Additions Foreign Currency Amortization Expense Net Intangibles 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 Capitalized software development consists of software development costs intended for integration into customer products. The Company recorded approximately $16 million , $15 million and $13 million of amortization expense related to definite-lived intangible assets for the years ended December 31, 2019 , 2018 and 2017 , respectively. The Company currently estimates annual amortization expense to be $16 million for each of the years 2020 , 2021 , and 2022 , $13 million for 2023 , and $6 million for 2024 . During 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. |
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 (In millions) 2019 2018 Product warranty and recall accruals $ 34 $ 34 Deferred income 22 16 Rents and royalties 19 14 Non-income taxes payable 17 13 Restructuring reserves 10 23 Joint venture payables 9 17 Income taxes payable 7 15 Dividends payable 3 3 Other 26 26 $ 147 $ 161 |
Other Noncurrent Liabilities [Table Text Block] | Other non-current liabilities are summarized as follows: December 31 (In millions) 2019 2018 Product warranty and recall accruals $ 15 $ 14 Foreign currency hedges 14 18 Royalty agreements 13 — Deferred income 9 14 Income tax reserves 5 6 Non-income tax reserves 1 5 Other 15 19 $ 72 $ 76 |
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 (In millions) 2019 2018 2019 2018 Short-Term Debt: Short-term borrowings 4.3% 4.8% $ 37 $ 57 Long-Term Debt: Term facility due March 24, 2024 3.2% 3.2% $ 348 $ 348 |
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 (In millions) 2019 2018 Accumulated benefit obligation $ 1,088 $ 813 Projected benefit obligation $ 1,107 $ 818 Fair value of plan assets $ 830 $ 582 |
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, 2019 and 2018 are summarized in the following table: U.S. Plans Non-U.S. Plans Weighted Average Assumptions 2019 2018 2019 2018 Discount rate 3.34 % 4.33 % 2.39 % 3.34 % Rate of increase in compensation N/A N/A 3.16 % 3.51 % |
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, 2019 and 2018 , are as follows: U.S. Plans Non-U.S. Plans (In millions) 2019 2018 2019 2018 Actuarial loss (gain) $ 26 $ 13 $ 23 $ (4 ) Deferred taxes (1 ) — (5 ) 1 Currency/other — — 1 — Reclassification to net income — — (1 ) (2 ) $ 25 $ 13 $ 18 $ (5 ) |
Schedule of Retirement Plan expenses [Table Text Block] | U.S. Plans Non-U.S. Plans Year Ended December 31 Year Ended December 31 (In millions, except percentages) 2019 2018 2017 2019 2018 2017 Costs Recognized in Income: Pension service cost: Service cost $ — $ — $ — $ (2 ) $ (2 ) $ (2 ) Pension financing benefit (cost): Interest cost (30 ) (27 ) (29 ) (8 ) (8 ) (9 ) Expected return on plan assets 40 41 41 10 9 9 Amortization of losses and other — — — (1 ) (2 ) (2 ) Settlements and curtailments — — — — — 2 Restructuring related pension cost: Special termination benefits (a) — (2 ) — (1 ) — (2 ) Net pension income (expense) $ 10 $ 12 $ 12 $ (2 ) $ (3 ) $ (4 ) Weighted Average Assumptions: Discount rate 4.33 % 3.65 % 4.12 % 3.34 % 3.28 % 3.51 % Compensation increase N/A N/A N/A 3.51 % 3.62 % 3.66 % Long-term return on assets 6.78 % 6.74 % 6.73 % 4.73 % 4.86 % 5.24 % (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 (In millions) 2019 2018 2019 2018 Change in Benefit Obligation: Benefit obligation — beginning $ 760 $ 840 $ 250 $ 281 Service cost — — 2 2 Interest cost 30 27 8 8 Actuarial loss (gain) 88 (63 ) 40 (17 ) Special termination benefits — 2 1 — Foreign exchange translation — — 4 (16 ) Benefits paid and other (40 ) (46 ) (5 ) (8 ) Benefit obligation — ending $ 838 $ 760 $ 300 $ 250 Change in Plan Assets: Plan assets — beginning $ 567 $ 647 $ 200 $ 220 Actual return on plan assets 102 (35 ) 26 (5 ) Sponsor contributions 1 1 7 7 Foreign exchange translation — — 4 (14 ) Benefits paid and other (40 ) (46 ) (5 ) (8 ) Plan assets — ending $ 630 $ 567 $ 232 $ 200 Total funded status at end of period $ (208 ) $ (193 ) $ (68 ) $ (50 ) Balance Sheet Classification: Other non-current assets $ — $ — $ 3 $ 4 Accrued employee liabilities — — (2 ) (1 ) Employee benefits (208 ) (193 ) (69 ) (53 ) Accumulated other comprehensive loss: Actuarial loss 79 53 50 27 Tax effects/other (1 ) — (14 ) (9 ) $ 78 $ 53 $ 36 $ 18 |
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: (In millions) U.S. Plans Non-U.S. Plans 2020 $ 40 $ 6 2021 39 6 2022 40 7 2023 41 8 2024 40 10 Years 2025 - 2029 217 54 |
Schedule of Allocation of Plan Assets [Table Text Block] | The Company’s retirement plan asset allocation as of December 31, 2019 and 2018 and target allocation for 2020 are as follows: Target Allocation Percentage of Plan Assets U.S. Non-U.S. U.S. Non-U.S. 2020 2020 2019 2018 2019 2018 Equity securities 38 % 34 % 37 % 30 % 38 % 27 % Fixed income 15 % 43 % 18 % 18 % 39 % 41 % Alternative strategies 46 % 14 % 44 % 51 % 14 % 19 % Cash 1 % 3 % 1 % 1 % 4 % 8 % Other — % 6 % — % — % 5 % 5 % 100 % 100 % 100 % 100 % 100 % 100 % |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended | |
Dec. 31, 2019 | 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, 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 Granted 71 111.98 Vested (73 ) 89.74 Forfeited (23 ) 118.87 Non-vested as of December 31, 2019 170 $ 118.77 | |
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 (In millions) 2019 2018 2017 December 31, 2019 Performance based share units $ 6 $ (2 ) $ 6 $ 8 Restricted stock units 9 8 11 8 Stock options 2 2 2 1 Total stock-based compensation expense $ 17 $ 8 $ 19 $ 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, 2019 and 2018 are as follows: Year Ended December 31 2019 2018 Expected volatility 31.2 % 24.1 % Risk-free rate 2.43 % 2.33 % 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, 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 Granted 141 79.61 Vested (71 ) 93.60 Forfeited (18 ) 92.18 Non-vested as of December 31, 2019 216 $ 90.98 | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Stock Options SARs 2019 2018 2017 2019 2018 2017 Expected term (in years) 5 5 5 N/A N/A 5 Expected volatility 27.69 % 22.95 % 27.31 % N/A N/A 27.31 % Risk-free interest rate 2.43 % 2.58 % 2.03 % N/A N/A 2.03 % | |
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, 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 Granted 106 80.97 — — Exercised (4 ) 59.37 — — Forfeited or expired (32 ) 96.02 — — December 31, 2019 283 $ 93.51 7 $ 72.84 Exercisable at December 31, 2019 129 $ 91.65 6 $ 70.05 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 7 2.1 $ 54.80 $60.01 - $80.00 48 3.3 $ 72.89 $80.01 - $100.00 166 5.3 $ 87.40 $100.01 - $130.00 69 5.3 $ 124.35 290 |
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 (In millions) 2019 2018 2017 Pension financing benefits, net $ 10 $ 13 $ 12 Transformation initiatives — 4 (2 ) Gain on non-consolidated transactions, net — 4 4 $ 10 $ 21 $ 14 |
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 (In millions) 2019 2018 2017 Income (Loss) Before Income Taxes: (a) U.S $ 5 $ 76 $ 84 Non-U.S 95 127 132 Total income before income taxes $ 100 $ 203 $ 216 Current Tax Provision: Non-U.S $ 29 42 $ 42 Deferred Tax Provision (Benefit): Non-U.S (5 ) 1 6 Total deferred tax provision (benefit) (5 ) 1 6 Provision for income taxes $ 24 $ 43 $ 48 (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 2019 and 2018 , and 35% for 2017 and the consolidated income tax provision from continuing operations is shown below: Year Ended December 31 (In millions) 2019 2018 2017 Tax provision (benefit) at U.S. statutory rate of 21% for 2019 and 2018, and 35% for 2017 $ 21 $ 43 $ 76 Impact of foreign operations 23 16 (5 ) Non-U.S withholding taxes 10 14 15 Tax holidays in foreign operations (5 ) (5 ) (7 ) State and local income taxes — 3 (1 ) Tax reserve adjustments 2 (6 ) (14 ) Change in valuation allowance (10 ) (81 ) (270 ) Impact of U.S. tax reform (18 ) 33 250 Impact of tax law change — 35 5 Research credits (1 ) (5 ) (1 ) Other 2 (4 ) — Provision for income taxes $ 24 $ 43 $ 48 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred income tax assets and liabilities are as follows: December 31 (In millions) 2019 2018 Deferred Tax Assets: Net operating losses and credit carryforwards $ 1,099 $ 1,090 Employee benefit plans 73 64 Lease liability 55 — Fixed assets and intangibles 14 9 Warranty 11 10 Inventory 9 9 Restructuring 5 8 Capitalized expenditures for tax reporting 5 3 Deferred income 4 5 Other 55 57 Valuation allowance (1,132 ) (1,144 ) Total deferred tax assets $ 198 $ 111 Deferred Tax Liabilities: Outside basis investment differences, including withholding tax $ 64 $ 57 Right-of-use assets 54 — Fixed assets and intangibles 16 17 All other 32 15 Total deferred tax liabilities 166 89 Net deferred tax assets (liabilities) $ 32 $ 22 Consolidated Balance Sheet Classification: Other non-current assets $ 59 $ 45 Deferred tax liabilities non-current 27 23 Net deferred tax assets (liabilities) $ 32 $ 22 |
Summary of Unrecognized Tax Benefits [Table Text Block] | Year Ended December 31 (In millions) 2019 2018 Beginning balance $ 10 $ 18 Tax positions related to current period Additions 3 — Tax positions related to prior periods Additions 1 — Reductions (1 ) (4 ) Lapses in statute of limitations — (4 ) Ending balance $ 13 $ 10 |
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 (In millions) 2019 2018 Changes in AOCI: Beginning balance $ (216 ) $ (174 ) Other comprehensive loss before reclassification, net of tax (46 ) (42 ) Amounts reclassified from AOCI (5 ) — Ending balance $ (267 ) $ (216 ) Changes in AOCI by component: Foreign currency translation adjustments Beginning balance $ (142 ) $ (100 ) Other comprehensive loss before reclassification (a) (11 ) (42 ) Ending balance (153 ) (142 ) Net investment hedge Beginning balance (5 ) (12 ) Other comprehensive income before reclassification (a) 15 9 Amounts reclassified from AOCI (b) (6 ) (2 ) Ending balance 4 (5 ) Benefit plans Beginning balance (71 ) (63 ) Other comprehensive loss before reclassification, net of tax (c) (44 ) (10 ) Amounts reclassified from AOCI 1 2 Ending balance (114 ) (71 ) Unrealized hedging gain (loss) Beginning balance 2 1 Other comprehensive income (loss) before reclassification, net of tax (d) (6 ) 1 Ending balance (4 ) 2 AOCI ending balance $ (267 ) $ (216 ) (a) There were no income tax effects for either period due to the valuation allowance. (b) Amounts are included in "Interest expense" within the consolidated statements of operations. (c) Amount included in the computation of net periodic pension cost. (See Note 14, "Employee Benefit Plans" for additional details.) Net of tax benefit of $5 million , and tax expense of $1 million related to benefit plans for the years ended December 31, 2019 and 2018 , respectively. (d) There were no income tax effects for the period ended December 31, 2019 , while net tax expense of less than $1 million million related to unrealized hedging gain (loss) for the year ended December 31, 2018 |
Schedule of Non-controlling Interests [Table Text Block] | Non-controlling interests in the Visteon Corporation economic entity are as follows: December 31 (In millions) 2019 2018 Yanfeng Visteon Automotive Electronics Co., Ltd. $ 56 $ 56 Shanghai Visteon Automotive Electronics Co., Ltd. 41 43 Changchun Visteon FAWAY Automotive Electronics Co., Ltd. 17 15 Other 1 3 $ 115 $ 117 |
