XML 31 R18.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Stockholders' Equity and Non-controlling Interests | 6 Months Ended
--- | ---
Jun. 30, 2018
Equity [Abstract] |
Shareholders' Equity and Non-controlling Interests | Stockholders’ Equity and Non-controlling Interests Changes in equity for the three and six months ended June 30, 2018 and 2017 are as follows:
| 2018 |  | 2017
| Visteon |  | NCI |  | Total |  | Visteon |  | NCI |  | Total
| (Dollars in Millions)
Three Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 506 |  |  | $ | 109 |  |  | $ | 615 |  |  | $ | 548 |  |  | $ | 132 |  |  | $ | 680 |
Net income from continuing operations | 36 |  |  | 1 |  |  | 37 |  |  | 45 |  |  | 3 |  |  | 48 |
Net income from discontinued operations | (1 | ) |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | — |
Net income | 35 |  |  | 1 |  |  | 36 |  |  | 45 |  |  | 3 |  |  | 48 |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (49 | ) |  | (7 | ) |  | (56 | ) |  | 21 |  |  | 1 |  |  | 22 |
Net investment hedge | 8 |  |  | — |  |  | 8 |  |  | (12 | ) |  | — |  |  | (12 | )
Benefit plans | 2 |  |  | — |  |  | 2 |  |  | (1 | ) |  | — |  |  | (1 | )
Unrealized hedging gain | 1 |  |  | — |  |  | 1 |  |  | (1 | ) |  | — |  |  | (1 | )
Total other comprehensive income | (38 | ) |  | (7 | ) |  | (45 | ) |  | 7 |  |  | 1 |  |  | 8 |
Stock-based compensation, net | 13 |  |  | — |  |  | 13 |  |  | 4 |  |  | — |  |  | 4 |
Share repurchases | — |  |  | — |  |  | — |  |  | (35 | ) |  | — |  |  | (35 | )
Dividends to non-controlling interests | — |  |  | (3 | ) |  | (3 | ) |  | — |  |  | — |  |  | — |
Ending balance | $ | 516 |  |  | $ | 100 |  |  | $ | 616 |  |  | $ | 569 |  |  | $ | 136 |  |  | $ | 705 |
| 2018 |  | 2017
| Visteon |  | NCI |  | Total |  | Visteon |  | NCI |  | Total
| (Dollars in Millions)
Six Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 637 |  |  | $ | 124 |  |  | $ | 761 |  |  | $ | 586 |  |  | $ | 138 |  |  | $ | 724 |
Net income from continuing operations | 99 |  |  | 5 |  |  | 104 |  |  | 100 |  |  | 7 |  |  | 107 |
Net income from discontinued operations | 1 |  |  | — |  |  | 1 |  |  | 8 |  |  | — |  |  | 8 |
Net income | 100 |  |  | 5 |  |  | 105 |  |  | 108 |  |  | 7 |  |  | 115 |
Other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (29 | ) |  | (1 | ) |  | (30 | ) |  | 40 |  |  | 2 |  |  | 42 |
Net investment hedge | 2 |  |  | — |  |  | 2 |  |  | (13 | ) |  | — |  |  | (13 | )
Benefit plans | 2 |  |  | — |  |  | 2 |  |  | (1 | ) |  | — |  |  | (1 | )
Unrealized hedging gain | 4 |  |  | — |  |  | 4 |  |  | 3 |  |  | — |  |  | 3 |
Total other comprehensive income | (21 | ) |  | (1 | ) |  | (22 | ) |  | 29 |  |  | 2 |  |  | 31 |
Stock-based compensation, net | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
Share repurchases | (200 | ) |  | — |  |  | (200 | ) |  | (160 | ) |  | — |  |  | (160 | )
Dividends to non-controlling interests | — |  |  | (28 | ) |  | (28 | ) |  | — |  |  | (11 | ) |  | (11 | )
Ending balance | $ | 516 |  |  | $ | 100 |  |  | $ | 616 |  |  | $ | 569 |  |  | $ | 136 |  |  | $ | 705 |
Stock-based Compensation, net 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. During the six months ended June 30, 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 16, Commitments and Contingencies. 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. 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 six months of 2018, the Company entered into various programs with third-party financial institutions for an aggregate purchase price of $200 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.
