Visteon (VC) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 22, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-15827
Entity Registrant Name	VISTEON CORP
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 $.01 Per Share
Trading Symbol	VC
Security Exchange Name	NASDAQ
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 Common Stock, Shares Outstanding		27,962,305
Amendment Flag	false
Entity Central Index Key	0001111335
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net sales	$ 746	$ 643
Cost of sales	(673)	(590)
Gross margin	73	53
Selling, general and administrative expenses	(45)	(54)
Restructuring, net	1	(33)
Interest expense	(3)	(3)
Interest income	1	1
Equity in net income of non-consolidated affiliates	0	1
Other income, net	4	4
Income (loss) before income taxes	31	(31)
Provision for income taxes	(12)	(5)
Net income (loss)	19	(36)
Less: Net (income) loss attributable to non-controlling interests	(3)	1
Net income (loss) attributable to Visteon Corporation	16	(35)
Comprehensive income:
Comprehensive income (loss)	1	(73)
Less: Comprehensive (income) loss attributable to non-controlling interests	2	(1)
Comprehensive income (loss) attributable to Visteon Corporation	$ (1)	$ (72)
Basic earnings (loss) per share:
Basic earnings (loss) per share attributable to Visteon (in dollars per share)	$ 0.57	$ (1.25)
Diluted earnings (loss) per share
Diluted earnings (loss) per share attributable to Visteon (in dollars per share)	$ 0.56	$ (1.25)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and equivalents	$ 482	$ 496
Restricted cash	4	4
Accounts receivable, net	466	484
Inventories, net	188	177
Other current assets	152	180
Total current assets	1,292	1,341
Property and equipment, net	414	436
Intangible assets, net	123	127
Right-of-use assets	162	172
Investments in non-consolidated affiliates	57	60
Other non-current assets	123	135
Total assets	2,171	2,271
LIABILITIES AND EQUITY
Accounts payable	486	500
Accrued employee liabilities	69	83
Current lease liability	31	32
Other current liabilities	189	209
Total current liabilities	775	824
Long-term debt, net	349	349
Employee benefits	307	322
Non-current lease liability	137	146
Deferred tax liabilities	30	28
Other non-current liabilities	67	92
Stockholders’ equity:
Preferred stock (par value $0.01, 50 million shares authorized, none outstanding as of March 31, 2021 and December 31, 2020)	0	0
Common stock (par value $0.01, 250 million shares authorized, 55 million shares issued, 28 million shares outstanding as of March 31, 2021 and December 31, 2020)	1	1
Additional paid-in capital	1,337	1,348
Retained earnings	1,639	1,623
Accumulated other comprehensive loss	(321)	(304)
Treasury stock	(2,272)	(2,281)
Total Visteon Corporation stockholders’ equity	384	387
Non-controlling interests	122	123
Total equity	506	510
Total liabilities and equity	$ 2,171	$ 2,271

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares, issued (in shares)	55,000,000	55,000,000
Common stock, shares, outstanding (in shares)	28,000,000	28,000,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net income (loss)	$ 19	$ (36)
Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities:
Depreciation and amortization	27	25
Non-cash stock-based compensation	4	5
Equity in net income of non-consolidated affiliates, net of dividends remitted		(1)
Other non-cash items	1	6
Changes in assets and liabilities:
Accounts receivable	4	102
Inventories	(17)	(16)
Accounts payable	2	(42)
Other assets and other liabilities	(29)	(18)
Net cash provided from operating activities	11	25
Investing Activities
Capital expenditures, including intangibles	(18)	(44)
Loan repayments from non-consolidated affiliates	2	2
Other	1	1
Net cash used by investing activities	(15)	(41)
Financing Activities
Borrowings on revolving credit facility	0	400
Repurchase of common stock	0	(16)
Dividends paid to non-controlling interests	0	(7)
Net cash provided from financing activities	0	377
Effect of exchange rate changes on cash	(10)	(5)
Net (decrease) increase in cash	(14)	356
Cash, equivalents, and restricted cash at beginning of the period	500	469
Cash, equivalents, and restricted cash at end of the period	$ 486	$ 825

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total Visteon Corporation Stockholders' Equity	Non-Controlling Interests
Beginning balance at Dec. 31, 2019	$ 595	$ 1	$ 1,342	$ 1,679	$ (267)	$ (2,275)	$ 480	$ 115
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(36)			(35)			(35)	(1)
Other comprehensive income (loss)	(37)				(37)		(37)
Stock-based compensation, net	2		(5)			7	2
Repurchase of shares of common stock	(16)					(16)	(16)
Dividends declared to non-controlling interests	(7)							(7)
Ending balance at Mar. 31, 2020	501	1	1,337	1,644	(304)	(2,284)	394	107
Beginning balance at Dec. 31, 2020	510	1	1,348	1,623	(304)	(2,281)	387	123
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	19			16			16	3
Other comprehensive income (loss)	(18)				(17)		(17)	(1)
Stock-based compensation, net	(2)		(11)			9	(2)
Dividends declared to non-controlling interests	(3)							(3)
Ending balance at Mar. 31, 2021	$ 506	$ 1	$ 1,337	$ 1,639	$ (321)	$ (2,272)	$ 384	$ 122

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation - Interim Financial Statements The condensed consolidated financial statements of Visteon Corporation (the "Company" or "Visteon") have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") have been condensed or omitted pursuant to such rules and regulations. These interim condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments, except as otherwise disclosed) that management believes are necessary for a fair presentation of the results of operations, financial position, stockholders' equity, and cash flows of the Company for the interim periods presented. Interim results are not necessarily indicative of full-year results. Use of Estimates: The preparation of financial statements in conformity with U.S. 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. Events and changes in circumstances arising after March 31, 2021, including those resulting from the impacts of COVID-19 and the related subsequent semiconductor supply shortage, as further described in Note 14, "Commitments and Contingencies.", will be reflected in management's estimates in future periods. Allowance for Doubtful Accounts: The Com pany establishes an allowance for doubtful accounts for accounts receivable based on the current expected credit loss impairment model (“CECL”). The Company elected to apply a historical loss rate based on historic write-offs by region to aging categories. The historical loss rate will be adjusted for current conditions and reasonable and supportable forecasts of future losses, as necessary. The Company may also record a specific reserve for individual accounts when the Company becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer's operating results or financial position. The allowance for doubtful accounts was $4 million as of March 31, 2021 and December 31, 2020. Recently Adopted Accounting Pronouncements Reference Rate Reform - In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting." Subsequently, in 2021, the FASB issued ASU 2021-01, "Reference Rate Reform", to further clarify and expand certain aspects of ASC 848. ASU 2020-04 and ASU 2021-01 provide optional expedients and exceptions related to certain contract modifications and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another rate that is expected to be discontinued. The guidance was effective upon issuance and is generally applied to applicable contract modifications and hedge relationships prospectively through December 31, 2022. The adoption of the guidance did not have a material impact on the Company’s consolidated financial statements.

Non-Consolidated Affiliates

Non-Consolidated Affiliates	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Non-Consolidated Affiliates	Non-Consolidated Affiliates Investments in Affiliates The Company recorded equity in the net income of non-consolidated affiliates of less than a million and $1 million for the three months ended March 31, 2021 and 2020, respectively. The Company's investments in non-consolidated equity method affiliates include the following: March 31, December 31, (In millions) 2021 2020 Yanfeng Visteon Investment Co., Ltd. ("YFVIC") (50%) $ 46 $ 50 Other 11 10 Total investments in non-consolidated affiliates $ 57 $ 60 Variable Interest Entities The Company evaluates whether joint ventures in which it has invested are Variable Interest Entities (“VIE”) at the start of each new venture and when a reconsideration event has occurred. The Company consolidates a VIE if it is determined to be the primary beneficiary of the VIE having 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. 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 Yangfeng Automotive Trim Systems Co. Ltd. ("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. The Company's investments in YFVIC consists of the following: March 31, December 31, (In millions) 2021 2020 Payables due to YFVIC $ 6 $ 9 Exposure to loss in YFVIC: Investment in YFVIC $ 46 $ 50 Receivables due from YFVIC 40 53 Subordinated loan receivable from YFVIC 4 6 Maximum exposure to loss in YFVIC $ 90 $ 109 Investments In 2018, the Company committed to make a $15 million investment in two funds managed by venture capital firms principally focused on the automotive sector pursuant to limited partnership agreements. As a limited partner in each fund, the Company will periodically make capital contributions toward this total commitment amount. As of March 31, 2021, the Company has contributed a total of $5 million toward the aggregate investment commitments. These investments are classified as equity method investments.

Restructuring Activities

Restructuring Activities	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring Activities	Restructuring Activities Given the economically-sensitive and highly competitive nature of the automotive electronics industry, the Company continues to closely monitor current market factors and industry trends, including potential impacts related to COVID-19, taking action as necessary which may include restructuring actions. However, there can be no assurance that any such actions will be sufficient to fully offset the impact of adverse factors o n the Company or its results of operations, financial position and cash flows. During 2020 the Company approved various restructuring programs impacting engineering, administrative and manufacturing functions to improve efficiency and rationalize the Company’s footprint. During the first quarter of 2021, the Company released $1 million of restructuring expense due to a change in estimate . The Company recorded $33 million of net restructuring expense for cash severance, retention, and termination costs for the three months ended March 31, 2020. As of March 31, 2021, $26 million remains accrued related to these programs. During 2018, the Company approved a restructuring program impacting legacy employees at a South America facility due to the wind-down of certain products. As of March 31, 2021, $2 million remains accrued related to this program. As of March 31, 2021, the Company retained restructuring reserves as part of the Company's divestiture of the majority of its global Interiors business (the "Interiors Divestiture") of $2 million associated with completed programs for the fundamental reorganization of operations at facilities in Brazil and France. Restructuring Reserves Restructuring reserve balances of $26 million and $5 million as of March 31, 2021 are classified as Other current liabilities and Other non-current liabilities, respectively. Restructuring reserve balances of $39 million and $10 million as of December 31, 2020 are classified as Other current liabilities and Other non-current liabilities, respectively. The Company anticipates that the activities associated with the current restructuring programs will be substantially complete by the end of 2022. The Company’s restructuring reserves and related activity are summarized below and include amounts associated with discontinued operations. (In millions) December 31, 2020 $ 49 Expense — Change in estimate (1) Utilization (16) Foreign currency (1) March 31, 2021 $ 31

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories, net consist of the following components: March 31, December 31, (In millions) 2021 2020 Raw materials $ 132 $ 114 Work-in-process 23 25 Finished products 33 38 $ 188 $ 177

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Intangible assets, net are comprised of the following: March 31, 2021 December 31, 2020 (In millions) Estimated Weighted Average Useful Life (years) Gross Intangibles Accumulated Amortization Net Intangibles Gross Intangibles Accumulated Amortization Net Intangibles Definite-Lived: Developed technology 10 $ 41 $ (38) $ 3 $ 41 $ (38) $ 3 Customer related 10 94 (66) 28 95 (64) 31 Capitalized software development 5 44 (7) 37 44 (7) 37 Other 32 14 (7) 7 14 (7) 7 Subtotal 193 (118) 75 194 (116) 78 Indefinite-Lived: Goodwill 48 — 48 49 — 49 Total $ 241 $ (118) $ 123 $ 243 $ (116) $ 127

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2021
Other Assets [Abstract]
Other Assets	Other Assets Other current assets are comprised of the following components: March 31, December 31, (In millions) 2021 2020 Joint venture receivables $ 40 $ 53 Recoverable taxes 39 52 Contractually reimbursable engineering costs 33 31 Prepaid assets and deposits 26 18 Royalty agreements 5 7 China bank notes 4 15 Other 5 4 $ 152 $ 180 The Company receives bank notes from certain customers in China to settle trade accounts receivable. The collection of such bank notes are included in operating cash flows based on the substance of the underlying transactions which are operating in nature. The Company redeemed $51 million and $27 million of China bank notes during the three months ended March 31, 2021 and 2020, respectively. Remaining amounts outstanding at third-party institutions related to sold bank notes will mature by the end of the third quarter of 2021. Other non-current assets are comprised of the following components: March 31, December 31, (In millions) 2021 2020 Deferred tax assets $ 53 $ 55 Contractually reimbursable engineering costs 33 31 Recoverable taxes 19 21 Royalty agreements 5 8 Joint venture notes receivable — 7 Other 13 13 $ 123 $ 135 Current and non-current contractually reimbursable engineering costs 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 $28 million during the remainder of 2021, $18 million in 2022, $15 million in 2023, $4 million in 2024 and $1 million in 2025 and beyond.

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other current liabilities are summarized as follows: March 31, December 31, (In millions) 2021 2020 Product warranty and recall accruals $ 52 $ 52 Deferred income 42 46 Restructuring reserves 26 39 Royalty reserves 14 13 Income taxes payable 10 5 Non-income taxes payable 7 15 Joint venture payables 6 9 Other 32 30 $ 189 $ 209 Other non-current liabilities are summarized as follows: March 31, December 31, (In millions) 2021 2020 Derivative financial instruments $ 23 $ 38 Product warranty and recall accruals 8 12 Deferred income 7 7 Income tax reserves 7 6 Restructuring reserves 5 10 Royalty agreements 5 6 Other 12 13 $ 67 $ 92

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt The Company’s debt consists of the following: March 31, December 31, (In millions) 2021 2020 Long-Term Debt: Term debt facility, net $ 349 $ 349 Short-Term Debt As of March 31, 2021, the Company has no outstanding short-term borrowing, available borrowings under affiliate credit facilities are $178 million. Long-Term Debt As of March 31, 2021, the Company has an amended credit agreement ("Credit Agreement") which includes a $350 million Term Facility maturing March 24, 2024 and a $400 million Revolving Credit Facility which matures the earlier of (i) December 24, 2024, (ii) 90 days prior to the scheduled maturity of the Term Facility, or (iii) the date of the termination of the Company's credit agreement. On March 19, 2020, the Company borrowed the entire amount of revolving loans available under the Revolving Credit Facility to increase its cash position and maximize its flexibility in response to unprecedented uncertainty related to the impact of COVID-19. On September 24, 2020, the Company fully repaid the amount borrowed under the Revolving Credit Facility following stronger than expected industry recovery and improved Company performance in the third quarter of 2020. The Company has no outstanding borrowings on the Revolving Credit Facility as of March 31, 2021. Interest on the Term Facility loans accrue at a rate equal to a LIBOR-based rate plus an applicable margin of 1.75% per annum. Loans under the Company' Revolving Credit Facility accrue interest at a rate equal to a LIBOR-based rate plus an applicable margin of between 1.00% - 2.00%, as determined by the Company's total gross leverage ratio. The Credit Agreement requires compliance 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 are suspended. As of March 31, 2021, the Company was in compliance with all its debt covenants. 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. All obligations under the Credit Agreement and obligations with respect to certain cash management services and swap transaction agreements between the Company and its lenders 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 on substantially all property of the Company and the subsidiaries party to the security agreement, subject to certain limitations. Other The Company has a $5 million letter of credit facility, whereby the Company is required to maintain a cash collateral account equal to 103% (110% for non-U.S. dollar denominated letters) of the aggregate stated amount of issued letters of credit and must reimburse any amounts drawn under issued letters of credit. The Company had $3 million of outstanding letters of credit issued under this facility secured by restricted cash, as of March 31, 2021. Additionally, the Company had $9 million of locally issued letters of credit with less than $1 million of collateral as of March 31, 2021, to support various tax appeals, customs arrangements and other obligations at its local affiliates.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company's net periodic benefit costs for all defined benefit plans for the three month periods ended March 31, 2021 and 2020 were as follows: U.S. Plans Non-U.S. Plans (In millions) 2021 2020 2021 2020 Costs Recognized in Income: Pension financing benefits (cost): Interest cost $ (4) $ (6) $ (2) $ (2) Expected return on plan assets 9 10 2 2 Amortization of losses and other (1) — — — Total Pension financing benefits (cost): 4 4 — — Restructuring related pension cost: Special termination benefits — (1) — — Net pension benefit (cost) $ 4 $ 3 $ — $ — Pension financing benefits, net of $4 million for the three months ended March 31, 2021 and 2020 are classified as Other income, net on the Company's condensed consolidated statements of comprehensive income.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three month period ended March 31, 2021, the Company recorded a provision for income tax on continuing operations of $12 million, which reflects income tax expense in countries where the Company is profitable; accrued withholding taxes; ongoing assessments related to the recognition and measurement of uncertain tax benefits; the inability to record a tax benefit for pretax losses and/or recognize expense for pretax income in certain jurisdictions (including the U.S.) due to valuation allowances; and other non-recurring tax items, including enacted tax law changes. Pretax losses from continuing operations in jurisdictions where valuation allowances are maintained and no income tax benefits are recognized totaled $11 million and $52 million for the three month periods ended March 31, 2021 and 2020, respectively, resulting in an increase in the Company's effective tax rate in those years. The Company's provision for income taxes in interim periods is calculated by applying an estimated annual effective tax rate on income before income taxes, excluding equity in net income of non-consolidated affiliates for the period. Effective tax rates vary from period to period as separate calculations are performed for those countries where the Company's operations are profitable with results continuing to be tax-effected and for those countries where deferred tax valuation allowances exist and are maintained. In determining the estimated annual effective tax rate, the Company analyzes various factors, including but not limited to, forecasts of projected annual earnings, tax jurisdictions in which the pretax income (losses) will be generated, and available tax planning strategies. The changing and volatile macro-economic conditions connected with the ongoing COVID-19 pandemic may cause fluctuations in forecasted earnings before income taxes. As such, the Company's effective tax rate could be subject to volatility as forecasted earnings before income taxes are impacted by events that cannot be predicted. The Company’s estimated annual effective tax rate is updated each quarter and may be significantly impacted by changes to the mix of forecasted earnings by tax jurisdiction. The tax impact of adjustments to the estimated annual effective tax rate are recorded in the period such estimates are revised. The Company is also required to record the tax impact of certain other non-recurring tax items, including changes in judgment about valuation allowances and uncertain tax positions, and changes in tax laws or rates in the interim period in which they occur, rather than include them in the estimated annual effective tax rate. 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 Company evaluates its deferred income taxes quarterly to determine if valuation allowances are required or should be adjusted. This assessment considers, among other matters, the nature, frequency, and amount of recent losses, the duration of statutory carryforward periods, and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified. If (i) recent improvements to financial results continue in the U.S., or (ii) recovery of the global economy after the COVID-19 pandemic occurs faster than expected, the Company believes it is possible that sufficient positive evidence may be available to release all, or a portion, of its U.S. valuation allowance in the next nine to 24 months. Unrecognized Tax Benefits Gross unrecognized tax benefits as of March 31, 2021 and December 31, 2020, including amounts attributable to discontinued operations, were $15 million and $14 million, respectively. Of these amounts, approximately $8 million and $7 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. During the three months ended March 31, 2021, the Company recorded a $2 million increase in tax expense related to uncertain tax positions attributable to certain related party transactions. The Company records interest and penalties related to uncertain tax positions as a component of income tax expense and related amounts accrued at March 31, 2021 and December 31, 2020 was $2 million in both years. 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 carried forward into open tax years technically remain open to adjustment. Although it is not possible to predict the timing of the resolution of all ongoing tax audits with accuracy, it is reasonably possible that certain tax proceedings in the U.S., 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) of $7 million is included in Other non-current liabilities on the condensed 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 condensed consolidated balance sheet.