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 per share attributable to Visteon is as follows: Year Ended December 31 (In millions, except per share amounts) 2019 2018 2017 Numerator: Net income from continuing operations attributable to Visteon $ 71 $ 163 $ 159 Net income (loss) from discontinued operations attributable to Visteon (1 ) 1 17 Net income attributable to Visteon $ 70 $ 164 $ 176 Denominator: Average common stock outstanding - basic 28.1 29.5 31.6 Dilutive effect of performance based share units and other 0.1 0.2 0.6 Diluted shares 28.2 29.7 32.2 Basic and Diluted Per Share Data: Basic earnings (loss) per share attributable to Visteon: Continuing operations $ 2.53 $ 5.53 $ 5.03 Discontinued operations (0.04 ) 0.03 0.54 $ 2.49 $ 5.56 $ 5.57 Diluted earnings (loss) per share attributable to Visteon: Continuing operations $ 2.52 $ 5.49 $ 4.94 Discontinued operations (0.04 ) 0.03 0.53 $ 2.48 $ 5.52 $ 5.47 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
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, 2019 (In millions) Level 1 Level 2 Level 3 NAV Total Asset Category: Retirement plan assets $ 131 $ 353 $ 15 $ 363 $ 862 Foreign currency instruments $ — $ — $ — $ — $ — Liability Category: Foreign currency instruments $ — $ 6 $ — $ — $ 6 Interest rate swaps $ — $ 7 $ — $ — $ 7 December 31, 2018 (In millions) Level 1 Level 2 Level 3 NAV Total 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 | |
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: (In millions) December 31, 2019 Asset Category Level 1 Level 2 Level 3 NAV Total Registered investment companies $ 59 $ 24 $ — $ — $ 83 Treasury and government securities 34 18 — — 52 Cash and cash equivalents 4 1 — — 5 Corporate debt securities — 8 — — 8 Common and preferred stock 3 — — — 3 Common trust funds — 35 — 18 53 Limited partnerships — — — 16 16 Insurance contracts — — 15 — 15 Derivative instruments — (3 ) — — (3 ) Total $ 100 $ 83 $ 15 $ 34 $ 232 (In millions) December 31, 2018 Asset Category Level 1 Level 2 Level 3 NAV Total 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 | The fair values of the Company’s U.S. retirement plan assets are as follows: (In millions) December 31, 2019 Asset Category Level 1 Level 2 NAV Total Registered investment companies $ 3 $ — $ — $ 3 Common and preferred stocks 27 — — 27 Common trust funds — 152 123 275 LDI — 111 — 111 Limited partnerships and hedge funds — — 206 206 Cash and cash equivalents 1 7 — 8 Total $ 31 $ 270 $ 329 $ 630 (In millions) December 31, 2018 Asset Category Level 1 Level 2 NAV Total Registered investment companies $ 3 $ — $ — $ 3 Common trust funds — 100 127 227 LDI — 104 — 104 Common and preferred stock 22 — — 22 Limited partnerships and hedge funds — — 205 205 Cash and cash equivalents — 6 — 6 Total $ 25 $ 210 $ 332 $ 567 |
Significant Unobservable Inputs Used In Fair Value Measurement [Table Text Block] | air value of insurance contracts which used significant unobservable inputs was primarily due to purchases during the years ended December 31, 2019 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018 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) (In millions) 2019 2018 2019 2018 2019 2018 Foreign currency risk – Sales: Non-designated cash flow hedges $ — $ — $ — $ — $ 1 $ — Foreign currency risk – Cost of sales: Cash flow hedges — — — 1 — — Non-designated cash flow hedges — — — — (1 ) 2 Interest rate risk - Interest expense, net: Net investment hedges 15 9 6 2 — — Interest rate swap (6 ) 1 — (1 ) — — $ 9 $ 10 $ 6 $ 2 $ — $ 2 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | Year Ended December 31 (In millions) 2019 2018 Beginning balance $ 48 $ 49 Accruals for products shipped 20 19 Change in estimates (2 ) (5 ) Specific cause actions 6 9 Currency/other (1 ) 2 Settlements (22 ) (26 ) Ending balance $ 49 $ 48 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
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, 2019 , 2018 and 2017 is as follows: Year Ended December 31 (In millions) 2019 2018 2017 Net income attributable to Visteon Corporation $ 70 $ 164 $ 176 Depreciation and amortization 100 91 87 Restructuring expense, net 4 29 14 Interest expense, net 9 7 16 Equity in net income of non-consolidated affiliates (6 ) (13 ) (7 ) Loss on divestiture — — 33 Provision for income taxes 24 43 48 Net (income) loss from discontinued operations, net of tax 1 (1 ) (17 ) Net income attributable to non-controlling interests 11 10 16 Non-cash, stock-based compensation expense 17 8 12 Other 4 (8 ) (8 ) Adjusted EBITDA $ 234 $ 330 $ 370 |
Financial Information by Geographical Region [Table Text Block] | Financial Information by Geographic Region Sales by geographic region for the years ended December 31, 2019 , 2018 and 2017 are as follows: Year Ended December 31 (In millions) 2019 2018 2017 United States $ 663 $ 654 $ 776 Mexico 38 67 70 Total North America 701 721 846 Portugal 602 563 508 Slovakia 237 235 294 Tunisia 71 96 109 France 53 70 84 Other Europe 16 20 20 Intra-region eliminations (1 ) (3 ) (11 ) Total Europe 978 981 1,004 China Domestic 527 405 381 China Export 262 309 363 Total China 789 714 744 Japan 393 494 495 India 110 114 92 Thailand 57 69 81 Korea — 2 12 Intra-region eliminations — (1 ) (1 ) Total Other Asia-Pacific 560 678 679 South America 91 79 68 Inter-region eliminations (174 ) (189 ) (195 ) $ 2,945 $ 2,984 $ 3,146 Company sales based on geographic region where sale originates and not where customer is located. Tangible long-lived assets by geographic region as of December 31, 2019 and 2018 are as follows: Year Ended December 31 (In millions) 2019 2018 Europe $ 207 $ 152 North America 186 74 China 93 86 Other Asia-Pacific 86 60 South America 29 25 $ 601 $ 397 Tangible long-lived assets include property, plant and equipment and right-of-use assets. |
Summary Quarterly Financial D_2
Summary Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | The following table presents summary quarterly financial data: 2019 2018 (In millions, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Sales $ 737 $ 733 $ 731 $ 744 $ 814 $ 758 $ 681 $ 731 Gross margin 66 70 84 104 129 104 82 96 Income from continuing operations before income taxes 11 16 31 48 88 49 32 47 Net income from continuing operations 16 8 18 40 67 37 23 46 Net income 16 8 18 39 69 36 24 45 Net income attributable to Visteon Corporation $ 14 $ 7 $ 14 $ 35 $ 65 $ 35 $ 21 $ 43 Per Share Data: Basic earnings per share attributable to Visteon Corporation $ 0.50 $ 0.25 $ 0.50 $ 1.24 $ 2.14 $ 1.19 $ 0.71 $ 1.50 Diluted earnings per share attributable to Visteon Corporation $ 0.49 $ 0.25 $ 0.50 $ 1.24 $ 2.11 $ 1.17 $ 0.71 $ 1.49 |
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: Year Ended December 31 (In millions) 2019 2018 Geographical Markets (a) Europe $ 978 $ 981 Americas 792 800 China Domestic 527 405 China Export 262 309 Other Asia-Pacific 560 678 Eliminations (174 ) (189 ) $ 2,945 $ 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] | Year Ended December 31 (In millions) 2019 2018 Product Lines Instrument clusters $ 1,314 $ 1,209 Audio and infotainment 721 772 Information displays 486 509 Body and security 117 110 Telematics 76 68 Climate controls 72 122 Other (includes HUD) 159 194 $ 2,945 $ 2,984 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Sep. 01, 2018 | |
Business Acquisition, Percentage of Voting Interests Acquired | 1.00% | ||||||
Pension Financing Benefits, net | $ 10,000,000 | $ 13,000,000 | $ 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 | 0.01 | ||||||
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 | 0 | 2,000,000 | |||||
Other expense, net | 10,000,000 | 21,000,000 | 14,000,000 | ||||
Business Combination, Consideration Transferred | $ 300,000 | ||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 0 | 4,000,000 | 4,000,000 | ||||
Foreign Currency Transaction Gain (Loss), Realized | 3,000,000 | (6,000,000) | 9,000,000 | ||||
Research and Development Expense | 300,000,000 | 286,000,000 | 253,000,000 | ||||
Restricted cash | 3,000,000 | 4,000,000 | |||||
Allowance for Doubtful Accounts Receivable, Current | 10,000,000 | 6,000,000 | |||||
Provision for Doubtful Accounts | 5,000,000 | 2,000,000 | 3,000,000 | ||||
Receivables for Customer-owned Production Tooling | 31,000,000 | 22,000,000 | |||||
Operating Lease, Liability | 169,000,000 | $ 172,000,000 | |||||
Operating Lease, Right-of-Use Asset | 165,000,000 | 0 | $ 176,000,000 | ||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 51.00% | ||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $ 4,000,000 | ||||||
Letter of Credit Reimbursement and Security Agreement [Member] | |||||||
Restricted cash | 2,000,000 | ||||||
Cash Collateral For Other Corporate Purposes [Member] | |||||||
Restricted cash | $ 1,000,000 | ||||||
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 | 7 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 | $ 0 | 4,000,000 | 7,000,000 | |||
In Process Research and Development [Member] | |||||||
Research and Development Expense | $ 140,000,000 | $ 146,000,000 | $ 133,000,000 |
Business Acquisitions (Details)
Business Acquisitions (Details) - USD ($) | 9 Months Ended | |||||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 01, 2018 | Aug. 31, 2018 | Dec. 31, 2017 | |
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, Acquired Receivable, Fair Value | 12,000,000 | |||||
Business Combination, Consideration Transferred | $ 300,000 | |||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 50.00% | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 23,000,000 | |||||
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) | $ 127,000,000 | $ 129,000,000 | $ 132,000,000 | |||
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 | $ 480,000,000 | $ 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, 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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Gain (Loss) on Disposition of Assets | $ 0 | $ 0 | $ (33,000,000) | |||||||||
cash contribution-France Transaction | 13,000,000 | |||||||||||
Transformation costs | (4,000,000) | 2,000,000 | ||||||||||
Asset Impairment Charges | 2,000,000 | |||||||||||
working capital and other impact - France Transaction | 7,000,000 | |||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 466,000,000 | $ 463,000,000 | 466,000,000 | 463,000,000 | ||||||||
Revenues | $ 744,000,000 | $ 731,000,000 | $ 733,000,000 | $ 737,000,000 | $ 731,000,000 | $ 681,000,000 | $ 758,000,000 | $ 814,000,000 | 2,945,000,000 | 2,984,000,000 | 3,146,000,000 | |
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 | 0 | 4,000,000 | 7,000,000 | ||||||||
Interiors [Member] | ||||||||||||
Gain (loss) on business divestiture | $ 7,000,000 | 0 | 0 | 8,000,000 | ||||||||
Europe [Member] | ||||||||||||
Revenues | $ 978,000,000 | $ 981,000,000 | $ 1,004,000,000 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | 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) | $ 6 | $ 7 | |||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (1) | (1) | 2 | |||
Payments to Acquire Businesses and Interest in Affiliates | 47 | |||||
Gain on repurchase of India operations | 7 | |||||
Income Tax Expense (Benefit) | (24) | $ (43) | (48) | |||
Sales | 0 | 0 | 0 | |||
Cost of sales | (2) | (5) | 0 | |||
Gross margin | (2) | (5) | 0 | |||
Selling, general and administrative expenses | 0 | (1) | 0 | |||
Asset Impairment Charges | (2) | |||||
Restructuring expenses | 1 | (1) | 0 | |||
(Loss) income from discontinued operations before income taxes | (1) | (3) | 15 | |||
Provision for income taxes | 0 | 4 | 2 | |||