• | 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.
• | On March 6, 2018 the Company entered into an 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 ASB program concluded on July 20, 2018 and the Company received an additional 229,986 shares. In total the Company purchased 1,218,372 shares at an average price of $123.12 under this ASB program.
As of June 30, 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:
| June 30 |  | December 31
| 2018 |  | 2017
| (Dollars in Millions)
Yanfeng Visteon Automotive Electronics Co., Ltd. | $ | 54 |  |  | $ | 77 |
Shanghai Visteon Automotive Electronics, Co., Ltd. | 43 |  |  | 44 |
Other | 3 |  |  | 3 |
| $ | 100 |  |  | $ | 124 |
Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive income (loss) (“AOCI”) and reclassifications out of AOCI by component include:
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2018 |  | 2017 |  | 2018 |  | 2017
| (Dollars in Millions)
Changes in AOCI: |  |  |  |  |  |  |
Beginning balance | $ | (157 | ) |  | $ | (211 | ) |  | $ | (174 | ) |  | $ | (233 | )
Other comprehensive income before reclassification, net of tax | (39 | ) |  | 6 |  |  | (22 | ) |  | 26 |
Amounts reclassified from AOCI | 1 |  |  | 1 |  |  | 1 |  |  | 3 |
Ending balance | $ | (195 | ) |  | $ | (204 | ) |  | $ | (195 | ) |  | $ | (204 | )
Changes in AOCI by Component: |  |
Foreign currency translation adjustments |  |  |  |  |  |  |
Beginning balance | $ | (80 | ) |  | $ | (144 | ) |  | $ | (100 | ) |  | $ | (163 | )
Other comprehensive income before reclassification, net of tax (a) | (49 | ) |  | 21 |  |  | (29 | ) |  | 40 |
Ending balance | (129 | ) |  | (123 | ) |  | (129 | ) |  | (123 | )
Net investment hedge |  |  |  |  |  |  |
Beginning balance | (18 | ) |  | 9 |  |  | (12 | ) |  | 10 |
Other comprehensive loss before reclassification, net of tax (a) | 8 |  |  | (12 | ) |  | 2 |  |  | (13 | )
Ending balance | (10 | ) |  | (3) |  |  | (10 | ) |  | (3) |
Benefit plans |  |  |  |  |  |  |
Beginning balance | (63 | ) |  | (75 | ) |  | (63 | ) |  | (75) |
Other comprehensive income before reclassification, net of tax (a) | 1 |  |  | (1 | ) |  | 1 |  |  | (1 | )
Amounts reclassified from AOCI | 1 |  |  | — |  |  | 1 |  |  | — |
Ending balance | (61 | ) |  | (76 | ) |  | (61 | ) |  | (76 | )
Unrealized hedging (loss) gain |  |  |  |  |  |  |
Beginning balance | 4 |  |  | (1 | ) |  | 1 |  |  | (5 | )
Other comprehensive income before reclassification, net of tax (b) | 1 |  |  | (2 | ) |  | 4 |  |  | — |
Amounts reclassified from AOCI | — |  |  | 1 |  |  | — |  |  | 3 |
Ending balance | 5 |  |  | (2 | ) |  | 5 |  |  | (2 | )
Total AOCI | $ | (195 | ) |  | $ | (204 | ) |  | $ | (195 | ) |  | $ | (204 | )
(a) Net tax expense was less than $1 million for both the three and six months ended June 30, 2018 and 2017. (b) Net tax benefit was less than $1 million related to unrealized hedging loss (gain) for the three months ended June 30, 2018 and 2017. Net tax expense of less than $1 million and $1 million are related to unrealized hedging gain for the six months ended June 30, 2018 and 2017, respectively.

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
Name: | us-gaap_StockholdersEquityNoteDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration