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Segment Information and Revenue Recognition
 6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]  
Segment Information and Revenue Recognition Segment Information and Revenue Recognition
The Company’s single 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, head-up displays, as well as battery monitoring systems. As the Company has one reportable segment, total assets, depreciation, amortization, and capital expenditures are equal to consolidated results.
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-U.S. GAAP financial measure, as defined below), and operating assets.

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, gain and 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.

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 U.S. 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. The Company uses Adjusted EBITDA as a factor in incentive compensation decisions and to evaluate the effectiveness of the Company's business strategies. In addition, the Company's credit agreements use measures similar to Adjusted EBITDA to measure compliance with certain covenants.
Segment Adjusted EBITDA and reconciliation to net income (loss) attributable to Visteon is as follows:
Three Months Ended June 30,Six Months Ended
June 30,
(In millions)2021202020212020
Net income (loss) attributable to Visteon Corporation$(11)$(45)$5 $(80)
  Depreciation and amortization28 25 55 50 
  Non-cash, stock-based compensation expense5 4 9 9 
  Provision for income taxes4 2 16 7 
  Interest expense, net2 3 4 5 
  Net income (loss) attributable to non-controlling interests— 3 3 2 
  Restructuring, net1 4 — 37 
  Equity in net income of non-consolidated affiliates— (1)— (2)
  Other1 2 2 2 
Adjusted EBITDA$30 $(3)$94 $30 

Revenue Recognition

Disaggregated net sales by geographical market and product lines is as follows:
Three Months Ended June 30,Six Months Ended
June 30,
(In millions)2021202020212020
Geographical Markets
Europe$219 $132 $495 $386 
Americas159 62 361 254 
China Domestic115 126 239 183 
China Export43 23 97 87 
Other Asia-Pacific95 38 214 154 
Eliminations(21)(10)(50)(50)
$610 $371 $1,356 $1,014 
Three Months Ended June 30,Six Months Ended
June 30,
(In millions)2021202020212020
Product Lines
Instrument clusters$329 $201 $716 $513 
Audio and infotainment103 54 248 199 
Information displays96 54 213 163 
Body and security28 13 63 38 
Climate controls15 7 29 17 
Telematics16 17 34 29 
Other23 25 53 55 
$610 $371 $1,356 $1,014 
During the three and six months ended June 30, 2021, revenue recognized related performance obligations satisfied in previous periods represented less than 1% of consolidated net sales. The Company has no material contract assets, contract liabilities, or capitalized contract acquisition costs as of June 30, 2021.