Net (loss) income from discontinued operations, net of tax | (1) | 1 | 17 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (1) | 1 | 17 | |||
HVCC [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (loss) on business divestiture | $ 3 | 0 | 4 | 7 | ||
Interiors [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (loss) on business divestiture | $ 7 | 0 | 0 | 8 | ||
Electronics [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Restructuring Reserve, Accrual Adjustment | (1) | 5 | 8 | |||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (1) | (1) | 2 | |||
Other Segments [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Restructuring Reserve, Accrual Adjustment | (1) | 1 | (1) | |||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 0 | $ 0 | $ 0 | |||
BRAZIL | Facility Closing [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Restructuring Costs | $ 2 | $ 4 |
Non-Consolidated Affiliates (De
Non-Consolidated Affiliates (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 01, 2018 | |
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 | $ 75 | $ 52 | |||
Investments in non-consolidated affiliates | 48 | $ 42 | |||
Equity Method Investment, Ownership Percentage | 12.50% | 50.00% | |||
Equity in net income of non-consolidated affiliates | 6 | $ 13 | $ 7 | ||
Due to Related Parties, Noncurrent | 9 | 17 | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 92 | 105 | |||
Guarantor Obligations, Current Carrying Value | 0 | 11 | |||
Cost-method Investments, Realized Gains | 4 | ||||
Related Party Transaction, Purchases from Related Party | 73 | 79 | |||
Yanfeng Visteon Electronics (China) Investment Company [Member] | |||||
Investments in non-consolidated affiliates | 43 | 38 | |||
All Other Non-consolidated Affiliates [Member] | |||||
Investments in non-consolidated affiliates | 5 | 4 | |||
Cost-method Investments [Member] | |||||
Payments for (Proceeds from) Investments | 8 | ||||
Equity Method Investments [Member] | |||||
Payments for (Proceeds from) Investments | $ 7 | ||||
Other current assets [Member] | |||||
Due from Related Parties, Noncurrent | 41 | 36 | |||
Other Noncurrent Assets [Member] | |||||
Due from Related Parties, Noncurrent | $ 8 | $ 20 |
Investments in Affiliates (Deta
Investments in Affiliates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in net income of non-consolidated affiliates | $ 6 | $ 13 | $ 7 |
Equity Method Investment, Ownership Percentage | 12.50% | 50.00% | |
Investments in non-consolidated affiliates | 48 | $ 42 | |
Yanfeng Visteon Electronics (China) Investment Company [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in non-consolidated affiliates | 43 | 38 | |
All Other Non-consolidated Affiliates [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments in non-consolidated affiliates | $ 5 | $ 4 |
Restructuring Activities (Detai
Restructuring Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | $ 4 | $ 29 | $ 14 | |||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, Current Beginning | $ (10) | $ (10) | (23) | (24) | (40) | |
Expense | 5 | 24 | $ 7 | |||
Reversals | (2) | 6 | 7 | |||
Exchange | (1) | (1) | 2 | |||
Utilization | (15) | (30) | (32) | |||
Restructuring Reserve, Current Ending | (10) | (23) | (24) | (40) | ||
Electronics [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 5 | 24 | 7 | |||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, Current Beginning | (8) | (8) | (20) | (18) | (31) | |
Reversals | (1) | 5 | 8 | |||
Exchange | (1) | (1) | 2 | |||
Utilization | (15) | (26) | (30) | |||
Restructuring Reserve, Current Ending | (8) | (20) | (18) | (31) | ||
Other Segments [Member] | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, Current Beginning | (2) | (2) | (3) | (6) | (9) | |
Reversals | (1) | 1 | (1) | |||
Exchange | 0 | 0 | 0 | |||
Utilization | 0 | (4) | (2) | |||
Restructuring Reserve, Current Ending | (2) | (3) | (6) | $ (9) | ||
2020 Engineering & SGA [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 18 | 24 | ||||
2019 Europe Manufacturing [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges, net of reversals | 2 | |||||
2016 Engineering & SGA [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges, net of reversals | 5 | 14 | ||||
Restructuring Charges | 45 | |||||
2016 Other Restructuring Program [Member] [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 1 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, Current Beginning | (2) | (2) | ||||
Restructuring Reserve, Current Ending | (2) | |||||
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 Cost and Reserve [Line Items] | ||||||
Restructuring charges, net of reversals | 1 | |||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, Current Beginning | (3) | (3) | ||||
Restructuring Reserve, Current Ending | (3) | |||||
2018 Engineering & SGA [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges, net of reversals | 1 | 19 | ||||
Restructuring Reserve [Roll Forward] | ||||||
Restructuring Reserve, Current Beginning | $ (5) | $ (5) | ||||
Restructuring Reserve, Current Ending | (5) | |||||
restructuring charges, net of reversal, including discontinued operations [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges, net of reversals | $ 3 | $ 30 | $ 14 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Raw materials | $ 100 | $ 124 |
Work-in-process | 28 | 26 |
Finished products | 41 | 34 |
Inventories, net | $ 169 | $ 184 |
Other Assets (Details)
Other Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Assets [Abstract] | |||
Recoverable taxes, current | $ 61,000,000 | $ 46,000,000 | |
Joint venture receivables | 41,000,000 | 37,000,000 | |
Prepaid assets and deposits | 22,000,000 | 20,000,000 | |
Notes Receivable, Related Parties, Current | 16,000,000 | 12,000,000 | |
Advance Royalties, Current | 17,000,000 | ||
Royalty Agreements, Noncurrent | 11,000,000 | ||
Accrued Royalties, Current | 20,000,000 | 0 | |
Capitalized Contract Cost, Accumulated Amortization | 5,000,000 | ||
Contractually reimbursable engineering costs, current | 29,000,000 | 40,000,000 | |
Other Assets, Miscellaneous, Current | 7,000,000 | 4,000,000 | |
Other Assets, Current | 193,000,000 | 159,000,000 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes, Loans and Financing Receivable, Gross, Current | 81,000,000 | 36,000,000 | $ 16,000,000 |
Deferred Tax Assets, Net, Noncurrent | 59,000,000 | 45,000,000 | |
Value Added Tax Receivable, Noncurrent | 28,000,000 | 33,000,000 | |
Notes Receivable, Related Parties, Noncurrent | 8,000,000 | 20,000,000 | |
Contractual engineering cost recoveries, non-current | 24,000,000 | 29,000,000 | |
Advance Royalties, Noncurrent | 13,000,000 | 0 | |
Other Assets, Miscellaneous, Noncurrent | 20,000,000 | 16,000,000 | |
Other Assets, Noncurrent | 150,000,000 | 143,000,000 | |
Reimbursement for engineering costs in year one | 29,000,000 | ||
Reimbursement for engineering costs expected in year two | 10,000,000 | ||
Reimbursement for engineering costs expected in year three | 8,000,000 | ||
Reimbursement for engineering costs expected in year four | 3,000,000 | ||
Reimbursement for engineering costs expected in year five and beyond | 3,000,000 | ||
Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes, Loans and Financing Receivable, Gross, Current | $ 18,000,000 | 3,000,000 | |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||||
Asset Impairment Charges | $ 2 | ||||
Capitalized Computer Software, Net | 21 | $ 19 | |||
Capitalized Computer Software, Amortization | 9 | 7 | $ 4 | $ 4 | $ 4 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 16 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 16 | ||||
Land | 12 | 13 | |||
Buildings and improvements | 83 | 76 | |||
Machinery, equipment and other | 599 | 531 | |||
Construction in progress | 80 | 56 | |||
Total property and equipment | 774 | 676 | |||
Accumulated depreciation | (362) | (303) | |||
Property and equipment, net, before product tooling | 412 | 373 | |||
Property and equipment, net | 436 | 397 | |||
Depreciation | 78 | 73 | 71 | ||
Depreciation and Amortization Expense | 84 | 76 | 74 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 13 | ||||
Computer Software, Intangible Asset [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 9 | ||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 7 | ||||
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 | $ 6 | $ 3 | $ 3 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 01, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Net | $ 81 | $ 82 | $ 85 | |
Definite-Lived Intangible Assets [Abstract] | ||||
Finite-Lived Intangible Assets, Gross | 176 | 160 | 149 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (95) | (78) | (64) | |
Goodwill and Indefinite-lived Intangible Assets, Net | 46 | 47 | 47 | |
Goodwill and indefinite-lived intangible assets [Abstract] | ||||
Goodwill, Gross | 46 | 47 | 47 | |
Goodwill | 0 | |||
Intangible Assets, Gross (Including Goodwill) | 222 | 207 | 196 | |
Intangible Assets, Net (Including Goodwill) | 127 | 129 | 132 | |
Finite-lived Intangible Assets Acquired | 17 | 17 | ||
Goodwill, Acquired During Period | 0 | 2 | ||
Intangible Assets Net Including Goodwill Recognized From Business Acquisition | 17 | 19 | ||
Finite-Lived Intangible Assets, Translation Adjustments | 2 | 5 | ||
Goodwill, Translation Adjustments | 1 | |||
Intangible Assets Including Goodwill Translation Adjustment | (3) | (7) | ||
Amortization expense | (16) | (15) | ||
Intangible Assets, Net (Excluding Goodwill) | 81 | 82 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 16 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 10 | |||
Other Finite-Lived Intangible Assets, Gross | 2 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 16 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 13 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 6 | |||
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 | (16) | (15) | $ 13 | |
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 | (1) | (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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Royalty Agreements, Current | $ 17 | ||
Dividends Payable | $ 2 | ||
Payments of Capital Distribution | 0 | $ 14 | $ 1 |
Consumption of royalty | 5 | ||
Royalty Agreements, Noncurrent | 11 | ||
Advance Royalties, Noncurrent | 13 | 0 | |
Accounts Payable, Current | 511 | 436 | |
Product Warranty Accrual, Current | 34 | 34 | |
Restructuring Reserve | 10 | 23 | |
Rent and royalties | 19 | 14 | |
Deferred Revenue, Current | 22 | 16 | |
Accrued Income Taxes, Current | 7 | 15 | |
Joint venture payables | 9 | 17 | |
Accrual for Taxes Other than Income Taxes, Current | 17 | 13 | |
Dividends Payable, Current | 3 | 3 | |
Other Sundry Liabilities, Current | 26 | 26 | |
Other Liabilities, Current | 147 | 161 | |
Hedging Liabilities, Noncurrent | 14 | 18 | |
Accrued Royalties, Current | 20 | 0 | |
Deferred Revenue | 9 | 14 | |
Product Warranty Accrual, Noncurrent | 15 | 14 | |
Accrued Income Taxes, Noncurrent | 5 | 6 | |
Accrual for Taxes Other than Income Taxes | 1 | 5 | |
Other Sundry Liabilities, Noncurrent | 15 | 19 | |
Other Liabilities, Noncurrent | $ 72 | $ 76 |
Debt (Details)
Debt (Details) $ in Millions | 8 Months Ended | 12 Months Ended | ||||||
Nov. 14, 2017 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 24, 2017USD ($) | |
Short-term debt [Abstract] | ||||||||
Other - short-term | $ 57 | $ 37 | ||||||
Short-term debt | 57 | 37 | ||||||
Long-term debt | ||||||||
Long-term debt | $ 348 | 348 | ||||||
Amended LOC Agreement facility capacity | 14 | $ 5 | $ 15 | |||||