Stockholders' Equity and Non-co

Stockholders' Equity and Non-controlling Interests	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity and Non-controlling Interests	Stockholders’ Equity and Non-controlling Interests Non-Controlling Interests The Company's non-controlling interests are as follows: March 31, December 31, (In millions) 2021 2020 Yanfeng Visteon Automotive Electronics Co., Ltd. $ 57 $ 57 Shanghai Visteon Automotive Electronics, Co., Ltd. 42 44 Changchun Visteon FAWAY Automotive Electronics, Co., Ltd. 21 20 Other 2 2 $ 122 $ 123 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, (In millions) 2021 2020 Changes in AOCI: Beginning balance $ (304) $ (267) Other comprehensive income (loss) before reclassification, net of tax (18) (37) Amounts reclassified from AOCI 1 — Ending balance $ (321) $ (304) Changes in AOCI by Component: Foreign currency translation adjustments Beginning balance $ (115) $ (153) Other comprehensive income (loss) before reclassification, net of tax (a) (33) (38) Ending balance (148) (191) Net investment hedge Beginning balance (15) 4 Other comprehensive income (loss) before reclassification, net of tax (a) 14 9 Amounts reclassified from AOCI (1) (1) Ending balance (2) 12 Benefit plans Beginning balance (165) (114) Other comprehensive income (loss) before reclassification, net of tax (b) 1 1 Amounts reclassified from AOCI 1 1 Ending balance (163) (112) Unrealized hedging gain (loss) Beginning balance (9) (4) Other comprehensive income (loss) before reclassification, net of tax (c) — (9) Amounts reclassified from AOCI 1 — Ending balance (8) (13) Total AOCI $ (321) $ (304) (a) There were no income tax effects for either period due to the valuation allowance. (b) Net tax expense was less than $1 million related to benefit plans for the three months ended March 31, 2021 and 2020. (c) There were no income tax effects related to unrealized hedging gain (loss) for either period due to the valuation allowance. Share Repurchase Program During the first quarter of 2020, the Company purchased a total of 233,769 shares of Visteon common stock at an average price of $67.87 for an aggregate purchase amount of $16 million pursuant to an agreement with a third-party financial institution.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per ShareBasic earnings per share is calculated by dividing net income attributable to Visteon by the weighted average number of shares of common stock outstanding. Diluted earnings per share is calculated by dividing net income by the weighted average number of common and potentially dilutive common shares outstanding. Performance based share units are considered contingently issuable shares and are included in the computation of diluted earnings per share based on the number of shares that would be issuable if the reporting date were the end of the contingency period and if the result would be dilutive. The table below provides details underlying the calculations of basic and diluted earnings per share: Three Months Ended March 31, (In millions, except per share amounts) 2021 2020 Numerator: Net income (loss) attributable to Visteon $ 16 $ (35) Denominator: Average common stock outstanding - basic 27.9 27.9 Dilutive effect of performance based share units and other 0.5 — Diluted shares 28.4 27.9 Basic and Diluted Per Share Data: Basic earnings (loss) per share attributable to Visteon $ 0.57 $ (1.25) Diluted earnings (loss) per share attributable to Visteon: $ 0.56 $ (1.25) For the three months ended March 31, 2020, performance based share units of approximately 170,000 were excluded from the calculation of diluted loss per share because the effect of including them would have been anti-dilutive.

