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Segment Information and Revenue Recognition | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30,
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Net income (loss) attributable to Visteon Corporation | $ | 5 |  |  | $ | 6 |  |  | $ | 10 |  |  | $ | (74) |
Depreciation and amortization | 27 |  |  | 25 |  |  | 82 |  |  | 75 |
Non-cash, stock-based compensation expense | 4 |  |  | 4 |  |  | 13 |  |  | 13 |
Provision for income taxes | 4 |  |  | 12 |  |  | 20 |  |  | 19 |
Interest expense, net | 2 |  |  | 5 |  |  | 6 |  |  | 10 |
Net income (loss) attributable to non-controlling interests | 2 |  |  | 4 |  |  | 5 |  |  | 6 |
Restructuring, net | (2) |  |  | 32 |  |  | (2) |  |  | 69 |
Equity in net income of non-consolidated affiliates | (2) |  |  | (2) |  |  | (2) |  |  | (4) |
Other | 2 |  |  | 1 |  |  | 4 |  |  | 3 |
Adjusted EBITDA | $ | 42 |  |  | $ | 87 |  |  | $ | 136 |  |  | $ | 117 |
Revenue Recognition Disaggregated net sales by geographical market and product lines is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Geographical Markets |  |  |  |  |  |  |
Europe | $ | 212 |  |  | $ | 281 |  |  | $ | 707 |  |  | $ | 667 |
Americas | 158 |  |  | 192 |  |  | 519 |  |  | 446 |
China Domestic | 145 |  |  | 140 |  |  | 384 |  |  | 323 |
China Export | 51 |  |  | 58 |  |  | 148 |  |  | 145 |
Other Asia-Pacific | 94 |  |  | 107 |  |  | 309 |  |  | 261 |
Eliminations | (29) |  |  | (31) |  |  | (80) |  |  | (81) |
| $ | 631 |  |  | $ | 747 |  |  | $ | 1,987 |  |  | $ | 1,761 |
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2021 |  | 2020 |  | 2021 |  | 2020
Product Lines |  |  |  |  |  |  |
Instrument clusters | $ | 345 |  |  | $ | 388 |  |  | $ | 1,062 |  |  | $ | 901 |
Audio and infotainment | 122 |  |  | 134 |  |  | 369 |  |  | 333 |
Information displays | 71 |  |  | 135 |  |  | 282 |  |  | 298 |
Body and security | 25 |  |  | 28 |  |  | 88 |  |  | 66 |
Telematics | 15 |  |  | 14 |  |  | 49 |  |  | 43 |
Climate controls | 13 |  |  | 14 |  |  | 42 |  |  | 31 |
Other | 40 |  |  | 34 |  |  | 95 |  |  | 89 |
| $ | 631 |  |  | $ | 747 |  |  | $ | 1,987 |  |  | $ | 1,761 |
During the three and nine months ended September 30, 2021, revenue recognized related to 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 September 30, 2021.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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