Percent of Collateral to The Aggregated Stated Amount of The LOCs | 103.00% | |||||||
LOC collateral percentage for draws in non-U.S. currencies | 110.00% | |||||||
Outstanding letters of credit | 2 | |||||||
Interest Expense, Debt | $ 1 | |||||||
Debt Related Commitment Fees and Debt Issuance Costs | 3 | |||||||
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 | 400 | $ 300 | |||||
LOC Facility issued by local affiliates with cash collateral [Member] [Member] | ||||||||
Long-term debt | ||||||||
Outstanding letters of credit | 1 | $ 1 | ||||||
Term Loan [Member] | ||||||||
Long-term debt | ||||||||
Debt, Weighted Average Interest Rate | 3.20% | 3.20% | ||||||
Unsecured long-term debt, non-current | $ 348 | $ 348 | ||||||
Debt Instrument, face amount | 350 | $ 350 | ||||||
Debt Instrument, Interest Rate, Increase (Decrease) | (0.50%) | (0.75%) | ||||||
Term loan, required periodic payment | 1.75% | |||||||
Other Short-term Debt [Member] | ||||||||
Short-term debt [Abstract] | ||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 4.80% | 4.30% | ||||||
Affiliated Entity [Member] | ||||||||
Long-term debt | ||||||||
Working capital facility availability | $ 73 | |||||||
Revolving Credit Facility [Member] | ||||||||
Long-term debt | ||||||||
Total facility size | 75 | |||||||
borrowing capacity under swing line advances | $ 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 | ||||||||
Financial maintenance covenant | 3.50 | |||||||
Minimum [Member] | ||||||||
Long-term debt | ||||||||
Financial maintenance covenant | 1 |
Benefit Expenses (Details)
Benefit Expenses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
U.S Defined Contribution Plan Matching Contributions | 100.00% | ||
Defined Contribution Plan, matching contribution expenses | $ 8 | $ 7 | $ 8 |
UNITED STATES | |||
Benefit Expenses | |||
Service cost | 0 | 0 | |
Defined Benefit Plan, Interest Cost | (30) | (27) | (29) |
Expected return on plan assets | 40 | 41 | 41 |
Settlements and curtailments | 0 | 0 | 0 |
Special termination benefits | 0 | (2) | 0 |
Net pension income (expense) | $ 10 | $ 12 | $ 12 |
Discount rate | 4.33% | 3.65% | 4.12% |
Long-term return on assets | 6.78% | 6.74% | 6.73% |
Foreign Plan [Member] | |||
Benefit Expenses | |||
Service cost | $ (2) | $ (2) | $ (2) |
Defined Benefit Plan, Interest Cost | (8) | (8) | (9) |
Expected return on plan assets | 10 | 9 | 9 |
Amortization of losses and other | (1) | (2) | (2) |
Settlements and curtailments | 0 | 2 | |
Special termination benefits | (1) | 0 | (2) |
Net pension income (expense) | $ (2) | $ (3) | $ (4) |
Discount rate | 3.34% | 3.28% | 3.51% |
Compensation increase | 3.16% | 3.51% | |
Long-term return on assets | 4.73% | 4.86% | 5.24% |
Foreign Plan [Member] | Other Postretirement Benefits Plan [Member] | |||
Benefit Expenses | |||
Compensation increase | 3.51% | 3.62% | 3.66% |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 830 | $ 582 | |
Other Pension, Postretirement and Supplemental Plans [Member] | |||
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 | 1,116 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation Beginning Balance | 990 | ||
Benefit Obligation Ending Balance | 990 | ||
UNITED STATES | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 630 | 567 | $ 647 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (208) | $ (193) | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.34% | 4.33% | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation Beginning Balance | $ 760 | $ 840 | |
Service cost | 0 | 0 | |
Defined Benefit Plan, Interest Cost | 30 | 27 | 29 |
Actuarial loss/(gain) | 88 | (63) | |
Special termination benefits | 0 | 2 | 0 |
Foreign exchange translation | 0 | 0 | |
Benefits paid and other | (40) | (46) | |
Benefit Obligation Ending Balance | 760 | $ 840 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Actual return on plan assets | 102 | (35) | |
Sponsor contributions | 1 | 1 | |
Foreign exchange translation | 0 | 0 | |
Accumulated other comprehensive income/(Loss) | $ 78 | $ 53 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Defined Benefit Plan, Expected Return on Plan Assets | 6.78% | 6.74% | 6.73% |
Defined Benefit Plans Benefits Paid Other | $ 40 | $ 46 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (79) | (53) | |
Accumulated Other Comprehensive Income Pension and Other Postretirement Benefit Plans Tax | 1 | 0 | |
UNITED STATES | Other Noncurrent Assets [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | |
UNITED STATES | Accrued Employee Liabilities [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Liability, Defined Benefit Plan, Current | 0 | 0 | |
UNITED STATES | Employee Benefits [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Liability, Defined Benefit Plan, Noncurrent | (208) | (193) | |
UNITED STATES | Continuing Operations [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 630 | 567 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation Beginning Balance | 760 | ||
Benefit Obligation Ending Balance | 838 | 760 | |
Foreign Plan [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 232 | 200 | $ 220 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (68) | $ (50) | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.39% | 3.34% | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation Beginning Balance | $ 281 | ||
Service cost | $ 2 | 2 | 2 |
Defined Benefit Plan, Interest Cost | 8 | 8 | 9 |
Actuarial loss/(gain) | 40 | (17) | |
Special termination benefits | 1 | 0 | 2 |
Foreign exchange translation | 4 | (16) | |
Benefits paid and other | (5) | (8) | |
Benefit Obligation Ending Balance | $ 281 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Actual return on plan assets | 26 | (5) | |
Sponsor contributions | 7 | 7 | |
Foreign exchange translation | 4 | (14) | |
Accumulated other comprehensive income/(Loss) | $ 36 | $ 18 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Defined Benefit Plan, Expected Return on Plan Assets | 4.73% | 4.86% | 5.24% |
Defined Benefit Plans Benefits Paid Other | $ 5 | $ 8 | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (50) | (27) | |
Accumulated Other Comprehensive Income Pension and Other Postretirement Benefit Plans Tax | $ 14 | $ 9 | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.16% | 3.51% | |
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 | $ 3 | $ 4 | |
Foreign Plan [Member] | Accrued Employee Liabilities [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Liability, Defined Benefit Plan, Current | (2) | (1) | |
Foreign Plan [Member] | Employee Benefits [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Liability, Defined Benefit Plan, Noncurrent | (69) | (53) | |
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 | 232 | 200 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit Obligation Beginning Balance | 250 | 250 | |
Benefit Obligation Ending Balance | $ 300 | $ 250 | $ 250 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 1,088,000 | $ 813 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 13 | 46 | $ (68) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (5) | 1 | $ 1 |
UNITED STATES | |||
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 | (26) | (13) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | 0 | 0 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 25 | 13 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (1) | 0 | |
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 | (23) | 4 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | (1) | (2) | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 18 | (5) | |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 2 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (5) | $ 1 |
Future Benefit Payments (Detail
Future Benefit Payments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
UNITED STATES | ||
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 | 39 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 40 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 41 | |
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 | 19 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 217 | |
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 | 6 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 6 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 7 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 8 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 10 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 7 | $ 7 |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 7 | |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | $ 54 |
Asset Allocation (Details)
Asset Allocation (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
UNITED STATES | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 100.00% | |
Percentage of Plan Assets | 100.00% | 100.00% |
UNITED STATES | Other Plan Asset Categories [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 0.00% | |
Percentage of Plan Assets | 0.00% | 0.00% |
UNITED STATES | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 38.00% | |
Percentage of Plan Assets | 37.00% | 30.00% |
UNITED STATES | Debt Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 15.00% | |
Percentage of Plan Assets | 18.00% | 18.00% |
UNITED STATES | Other Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 46.00% | |
Percentage of Plan Assets | 44.00% | 51.00% |
UNITED STATES | Cash [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 1.00% | |
Percentage of Plan Assets | 1.00% | 1.00% |
Foreign Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 100.00% | |
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] | ||
Target Allocation | 6.00% | |
Percentage of Plan Assets | 5.00% | 5.00% |
Foreign Plan [Member] | Equity Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 34.00% | |
Percentage of Plan Assets | 38.00% | 27.00% |
Foreign Plan [Member] | Debt Securities [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 43.00% | |
Percentage of Plan Assets | 39.00% | 41.00% |
Foreign Plan [Member] | Other Investments [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 14.00% | |
Percentage of Plan Assets | 14.00% | 19.00% |
Foreign Plan [Member] | Cash [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target Allocation | 3.00% | |
Percentage of Plan Assets | 4.00% | 8.00% |
Employee Retirement Benefits Ot
Employee Retirement Benefits Other Postretirement Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 1,088,000 | $ 813 | ||
Defined Benefit Plan, Pension Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation | 1,107 | 818 | ||
Defined Benefit Plan, Plan Assets, Amount | 830 | 582 | ||
Other Pension, Postretirement and Supplemental Plans [Member] | ||||
Defined Benefit Plan, Benefit Obligation | 990 | |||
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||
Defined Benefit Plan, Benefit Obligation | $ 1 | $ 6 | ||
UNITED STATES | ||||
Defined Benefit Plan, Benefit Obligation | $ 760 | $ 840 | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.34% | 4.33% | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 1 | $ 1 | ||
Defined Benefit Plan, Plan Assets, Amount | $ 630 | $ 567 | $ 647 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | 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 | ||||
Allocated Share-based Compensation Expense | $ 17 | $ 8 | $ 12 | ||
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 | $ 79.61 | $ 123.52 | $ 94.73 | ||
Restricted Stock Units Liability 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 | 8,000 | 23,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 75.02 | $ 95.45 | |||