Fair Value Measurements and Fin

Fair Value Measurements and Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements and Financial Instruments	Fair Value Measurements and Financial Instruments Fair Value Measurements 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. Items Measured at Fair Value on a Recurring Basis 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. Hedge 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. 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 condensed 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. As of March 31, 2021 and December 31, 2020, the Company had foreign currency economic derivative instruments with notional amounts of $38 million and $18 million, respectively. At March 31, 2021, these instruments are undesignated hedges of local currency value of recognized net monetary balances that are denominated in a currency other than the particular entity's functional currency. The aggregate fair value of these derivative instruments is an asset of less than $1 million and an asset of $1 million, as of March 31, 2021 and December 31, 2020, respectively. Cross Currency Swaps: The Company has executed cross-currency swap transactions intended to mitigate 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 factors other than spot exchange rate variability are excluded from the measurement of hedge ineffectiveness and reported directly in earnings each reporting period. As of March 31, 2021 and December 31, 2020, 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 $14 million and $27 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, a gain of $6 million is expected to be reclassified out of accumulated other comprehensive income into earnings within the next 12 months. Interest Rate Swaps: 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 March 31, 2021 and December 31, 2020, the Company had interest rate swaps with an aggregate notional value of $300 million. The aggregate fair value of these derivative transactions is a non-current liability of $9 million and $11 million as of March 31, 2021 and December 31, 2020, respectively. As of March 31, 2021, a loss of $6 million is expected to be reclassified out of accumulated other comprehensive income into earnings within the next twelve months. Financial Statement Presentation Gains and losses on derivative financial instruments for the three months ended March 31, 2021 and 2020 are as follows: Recorded Income (Loss) into AOCI, net of tax Reclassified from AOCI into Income (Loss) (In millions) 2021 2020 2021 2020 Foreign currency risk - Cost of sales: Cash flow hedges $ — $ (2) $ — $ — Interest rate risk - Interest expense, net: Interest rate swap — (7) (1) — Net investment hedges 14 9 1 1 $ 14 $ — $ — $ 1 Items Not Carried at Fair Value The Company's fair value of debt was $347 million as of March 31, 2021 and December 31, 2020. Fair value estimates were based on the current rates offered to the Company for debt of the same remaining maturities. Accordingly, the Company's debt fair value disclosures are classified as Level 2, "Other Observable Inputs" in the fair value hierarchy. 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 credit rating requirements. The Company’s counterparties for derivative contracts are substantial investment and commercial banks with significant experience using such derivatives. The Company manages its credit risk pursuant to written policies that specify minimum counterparty credit profile and by limiting the concentration of credit exposure amongst its multiple counterparties.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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, pursuant to the terms of the Settlement Agreement, 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 intends to defend the matter vigorously. The Company is not able to estimate the possible loss or range of loss in connection with this matter. In November 2013, the Company and Halla Visteon Climate Control 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 $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 the Company 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 its business, operating results and financial condition. The Company cannot predict when OFAC will conclude its own review of 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. The Company maintained accruals of $9 million for claims aggregating $56 million in Brazil as of March 31, 2021. 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. The adverse impacts of the COVID-19 pandemic led to a significant vehicle production reduction in the first half of 2020, which was followed by increased consumer demand and vehicle production schedules in the second half of 2020, particularly in the fourth quarter. Because semiconductor suppliers have been unable to rapidly reallocate production to serve the automotive industry, the surge in demand led to a worldwide semiconductor supply shortage. The shortage was further exacerbated in the first quarter of 2021 by storms in late February that impacted certain semiconductor supplier facilities in the southern United States and a fire at another semiconductor fabrication facility in Japan in March 2021. The Company is working closely with suppliers and customers to attempt to minimize potential adverse impacts of these events which are outside of the Company’s control. Notwithstanding these efforts, the Company’s semiconductor suppliers have in some instances been unable to deliver sufficient semiconductors to meet the Company’s customer requirements. This has led certain customers to allege that the Company has contributed to production reductions. As a result, these customers have communicated that they expect the Company to absorb some of the financial impact of those reductions and are reserving their rights to claim damages arising from the supply shortages. The Company believes it has a number of legal defenses to such claims and intends to defend any such claims vigorously. The Company has also notified semiconductor suppliers that it will seek compensation from them for failure to deliver sufficient quantities. The Company is not able to estimate the possible loss or range of loss in connection with this matter at this time. 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. Guarantees and Commitments As part of the agreements involving the divestiture of the Climate business (the "Climate Transaction") and Interiors Divestiture, the Company continues to provide lease guarantees to divested Climate and Interiors entities. As of March 31, 2021, the Company has $5 million and $1 million of outstanding guarantees, related to the divested Climate and Interiors entities, respectively. The guarantees represent the maximum potential amount that the Company could be required to pay under the guarantees in the event of default by the guaranteed parties. The guarantees will generally cease upon expiration of current lease agreement which expire in 2026 and 2024 for the Climate and Interiors entities, respectively. 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 rollforward of changes in the product warranty and recall claims liability: Three Months Ended March 31, (In millions) 2021 2020 Beginning balance $ 64 $ 49 Provisions 5 5 Changes in estimates 1 — Currency/other (3) — Settlements (7) (5) Ending balance $ 60 $ 49 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.

