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Stockholders' Equity and Non-controlling Interests
 3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Shareholders' Equity and Non-controlling Interests
Stockholders’ Equity and Non-controlling Interests
Changes in equity for the three months ended March 31, 2018 and 2017 are as follows:
 
2018
 
2017
 
Visteon
 
NCI
 
Total
 
Visteon
 
NCI
 
Total
 
(Dollars in Millions)
Three Months Ended March 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Beginning balance
$
637

 
$
124

 
$
761

 
$
586

 
$
138

 
$
724

Net income from continuing operations
63

 
4

 
67

 
55

 
4

 
59

Net income from discontinued operations
2

 
—

 
2

 
8

 
—

 
8

Net income
65

 
4

 
69

 
63

 
4

 
67

Other comprehensive income (loss)
 
 
 
 
 
 
 
 
 
 
 
    Foreign currency translation adjustments
20

 
6

 
26

 
19

 
1

 
20

    Net investment hedge
(6
)
 
—

 
(6
)
 
(1
)
 
—

 
(1
)
    Unrealized hedging gain
3

 
—

 
3

 
4

 
—

 
4

    Total other comprehensive income
17

 
6

 
23

 
22

 
1

 
23

Stock-based compensation, net
(13
)
 
—

 
(13
)
 
2

 
—

 
2

Share repurchases

(200
)
 
—

 
(200
)
 
(125
)
 
—

 
(125
)
Dividends to non-controlling interests
—

 
(25
)
 
(25
)
 
—

 
(11
)
 
(11
)
Ending balance
$
506

 
$
109

 
$
615

 
$
548

 
$
132

 
$
680


Stock-based Compensation, net
During the three months ended March 31, 2018, equity increased $13 million due to the forfeiture of unvested shares for a litigation matter with the Company's former CEO as further described in Note 16, Commitments and Contingencies, classified as a benefit of $10 million to selling, general and administrative expenses and a $3 million benefit classified as discontinued operations.
Share Repurchase Program
On January 9, 2017, the Company's Board of Directors authorized $400 million of share repurchases of common stock through March 2018. During first quarter of 2017, the Company entered into an accelerated share buyback ("ASB") program to purchase shares of Visteon common stock for an aggregate purchase price of $125 million. Under this program, the Company purchased 1,300,366 shares at an average price of $96.13.
Beginning in the second quarter of 2017, the Company paid approximately $75 million to repurchase 677,778 shares at an average price of $110.63 via open market share repurchases through December 31, 2017. 
During the first quarter of 2018, the Company entered into various programs with third-party financial institutions to purchase a total of 410,325 shares of Visteon common stock at an average price of $121.85 for an aggregate purchase price of $50 million as further described below:
•
On December 19, 2017, the Company entered into a forward starting share repurchase agreement with a third party financial institution to purchase up to $25 million of the Company's common stock complying with the provisions of Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934. Share purchases under the program commenced on January 2, 2018 and expired on February 26, 2018. Under this arrangement, the Company paid approximately $13 million to purchase a total of 109,190 shares with an average price of $120.41.
•
On January 15, 2018, the Company's Board of Directors authorized an additional $500 million of share repurchases, for a total authorization of $700 million, of its share of common stock through 2020.
•
During the first quarter of 2018, the Company entered into a brokerage agreement with a third-party financial institution to execute open market repurchases of the Company's common stock. Pursuant to this arrangement the Company paid $12 million to repurchase 96,360 shares at an average price of $122.99.
•
On March 6, 2018, the Company entered into a share repurchase agreement with a third party financial institution to purchase shares of its common stock complying with the provisions of Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934. Share purchases under the program commenced on March 6, 2018 and expired on March 19, 2018. The Company paid approximately $25 million to purchase a total of 204,775 shares with an average price of $122.08 under this program.
Additionally, on March 6, 2018 the Company entered into an Accelerated Share Buyback ("ASB") program with a third-party financial institution to purchase shares of Visteon common stock for an aggregate purchase price of $150 million. On March 7, 2018, the Company received an initial delivery of 988,386 shares of common stock using a reference price of $121.41. The program is expected to conclude by the end of third quarter 2018.
As of March 31, 2018, $500 million of the authorization through 2020 remains outstanding. The Company anticipates that additional repurchases of common stock, if any, would occur from time to time in open market transactions or in privately negotiated transactions depending on market and economic conditions, share price, trading volume, alternative uses of capital and other factors.
Non-Controlling Interests
The Company's non-controlling interests are as follows:
 
March 31
 
December 31
 
2018
 
2017
 
(Dollars in Millions)
Yanfeng Visteon Automotive Electronics Co., Ltd.
$
64

 
$
77

Shanghai Visteon Automotive Electronics, Co., Ltd.
43

 
44

Other
2

 
3

 
$
109

 
$
124


Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated other comprehensive income (loss) (“AOCI”) and reclassifications out of AOCI by component include:
 
Three Months Ended March 31
 
2018
 
2017
 
(Dollars in Millions)
Changes in AOCI:
 
 
 
Beginning balance
$
(174
)
 
$
(233
)
Other comprehensive income before reclassification, net of tax
17

 
20

Amounts reclassified from AOCI
—

 
2

Ending balance
$
(157
)
 
$
(211
)
Changes in AOCI by Component:
Foreign currency translation adjustments
 
 
 
  Beginning balance
$
(100
)
 
$
(163
)
Other comprehensive income before reclassification, net of tax (a)
20

 
19

  Ending balance
(80
)
 
(144
)
Net investment hedge
 
 
 
  Beginning balance
(12
)
 
10

  Other comprehensive loss before reclassification, net of tax (a)
(6
)
 
(1
)
  Ending balance
(18
)
 
9

Benefit plans
 
 
 
  Beginning balance
(63
)
 
(75
)
  Other comprehensive income before reclassification, net of tax (a)
—

 
—

  Amounts reclassified from AOCI
—

 
—

  Ending balance
(63
)
 
(75
)
Unrealized hedging (loss) gain
 
 
 
  Beginning balance
1

 
(5
)
  Other comprehensive income before reclassification, net of tax (b)
3

 
2

  Amounts reclassified from AOCI
—

 
2

  Ending balance
4

 
(1
)
Total AOCI
$
(157
)
 
$
(211
)
(a) Net tax expense was less than $1 million effects for the three months ended March 31, 2018. Income tax effects for all other periods are zero after recording offsetting valuation allowance.
(b) Net tax expense of less than $1 million and $1 million are related to unrealized hedging (losses) gains for the three months ended March 31, 2018 and 2017, respectively.