Restricted Stock Units (RSUs) [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 | 141,000 | 70,000 | 99,000 | ||
Allocated Share-based Compensation Expense | $ 9 | $ 8 | $ 11 | ||
Unrecognized compensation expense | $ 8 | ||||
Stock Appreciation Rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 27.31% | ||||
Performance Shares [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 | 71,000 | 87,000 | 78,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 31.20% | 24.10% | |||
Allocated Share-based Compensation Expense | $ 6 | $ (2) | $ 6 | ||
Unrecognized compensation expense | $ 8 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 111.98 | $ 124.90 | $ 110.66 | ||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 27.69% | 22.95% | 27.31% | ||
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 | 4,750,000 | ||||
Two Thousand Ten Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ 17 | $ 8 | $ 19 |
Performance Based Share Units (
Performance Based Share Units (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 17 | $ 8 | $ 12 | |
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 | 200.00% | |||
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 | $ 79.61 | $ 123.52 | $ 94.73 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 93.60 | 96.34 | 83.46 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $ 92.18 | $ 61.69 | $ 83.66 | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Allocated Share-based Compensation Expense | $ 6 | $ (2) | $ 6 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 71,000 | 87,000 | 78,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 118.87 | $ 33.85 | $ 103.72 | |
Unrecognized compensation expense | $ 8 | |||
Expected volatility | 31.20% | 24.10% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.43% | 2.33% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 170,000 | 195,000 | 461,000 | 414,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 118.77 | $ 110.42 | $ 58.76 | $ 51.94 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 111.98 | $ 124.90 | $ 110.66 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (73,000) | (63,000) | (16,000) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 89.74 | $ 105.29 | $ 90.45 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (23,000) | (290,000) | (15,000) | |
Performance Based 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 | |||
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 | $ 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 | $ 96.02 | $ 77.36 | ||
Unrecognized compensation expense | $ 1 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||
Expected volatility | 27.69% | 22.95% | 27.31% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.43% | 2.58% | 2.03% | |
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 | 2,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year | |||
Expected volatility | 27.31% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.03% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 7,000 | 7,000 | 8,000 | 13,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,000) | (7,000) | ||
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 | 133,000 | 70,000 | 76,000 | |
Unrecognized compensation expense | $ 8 | |||
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 | $ 79.88 | $ 123.52 | $ 94.51 | |
Two Thousand Ten Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 17 | $ 8 | $ 19 | |
Maximum [Member] | Performance Based Units Liability Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | 1 | |||
Maximum [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 1 |
RSAs and RSUs (Details)
RSAs and RSUs (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 17 | |||
Allocated Share-based Compensation Expense | $ 17 | $ 8 | $ 12 | |
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 | $ 90.98 | $ 105.24 | $ 87.09 | $ 83.30 |
Awards granted weighted average grant date fair value | 79.61 | 123.52 | 94.73 | |
Vested Weighted Average Grant Date Fair Value | 93.60 | 96.34 | 83.46 | |
Forfeited Weighted Average Grant Date Fair Value | $ 92.18 | $ 61.69 | $ 83.66 | |
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Unrecognized compensation expense | $ 8 | |||
Allocated Share-based Compensation Expense | $ 6 | $ (2) | $ 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 | 195,000 | 461,000 | 414,000 | |
Granted | 71,000 | 87,000 | 78,000 | |
Vested | 73,000 | 63,000 | 16,000 | |
Forfeited | (23,000) | (290,000) | (15,000) | |
Non-vested at end of period | 170,000 | 195,000 | 461,000 | |
Awards granted weighted average grant date fair value | $ 111.98 | $ 124.90 | $ 110.66 | |
Vested Weighted Average Grant Date Fair Value | $ 89.74 | $ 105.29 | $ 90.45 | |
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 | $ 1 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | 8 | |||
Allocated Share-based Compensation Expense | 9 | 8 | $ 11 | |
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 | 164,000 | 230,000 | 170,000 | |
Granted | 141,000 | 70,000 | 99,000 | |
Vested | 71,000 | 102,000 | 29,000 | |
Forfeited | (18,000) | (34,000) | (10,000) | |
Non-vested at end of period | 216,000 | 164,000 | 230,000 | |
Restricted Stock Units Equity Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 8 | |||
Weighted average remaining vesting period | 1 year 6 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted | 133,000 | 70,000 | 76,000 | |
Awards granted weighted average grant date fair value | $ 79.88 | $ 123.52 | $ 94.51 | |
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 | 7,000 | 8,000 | 13,000 | |
Granted | 2,000 | |||
Vested | 1,000 | 7,000 | ||
Non-vested at end of period | 7,000 | 7,000 | 8,000 | |
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 7 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted | 8,000 | 23,000 | ||
Awards granted weighted average grant date fair value | $ 75.02 | $ 95.45 | ||
Maximum [Member] | Performance Based Units Liability Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense | $ 1 | |||
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 | 82,000 | |||
Weighted average grant date fair value | $ 102.84 | |||
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 | 4,750,000 |
Stock Options and SARs (Details
Stock Options and SARs (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 43.40 | ||||
Proceeds from Stock Options Exercised | $ 1 | $ 3 | $ 2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1 | 2 | 1 | ||
Unrecognized compensation expense | 17 | ||||
Allocated Share-based Compensation Expense | $ 17 | $ 8 | $ 12 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 79.61 | $ 123.52 | $ 94.73 | ||
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 | 290,000 | ||||
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 | 7,000 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 1 month 6 days | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning Balance | $ 54.80 | ||||
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 | 48,000 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 3 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 | $ 72.89 | ||||
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 | 166,000 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 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 | $ 87.40 | ||||
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 | 69,000 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 5 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 | $ 8 | ||||
Allocated Share-based Compensation Expense | $ 6 | $ (2) | $ 6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 111.98 | $ 124.90 | $ 110.66 | ||
Expected volatility | 31.20% | 24.10% | |||
Risk-free interest rate | 2.43% | 2.33% | |||
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 | $ 118.87 | $ 33.85 | $ 103.72 | ||
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 | 195,000 | 461,000 | 414,000 | ||
Granted | 71,000 | 87,000 | 78,000 | ||
Exercised | (73,000) | (63,000) | (16,000) | ||
Forfeited | (23,000) | (290,000) | (15,000) | ||
Non-vested at end of period | 170,000 | 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 | $ 8 | ||||
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 | $ 79.88 | $ 123.52 | $ 94.51 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Granted | 133,000 | 70,000 | 76,000 | ||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 8 | ||||
Allocated Share-based Compensation Expense | $ 9 | $ 8 | $ 11 | ||
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 | 164,000 | 230,000 | 170,000 | ||
Granted | 141,000 | 70,000 | 99,000 | ||
Exercised | (71,000) | (102,000) | (29,000) | ||
Forfeited | (18,000) | (34,000) | (10,000) | ||
Non-vested at end of period | 216,000 | 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 | $ 70.05 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 1 year | ||||
Expected Term | 5 years | ||||
Expected volatility | 27.31% | ||||
Risk-free interest rate | 2.03% | ||||
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 | 7,000 | 8,000 | 13,000 | ||
Granted | 2,000 | ||||
Exercised | (1,000) | (7,000) | |||
Non-vested at end of period | 7,000 | 7,000 | 8,000 | 13,000 | |
Non-vested SARS Weighted Average Exercise Price | $ 72.84 | $ 72.84 | $ 69.21 | $ 51.10 | |
Granted SARS Weighted Average Exercise Price | 0 | 94.77 | |||
Exercised SARs Weighted Average Exercise Price | $ 0 | $ 51.25 | 44.33 | ||
Forfeited or expired SARs Weighted Average Exercise Price | $ 59.59 | ||||
Share-based Compensation Arangements by Share-based Payment Award, Equity Awards other than options, excercisable, number | 6,000 | ||||
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 | 27.69% | 22.95% | 27.31% | ||
Risk-free interest rate | 2.43% | 2.58% | 2.03% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||||
Outstanding Options Beginning Period | 213,000 | 166,000 | 115,000 | ||
Granted | 106,000 | 78,000 | 84,000 | ||
Exercised | (4,000) | (31,000) | (26,000) | ||
Forfeited or expired | (32,000) | (7,000) | |||
Outstanding Options Ending Period | 283,000 | 213,000 | 166,000 | 115,000 | |
Outstanding Options Weighted Average Exercise Price | $ 93.51 | $ 99.36 | $ 81.72 | $ 68.37 | |
Granted Options Weighted Average Exercise Price | 80.97 | 124.35 | 94.77 | ||
Exercised Options Weighted Average Exercise Price | 59.37 | $ 68.02 | 65.79 | ||
Forfeited or expired Options Weighted Average Exercise Price | $ 96.02 | 77.36 | |||
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 | 129,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 91.65 | ||||
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 7 months 6 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 75.02 | $ 95.45 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||||
Granted | 8,000 | 23,000 | |||
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 | |
Transformation costs | $ (4) | $ 2 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | $ 3 | |||||
Deferred Tax Assets, Capital Loss Carryforwards | $ 17 | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | 35.00% | ||
Tax Adjustments, Settlements, and Unusual Provisions | $ (10) | |||||
Total income (loss) before income taxes | 100 | $ 203 | $ 216 | |||
Total deferred tax provision (benefit) | (5) | 1 | 6 | |||
Provision for income taxes | 24 | 43 | 48 | |||
Income Tax Reconciliation, Income Tax Expense (Benefit), at Federal Statutory Income Tax Rate | 21 | 43 | 76 | |||
Income Tax Reconciliation, Foreign Income Tax Rate Differential | (23) | 16 | 5 | |||