Segment Information and Revenue

Segment Information and Revenue Recognition	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information and Revenue Recognition	Segment Information and Revenue Recognition 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, battery monitoring systems, and head-up displays. 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 March 31, (In millions) 2021 2020 Net income (loss) attributable to Visteon Corporation $ 16 $ (35) Depreciation and amortization 27 25 Non-cash, stock-based compensation expense 4 5 Provision for income taxes 12 5 Interest expense, net 2 2 Net income (loss) attributable to non-controlling interests 3 (1) Restructuring, net (1) 33 Equity in net income of non-consolidated affiliates — (1) Other 1 — Adjusted EBITDA $ 64 $ 33 Revenue Recognition Disaggregated revenue by geographical market and product lines is as follows: Three Months Ended March 31, (In millions) 2021 2020 Geographical Markets Europe $ 276 $ 254 Americas 202 192 China Domestic 124 57 China Export 54 64 Other Asia-Pacific 119 116 Eliminations (29) (40) $ 746 $ 643 Three Months Ended March 31, (In millions) 2021 2020 Product Lines Instrument clusters $ 387 $ 312 Audio and infotainment 145 145 Information displays 118 109 Body and security 35 25 Climate controls 14 10 Telematics 18 12 Other 29 30 $ 746 $ 643 During the three months ended March 31, 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 March 31, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation - Interim Financial Statements	Basis of Presentation - Interim Financial Statements The condensed consolidated financial statements of Visteon Corporation (the "Company" or "Visteon") have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC") have been condensed or omitted pursuant to such rules and regulations. These interim condensed consolidated financial statements include all adjustments (consisting of normal recurring adjustments, except as otherwise disclosed) that management believes are necessary for a fair presentation of the results of operations, financial position, stockholders' equity, and cash flows of the Company for the interim periods presented. Interim results are not necessarily indicative of full-year results.
Use of Estimates	Use of Estimates: The preparation of financial statements in conformity with U.S. 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. Events and changes in circumstances arising after March 31, 2021, including those resulting from the impacts of COVID-19 and the related subsequent semiconductor supply shortage, as further described in Note 14, "Commitments and Contingencies.", will be reflected in management's estimates in future periods.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts: The Com pany establishes an allowance for doubtful accounts for accounts receivable based on the current expected credit loss impairment model (“CECL”). The Company elected to apply a historical loss rate based on historic write-offs by region to aging categories. The historical loss rate will be adjusted for current conditions and reasonable and supportable forecasts of future losses, as necessary. The Company may also record a specific reserve for individual accounts when the Company becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer's operating results or financial position.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Reference Rate Reform - In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting." Subsequently, in 2021, the FASB issued ASU 2021-01, "Reference Rate Reform", to further clarify and expand certain aspects of ASC 848. ASU 2020-04 and ASU 2021-01 provide optional expedients and exceptions related to certain contract modifications and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another rate that is expected to be discontinued. The guidance was effective upon issuance and is generally applied to applicable contract modifications and hedge relationships prospectively through December 31, 2022. The adoption of the guidance did not have a material impact on the Company’s consolidated financial statements.

Non-Consolidated Affiliates (Ta

Non-Consolidated Affiliates (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Summary of Investment in Non-consolidated Affiliates	The Company's investments in non-consolidated equity method affiliates include the following: March 31, December 31, (In millions) 2021 2020 Yanfeng Visteon Investment Co., Ltd. ("YFVIC") (50%) $ 46 $ 50 Other 11 10 Total investments in non-consolidated affiliates $ 57 $ 60 The Company's investments in YFVIC consists of the following: March 31, December 31, (In millions) 2021 2020 Payables due to YFVIC $ 6 $ 9 Exposure to loss in YFVIC: Investment in YFVIC $ 46 $ 50 Receivables due from YFVIC 40 53 Subordinated loan receivable from YFVIC 4 6 Maximum exposure to loss in YFVIC $ 90 $ 109

Restructuring Activities (Table

Restructuring Activities (Tables)	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The Company’s restructuring reserves and related activity are summarized below and include amounts associated with discontinued operations. (In millions) December 31, 2020 $ 49 Expense — Change in estimate (1) Utilization (16) Foreign currency (1) March 31, 2021 $ 31

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories, net consist of the following components: March 31, December 31, (In millions) 2021 2020 Raw materials $ 132 $ 114 Work-in-process 23 25 Finished products 33 38 $ 188 $ 177

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Intangible assets, net are comprised of the following: March 31, 2021 December 31, 2020 (In millions) Estimated Weighted Average Useful Life (years) Gross Intangibles Accumulated Amortization Net Intangibles Gross Intangibles Accumulated Amortization Net Intangibles Definite-Lived: Developed technology 10 $ 41 $ (38) $ 3 $ 41 $ (38) $ 3 Customer related 10 94 (66) 28 95 (64) 31 Capitalized software development 5 44 (7) 37 44 (7) 37 Other 32 14 (7) 7 14 (7) 7 Subtotal 193 (118) 75 194 (116) 78 Indefinite-Lived: Goodwill 48 — 48 49 — 49 Total $ 241 $ (118) $ 123 $ 243 $ (116) $ 127