Effective Income Tax Rate Reconciliation, Non-US Withholding Taxes | 10 | 14 | 15 | |||
Income Tax Reconciliation, State and Local Income Taxes | 3 | (1) | ||||
Income Tax Reconciliation, Tax Contingencies | $ (16) | (2) | 6 | 14 | ||
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | (10) | (81) | (270) | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (18) | 33 | 250 | |||
Income Tax Reconciliation, Change in Enacted Tax Rate | 35 | 5 | ||||
Foreign Earnings Repatriated | 33 | 19 | $ 52 | |||
Deferred Tax Liabilities, Other | 36 | $ 36 | ||||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | (1) | (5) | (1) | |||
Income Tax Reconciliation, Other Reconciling Items | 2 | (4) | ||||
Effective Income Tax Rate Reconciliation, Tax Holiday, Amount | (5) | (5) | (7) | |||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 20 | |||||
Domestic Tax Authority [Member] | ||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 385 | |||||
Total income (loss) before income taxes | 5 | 76 | 84 | |||
Foreign Tax Authority [Member] | ||||||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 34 | |||||
Total income (loss) before income taxes | 95 | 127 | 132 | |||
Non-U.S. | 29 | 42 | 42 | |||
Non-U.S. | (5) | 1 | 6 | |||
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) | (6) | ||||
Worldwide [Member] | ||||||
Tax audit appeals and refund claims receivable | 18 | |||||
Tax Adjustments, Settlements, and Unusual Provisions | 8 | |||||
Visteon Sistemas Automotivos [Member] | ||||||
Tax audit appeals payment | 14 | 15 | ||||
Non-US [Member] | ||||||
Income Tax Reconciliation, Tax Contingencies | $ (2) | |||||
Income Tax Reconciliation, Change in Enacted Tax Rate | 18 | |||||
UNITED STATES | ||||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 2 | |||||
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Employee benefit plans | $ 73 | $ 64 | |
Deferred Tax Assets, Regulatory Assets and Liabilities | 55 | 0 | |
Capitalized expenditures for tax reporting | 5 | 3 | |
Net operating losses and carryforwards | 1,099 | 1,090 | |
Deferred Tax Assets, Property, Plant and Equipment | 14 | 9 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Restructuring Charges | 5 | 8 | |
Deferred Tax Assets, Inventory | 9 | 9 | |
Deferred Tax Assets, Deferred Income | 4 | 5 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves | 11 | 10 | |
All other | 55 | 57 | |
Valuation allowance | (1,132) | (1,144) | |
Total deferred tax assets | 198 | 111 | |
Fixed assets and intangibles | 16 | 17 | |
Investment in foreign affiliates, including withholding tax | 64 | 57 | |
Deferred Tax Liabilities, Leasing Arrangements | 54 | 0 | |
All other | 32 | 15 | |
Total deferred tax liabilities | 166 | 89 | |
Net deferred tax liabilities | 32 | 22 | |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 20 | ||
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 | 6 | 4 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2 | ||
Reconciiation of Unrecognized Tax Benefits [Abstract] | |||
Unrecognized Tax Benefits Beginning balance | 10 | 18 | |
Tax positions related to current periods | |||
Additions | 3 | ||
Tax positions related to prior periods | |||
Reductions | (1) | (4) | |
Unrecognized Tax Benefits Ending balance | 13 | 10 | $ 18 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 4 | ||
Tax Adjustments, Settlements, and Unusual Provisions | (10) | ||
Income Tax Credits and Adjustments | 6 | ||
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal | 0 | 4 | 2 |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 23 | (16) | (5) |
Liability for Uncertain Tax Positions, Noncurrent | 5 | ||
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 | 385 | ||
Operating Loss Carryforwards | 1,400 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 768 | ||
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 | 364 | ||
Domestic Country Foreign Country And Foreign Country Witholding Taxes [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Total deferred tax liabilities | 26 | $ 21 | |
Visteon Sistemas Automotivos [Member] | |||
Tax positions related to prior periods | |||
Tax audit appeals payment | 14 | 15 | |
Other Entity [Member] | |||
Tax positions related to prior periods | |||
Tax Adjustments, Settlements, and Unusual Provisions | 8 | ||
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 | 385 | ||
Other Noncurrent Assets [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Deferred Tax Assets, Gross | 59 | 45 | |
Other Noncurrent Liabilities [Member] | |||
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Deferred Tax Liabilities, Gross | 27 | $ 23 | |
UNITED STATES | |||
Tax positions related to prior periods | |||
Tax Adjustments, Settlements, and Unusual Provisions | $ 2 |
Stockholders' Equity and Non-_2
Stockholders' Equity and Non-controlling Interests (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | Oct. 01, 2010 | |
Accelerated Share Repurchase, Aggregate Purchase Price | $ 20,000,000 | $ 300,000,000 | $ 200,000,000 | |||
accelerated share repurchase, initial stock delivery | 322,120 | 2,805,531 | 1,978,144 | |||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 62.06 | $ 106.92 | $ 101.10 | |||
Payments for Repurchase of Common Stock | $ 20,000,000 | $ 300,000,000 | $ 200,000,000 | |||
Stock Repurchase Program, Authorized Amount | 380,000,000 | |||||
Common Stock, Dividends, Per Share, Declared | $ 43.40 | |||||
Dividends Payable | 2,000,000 | |||||
Payments of Capital Distribution | $ 0 | $ 14,000,000 | $ 1,000,000 | |||
Treasury Stock, Shares | 27,044,003 | 26,817,543 | ||||
Non-controlling interests | $ 115,000,000 | $ 117,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
Accumulated other comprehensive income (loss) | (267,000,000) | $ (216,000,000) | $ (174,000,000) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (46,000,000) | (42,000,000) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (5,000,000) | 0 | ||||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax | 5,000,000 | (1,000,000) | (1,000,000) | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 1,000,000 | $ (1,000,000) | ||||
Restricted net assets, non-consolidated affiliates | 196,000,000 | 177,000,000 | ||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 48,000,000 | 42,000,000 | ||||
YFVE [Member] | ||||||
Non-controlling interests | 56,000,000 | 56,000,000 | ||||
SVAE - Shanghai Electronics [Member] | ||||||
Non-controlling interests | 41,000,000 | 43,000,000 | ||||
Visteon Interiors Korea Ltd. [Member] | ||||||
Non-controlling interests | 17,000,000 | 15,000,000 | ||||
Other Entity [Member] | ||||||
Non-controlling interests | 1,000,000 | $ 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 | 1.4 | |||||
Exercise price of warrants or rights | $ 9.66 | |||||
Stock Warrants, Fair Value | $ 15 | |||||
Accumulated Translation Adjustment [Member] | ||||||
Accumulated other comprehensive income (loss) | (153,000,000) | $ (142,000,000) | $ (100,000,000) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (11,000,000) | (42,000,000) | ||||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||||
Accumulated other comprehensive income (loss) | (114,000,000) | (71,000,000) | (63,000,000) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (44,000,000) | (10,000,000) | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,000,000 | 2,000,000 | ||||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||||
Accumulated other comprehensive income (loss) | (4,000,000) | 2,000,000 | 1,000,000 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (6,000,000) | 1,000,000 | ||||
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 | 4,000,000 | (5,000,000) | $ (12,000,000) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 15,000,000 | 9,000,000 | ||||
Derivatives used in Net Investment Hedge, Gain (Loss), Reclassified to Earnings, Net of Tax | $ (6,000,000) | $ (2,000,000) |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net income from continuing operations attributable to Visteon | $ 35 | $ 14 | $ 7 | $ 14 | $ 43 | $ 21 | $ 35 | $ 65 | $ 71 | $ 163 | $ 159 |
Loss from discontinued operations, net of tax | (1) | 1 | 17 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (1) | 1 | 17 | ||||||||
Net (loss) income attributable to Visteon | $ 70 | $ 164 | $ 176 | ||||||||
Denominator: | |||||||||||
Average common stock outstanding | 28.1 | 29.5 | 31.6 | ||||||||
Dilutive effect of warrants | 0.1 | 0.2 | 0.6 | ||||||||
Diluted shares | 28.2 | 29.7 | 32.2 | ||||||||
Basic earnings (loss) per share | |||||||||||
Continuing operations | $ 2.53 | $ 5.53 | $ 5.03 | ||||||||
Discontinued operations | (0.04) | 0.03 | 0.54 | ||||||||
Basic | $ 1.24 | $ 0.50 | $ 0.25 | $ 0.50 | $ 1.50 | $ 0.71 | $ 1.19 | $ 2.14 | 2.49 | 5.56 | 5.57 |
Diluted earnings (loss) per share | |||||||||||
Continuing operations | 2.52 | 5.49 | 4.94 | ||||||||
Discontinued operations | (0.04) | 0.03 | 0.53 | ||||||||
Diluted | $ 1.24 | $ 0.50 | $ 0.25 | $ 0.49 | $ 1.49 | $ 0.71 | $ 1.17 | $ 2.11 | $ 2.48 | $ 5.52 | $ 5.47 |
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, 2019 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 582 | $ 830 | |
Asset Impairment Charges | 2 | ||
Debt Instrument, Fair Value Disclosure | 390 | $ 388 | |
Equity Method Investment, Amount Sold | $ 1 | ||
Equity Method Investment, Ownership Percentage | 12.50% | 50.00% | |
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 | $ 370 | 363 | |
Foreign currency instruments | 0 | 0 | |
Foreign currency instruments | 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 | 131 | |
Foreign currency instruments | 0 | 0 | |
Foreign currency instruments | 0 | 0 | |
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] | |||
Defined Benefit Plan, Plan Assets, Amount | 271 | 353 | |
Foreign currency instruments | 1 | 0 | |
Foreign currency instruments | 16 | 6 | |
Interest Rate Derivative Liabilities, at Fair Value | 2 | 7 | |
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 | 15 | |
Foreign currency instruments | 0 | 0 | |
Foreign currency instruments | 0 | 0 | |
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 | 862 | |
Foreign currency instruments | 1 | ||
Foreign currency instruments | 16 | 6 | |
Interest Rate Derivative Liabilities, at Fair Value | 2 | 7 | |
UNITED STATES | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 567 | 630 | 647 |
UNITED STATES | 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 | 31 | |
UNITED STATES | 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 | 270 | |
UNITED STATES | 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 | 329 | |
UNITED STATES | 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 | |
UNITED STATES | 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 | |
UNITED STATES | 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 | |
UNITED STATES | 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 | |
UNITED STATES | Common Trust Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 227 | 275 | |
UNITED STATES | 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 | |
UNITED STATES | 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 | 152 | |
UNITED STATES | 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 | 123 | |
UNITED STATES | LDI [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 104 | 111 | |
UNITED STATES | 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 | |
UNITED STATES | 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 | 111 | |
UNITED STATES | 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 | |
UNITED STATES | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6 | 8 | |
UNITED STATES | 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 | 7 | |
UNITED STATES | 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 | 27 | |
UNITED STATES | 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 | 27 | |
UNITED STATES | 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 | |
UNITED STATES | 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 | |
UNITED STATES | HFF [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 205 | 206 | |
UNITED STATES | 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 | |
UNITED STATES | 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 | |
UNITED STATES | 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 | 206 | |
UNITED STATES | 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 | 1 | |
UNITED STATES | 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 | |
UNITED STATES | Continuing Operations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 567 | 630 | |
Foreign Plan [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 200 | 232 | $ 220 |
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 | 100 | |
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 | 83 | |
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 | 15 | |
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 | 83 | |
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 | 59 | |
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 | 24 | |
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 | |
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 | 53 | |
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 | |
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 | 35 | |
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 | |
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 | 3 | |
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 | 3 | |
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 | |
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 | |
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 | 16 | |
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 | |
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 | |
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 | |
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 | 5 | |
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 | 4 | |
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 | 1 | ||
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 | |
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 | 8 | |
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 | ||
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 | 8 | |
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 | |
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 | 15 | |
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 | |
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 | |
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 | 15 | |
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 | 52 | |
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 | 34 | |
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 | 18 | |
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 | |
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) | (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 | |
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) | (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 | |
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 | 232 | |
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 | 34 | |
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 | |
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 | 18 | |
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 | |
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 | 16 | |
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 | |
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 | |
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 | |
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 | |
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 |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 250 | ||
Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 9 | $ 10 | |
Derivative, Gain (Loss) on Derivative, Net | 2 | ||
Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 250 | ||
Currency Swap [Member] | |||
Derivative [Line Items] | |||
Derivative, Fair Value, Net | (6) | (16) | |
Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 8 | 23 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Cross Currency Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | (7) | ||
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 | 3 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (6) | 1 | |
Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Derivative, Fair Value, Net | (1) | ||
Designated as Hedging Instrument [Member] | Liability [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Derivative, Fair Value, Net | $ (1) | ||
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Derivative, Fair Value, Net | (7) | (2) | |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 15 | $ 9 |
Derivatives Balance Sheet Locat
Derivatives Balance Sheet Location (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Fair Value, Net | $ 7 | $ 2 |
Derivatives Income Statement Lo
Derivatives Income Statement Location (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ 9 | $ 10 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 6 | 2 |
Derivative, Gain (Loss) on Derivative, Net | 2 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1 | |
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 | 15 | 9 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 6 | 2 |
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 | (6) | 1 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | (1) |
Gain (Loss) on Foreign Currency Derivatives Recorded in Earnings, Net | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Sales [Member] | Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Gain (Loss) on Derivative, Net | 1 | |
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 | $ (1) | $ 2 |
Credit Risk (Details)
Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Ford And Affiliates [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 22.00% | 26.00% | 28.00% |
Ford And Affiliates [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 12.00% | 14.00% | |
Mazda [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 14.00% | 18.00% | 17.00% |
Mazda [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 5.00% | 9.00% | |
Nissan\Renault [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 13.00% | 12.00% | 14.00% |
Nissan\Renault [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Entity-wide revenue, major customer, percentage | 13.00% | 11.00% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2013 | Dec. 31, 2003 | |
Product Liability Contingency [Line Items] | ||||||||||||||
Revenues | $ 744 | $ 731 | $ 733 | $ 737 | $ 731 | $ 681 | $ 758 | $ 814 | $ 2,945 | $ 2,984 | $ 3,146 | |||
Guarantor Obligations, Current Carrying Value | 0 | $ 11 | 0 | $ 11 | ||||||||||
Equity Method Investment, Ownership Percentage | 12.50% | 12.50% | 50.00% | |||||||||||
Product warranty accrual, including held for sale | 48 | $ 49 | 48 | $ 49 | ||||||||||
Amount of Bonds Issued by the Charter Township of Van Buren, Michigan | $ 28 | |||||||||||||
Estimated Shortfall in Tax Revenues of the Township | 28 | $ 1 | ||||||||||||
Beginning balance | $ 48 | 48 | ||||||||||||
Accruals for products shipped | 20 | 19 | ||||||||||||
Changes in estimates | (2) | (5) | ||||||||||||
Product warranty accrual, specific action increase (decrease) | 6 | 9 | ||||||||||||
Foreign currency translation | (1) | 2 | ||||||||||||
Settlements | (22) | (26) | ||||||||||||
Ending balance | 49 | $ 48 | 49 | 48 | ||||||||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 36 | 36 | ||||||||||||
Operating Leases, Future Minimum Payments, Due in Two Years | 29 | 29 | ||||||||||||
Operating Leases, Future Minimum Payments, Due in Three Years | 26 | 26 | ||||||||||||
Operating Leases, Future Minimum Payments, Due in Four Years | 24 | 24 | ||||||||||||
Operating Leases, Future Minimum Payments, Due in Five Years | 22 | 22 | ||||||||||||
Operating Leases, Future Minimum Payments, Due Thereafter | 58 | 58 | ||||||||||||
Increase in pre-tax income | 17 | |||||||||||||
Decrease to selling, general and administrative expenses | 10 | |||||||||||||
Transformation costs | 4 | $ (2) | ||||||||||||
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 | 1 | 1 | ||||||||||||
Pending Litigation [Member] | BRAZIL | ||||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||||
Loss Contingency Accrual, at Carrying Value | 11 | 11 | ||||||||||||
Loss Contingency, Estimate of Possible Loss | $ 78 | 78 | ||||||||||||
HVCC [Member] | ||||||||||||||
Product Liability Contingency [Line Items] | ||||||||||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 3 | $ 0 | $ 4 | $ 7 |
Segment Information Details (De
Segment Information Details (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||||||||||
Long-Lived Assets | $ 601 | $ 397 | $ 601 | $ 397 | ||||||||
Revenues | 744 | $ 731 | $ 733 | $ 737 | 731 | $ 681 | $ 758 | $ 814 | 2,945 | 2,984 | $ 3,146 | |
Adjusted EBITDA | 234 | 330 | 370 | |||||||||
Depreciation and amortization | 100 | 91 | 87 | |||||||||
Restructuring expense | 4 | 29 | 14 | |||||||||
Interest expense, net | 9 | 7 | 16 | |||||||||
Equity in net income of non-consolidated affiliates | (6) | (13) | (7) | |||||||||
Gain (Loss) on Disposition of Business | 0 | 0 | 33 | |||||||||
Provision for income taxes | 24 | 43 | 48 | |||||||||
Discontinued operations | 1 | (1) | (17) | |||||||||
Net income attributable to non-controlling interests | 11 | 10 | 16 | |||||||||
Non-cash, stock-based compensation expense | 17 | 8 | 12 | |||||||||
Other Nonoperating Income (Expense) | 4 | (8) | (8) | |||||||||
Net (loss) income attributable to Visteon | 70 | 164 | 176 | |||||||||
Property and equipment, net | 436 | 397 | 436 | 397 | ||||||||
Assets | 2,271 | 2,007 | 2,271 | 2,007 | ||||||||
Depreciation, Depletion and Amortization | 100 | 91 | 87 | |||||||||
United States [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 663 | 654 | 776 | |||||||||
Mexico [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 38 | 67 | 70 | |||||||||
North America [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-Lived Assets | 186 | 74 | 186 | 74 | ||||||||
Revenues | 701 | 721 | 846 | |||||||||
Portugal [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 602 | 563 | 508 | |||||||||
Slovakia [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 237 | 235 | 294 | |||||||||
FRANCE | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 53 | 70 | 84 | |||||||||
TUNISIA | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 71 | 96 | 109 | |||||||||
Other Europe [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 16 | 20 | 20 | |||||||||
Intra-region Eliminations Within Europe [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (1) | (3) | (11) | |||||||||
Europe [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-Lived Assets | 207 | 152 | 207 | 152 | ||||||||
Revenues | 978 | 981 | 1,004 | |||||||||
Korea [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 2 | 12 | ||||||||||
China [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-Lived Assets | 93 | 86 | 93 | 86 | ||||||||
Revenues | 789 | 714 | 744 | |||||||||
Japan [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 393 | 494 | 495 | |||||||||
India [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 110 | 114 | 92 | |||||||||
Thailand [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 57 | 69 | 81 | |||||||||
Intra-region Eliminations Within Asia [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (1) | (1) | ||||||||||
Asia [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-Lived Assets | 86 | 60 | 86 | 60 | ||||||||
Revenues | 560 | 678 | 679 | |||||||||
South America [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Long-Lived Assets | $ 29 | $ 25 | 29 | 25 | ||||||||
Revenues | 91 | 79 | 68 | |||||||||
Geography Eliminations [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | (174) | (189) | (195) | |||||||||
China Domestic [Member] | Asia [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 527 | 405 | 381 | |||||||||
Electronics [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring expense | 5 | 24 | $ 7 | |||||||||
China Export [Member] | Asia [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues | 262 | $ 309 | $ 363 | |||||||||
Retained Earnings [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net (loss) income attributable to Visteon | $ 70 |
Summary Quarterly Financial D_3
Summary Quarterly Financial Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Litigation Settlement Interest | $ 8,000,000 | |||||||||||
Litigation Settlement, Expense | 11,000,000 | |||||||||||
Revenues | $ 744,000,000 | $ 731,000,000 | $ 733,000,000 | $ 737,000,000 | $ 731,000,000 | $ 681,000,000 | $ 758,000,000 | $ 814,000,000 | $ 2,945,000,000 | 2,984,000,000 | $ 3,146,000,000 | |
Gain (Loss) on Disposition of Business | 0 | 0 | (33,000,000) | |||||||||
cash contribution-France Transaction | 13,000,000 | |||||||||||
Gross margin | 104,000,000 | 84,000,000 | 70,000,000 | 66,000,000 | 96,000,000 | 82,000,000 | 104,000,000 | 129,000,000 | 324,000,000 | 411,000,000 | 491,000,000 | |
Income from continuing operations before income taxes | 48,000,000 | 31,000,000 | 16,000,000 | 11,000,000 | 47,000,000 | 32,000,000 | 49,000,000 | 88,000,000 | 106,000,000 | 216,000,000 | 223,000,000 | |
Net income from continuing operations | 40,000,000 | 18,000,000 | 8,000,000 | 16,000,000 | 46,000,000 | 23,000,000 | 37,000,000 | 67,000,000 | 82,000,000 | 173,000,000 | 175,000,000 | |
Net income (loss) | 39,000,000 | 18,000,000 | 8,000,000 | 16,000,000 | 45,000,000 | 24,000,000 | 36,000,000 | 69,000,000 | 81,000,000 | 174,000,000 | 192,000,000 | |
Net income (loss) attributable to Visteon Corporation | $ 35,000,000 | $ 14,000,000 | $ 7,000,000 | $ 14,000,000 | $ 43,000,000 | $ 21,000,000 | $ 35,000,000 | $ 65,000,000 | $ 71,000,000 | $ 163,000,000 | $ 159,000,000 | |
Per Share Data | ||||||||||||
Earnings Per Share, Basic | $ 1.24 | $ 0.50 | $ 0.25 | $ 0.50 | $ 1.50 | $ 0.71 | $ 1.19 | $ 2.14 | $ 2.49 | $ 5.56 | $ 5.57 | |
Earnings Per Share, Diluted | $ 1.24 | $ 0.50 | $ 0.25 | $ 0.49 | $ 1.49 | $ 0.71 | $ 1.17 | $ 2.11 | $ 2.48 | $ 5.52 | $ 5.47 | |
Asset Impairment Charges | $ 2,000,000 | |||||||||||
working capital and other impact - France Transaction | $ 7,000,000 | |||||||||||
Interiors [Member] | ||||||||||||
Per Share Data | ||||||||||||
Gain (loss) on business divestiture | $ (7,000,000) | 0 | $ 0 | (8,000,000) | ||||||||
FRANCE | ||||||||||||
Revenues | $ 53,000,000 | $ 70,000,000 | 84,000,000 | |||||||||
Per Share Data | ||||||||||||
Asset Impairment Charges | $ 13,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Subsequent Event [Line Items] | |||||
accelerated share repurchase, initial stock delivery | 322,120 | 2,805,531 | 1,978,144 | ||
Gain (Loss) on Disposition of Business | $ 0 | $ 0 | $ (33) | ||
Term Loan [Member] | |||||
Subsequent Event [Line Items] | |||||
Debt Instrument, Face Amount | 350 | $ 350 | |||
Term loan, required periodic payment | 1.75% | ||||
HVCC [Member] | |||||
Subsequent Event [Line Items] | |||||
Gain (loss) on business divestiture | $ 3 | $ 0 | $ 4 | $ 7 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances | $ 1,100 | ||
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 | 6 | ||
Valuation Allowances and Reserves, Charged to Cost and Expense | 5 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | (1) | ||
Valuation Allowances and Reserves, Adjustments | 0 | ||
Valuation Allowances | 10 | 6 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation Allowances | 1,144 | ||
Valuation Allowances and Reserves, Charged to Cost and Expense | (10) | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | 0 | ||
Valuation Allowances and Reserves, Adjustments | (2) | (17) | $ (20) |
Valuation Allowances | 1,132 | 1,144 | |
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 | (7) | (18) | (44) |
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 | $ (5) | $ (1) | (26) |
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) |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
net changes in transaction price [Line Items] | |||||||||||
Revenues | $ 744 | $ 731 | $ 733 | $ 737 | $ 731 | $ 681 | $ 758 | $ 814 | $ 2,945 | $ 2,984 | $ 3,146 |
hedging impact and eliminations | (174) | (189) | |||||||||
Adjusted EBITDA | 234 | 330 | 370 | ||||||||
Europe [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 978 | 981 | 1,004 | ||||||||
Americas [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 792 | 800 | |||||||||
Asia [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 560 | 678 | 679 | ||||||||
All Countries [Domain] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 2,945 | 2,984 | |||||||||
Instrument cluster [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 1,314 | 1,209 | |||||||||
Audio and infotainment [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 721 | 772 | |||||||||
Information displays [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 486 | 509 | |||||||||
Climate controls [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 72 | 122 | |||||||||
Body and security [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 117 | 110 | |||||||||
Telematics [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 76 | 68 | |||||||||
Other (includes HUD) [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 159 | 194 | |||||||||
China Domestic [Member] | Asia [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | 527 | 405 | 381 | ||||||||
China Export [Member] | Asia [Member] | |||||||||||
net changes in transaction price [Line Items] | |||||||||||
Revenues | $ 262 | $ 309 | $ 363 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 7 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.50% | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 36 | |
Operating Lease, Payments, Use | 38 | |
Operating Lease, Cost | (41) | |
Short-term Lease, Cost | (1) | |
Sublease Income | 5 | |
Lease, Cost | (37) | |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 38 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 29 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 26 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 24 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 22 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 58 | |
Operating Leases, Future Minimum Payments Receivable | 195 | |
Receivable with Imputed Interest, Discount | (26) | |
Operating Lease, Liability | $ 169 | $ 172 |
Uncategorized Items - visteon20
Label | Element | Value |
In Process Research and Development [Member] | ||
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 36 months |
Customer Relationships [Member] | ||
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | $ 0 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 7,000,000 |
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 | 3,000,000 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 9,000,000 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 9,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 88,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 89,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 90,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 48,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 53,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 38,000,000 |
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, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | $ (51,000,000) |
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 |
Other Intangible Assets [Member] | ||
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | $ 2,000,000 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 1,000,000 |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | 0 |
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss | 1,000,000 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | (2,000,000) |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | (1,000,000) |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 15,000,000 |
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 Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 12,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 12,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 11,000,000 |
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, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | $ (4,000,000) |
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 20 years |
Other Intangible Assets [Member] | American Center for Mobility [Member] | ||
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | $ 2,000,000 |
Developed Technology Rights [Member] | ||
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 0 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 0 |
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 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 3,000,000 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 3,000,000 |
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, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 5,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 9,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 13,000,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | (35,000,000) |
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | (27,000,000) |
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | (31,000,000) |
Goodwill [Member] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | 0 |
Finite-Lived Intangible Assets, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | 0 |
Software and Software Development Costs [Member] | ||
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 16,000,000 |
Finite-lived Intangible Assets Acquired | us-gaap_FinitelivedIntangibleAssetsAcquired1 | 8,000,000 |
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 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 2,000,000 |
Amortization of Intangible Assets | us-gaap_AmortizationOfIntangibleAssets | 2,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 16,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 32,000,000 |
Finite-Lived Intangible Assets, Gross | us-gaap_FiniteLivedIntangibleAssetsGross | 8,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 27,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 7,000,000 |
Finite-Lived Intangible Assets, Net | us-gaap_FiniteLivedIntangibleAssetsNet | 13,000,000 |
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, Accumulated Amortization | us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization | $ (5,000,000) |
Finite-Lived Intangible Asset, Useful Life | us-gaap_FiniteLivedIntangibleAssetUsefulLife | 4 years |
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 |