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Other Assets [Abstract]
Schedule of Other Current Assets	Other current assets are comprised of the following components: March 31, December 31, (In millions) 2021 2020 Joint venture receivables $ 40 $ 53 Recoverable taxes 39 52 Contractually reimbursable engineering costs 33 31 Prepaid assets and deposits 26 18 Royalty agreements 5 7 China bank notes 4 15 Other 5 4 $ 152 $ 180
Schedule of Other Noncurrent Assets	Other non-current assets are comprised of the following components: March 31, December 31, (In millions) 2021 2020 Deferred tax assets $ 53 $ 55 Contractually reimbursable engineering costs 33 31 Recoverable taxes 19 21 Royalty agreements 5 8 Joint venture notes receivable — 7 Other 13 13 $ 123 $ 135

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Liabilities	Other current liabilities are summarized as follows: March 31, December 31, (In millions) 2021 2020 Product warranty and recall accruals $ 52 $ 52 Deferred income 42 46 Restructuring reserves 26 39 Royalty reserves 14 13 Income taxes payable 10 5 Non-income taxes payable 7 15 Joint venture payables 6 9 Other 32 30 $ 189 $ 209
Schedule of Other Noncurrent Liabilities	Other non-current liabilities are summarized as follows: March 31, December 31, (In millions) 2021 2020 Derivative financial instruments $ 23 $ 38 Product warranty and recall accruals 8 12 Deferred income 7 7 Income tax reserves 7 6 Restructuring reserves 5 10 Royalty agreements 5 6 Other 12 13 $ 67 $ 92

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt consists of the following: March 31, December 31, (In millions) 2021 2020 Long-Term Debt: Term debt facility, net $ 349 $ 349

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Schedule of Retirement Plan expenses	The Company's net periodic benefit costs for all defined benefit plans for the three month periods ended March 31, 2021 and 2020 were as follows: U.S. Plans Non-U.S. Plans (In millions) 2021 2020 2021 2020 Costs Recognized in Income: Pension financing benefits (cost): Interest cost $ (4) $ (6) $ (2) $ (2) Expected return on plan assets 9 10 2 2 Amortization of losses and other (1) — — — Total Pension financing benefits (cost): 4 4 — — Restructuring related pension cost: Special termination benefits — (1) — — Net pension benefit (cost) $ 4 $ 3 $ — $ —

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Non-controlling Interests	The Company's non-controlling interests are as follows: March 31, December 31, (In millions) 2021 2020 Yanfeng Visteon Automotive Electronics Co., Ltd. $ 57 $ 57 Shanghai Visteon Automotive Electronics, Co., Ltd. 42 44 Changchun Visteon FAWAY Automotive Electronics, Co., Ltd. 21 20 Other 2 2 $ 122 $ 123
Schedule of 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, (In millions) 2021 2020 Changes in AOCI: Beginning balance $ (304) $ (267) Other comprehensive income (loss) before reclassification, net of tax (18) (37) Amounts reclassified from AOCI 1 — Ending balance $ (321) $ (304) Changes in AOCI by Component: Foreign currency translation adjustments Beginning balance $ (115) $ (153) Other comprehensive income (loss) before reclassification, net of tax (a) (33) (38) Ending balance (148) (191) Net investment hedge Beginning balance (15) 4 Other comprehensive income (loss) before reclassification, net of tax (a) 14 9 Amounts reclassified from AOCI (1) (1) Ending balance (2) 12 Benefit plans Beginning balance (165) (114) Other comprehensive income (loss) before reclassification, net of tax (b) 1 1 Amounts reclassified from AOCI 1 1 Ending balance (163) (112) Unrealized hedging gain (loss) Beginning balance (9) (4) Other comprehensive income (loss) before reclassification, net of tax (c) — (9) Amounts reclassified from AOCI 1 — Ending balance (8) (13) Total AOCI $ (321) $ (304) (a) There were no income tax effects for either period due to the valuation allowance. (b) Net tax expense was less than $1 million related to benefit plans for the three months ended March 31, 2021 and 2020.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The table below provides details underlying the calculations of basic and diluted earnings per share: Three Months Ended March 31, (In millions, except per share amounts) 2021 2020 Numerator: Net income (loss) attributable to Visteon $ 16 $ (35) Denominator: Average common stock outstanding - basic 27.9 27.9 Dilutive effect of performance based share units and other 0.5 — Diluted shares 28.4 27.9 Basic and Diluted Per Share Data: Basic earnings (loss) per share attributable to Visteon $ 0.57 $ (1.25) Diluted earnings (loss) per share attributable to Visteon: $ 0.56 $ (1.25)

Fair Value Measurements and F_2

Fair Value Measurements and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance	Gains and losses on derivative financial instruments for the three months ended March 31, 2021 and 2020 are as follows: Recorded Income (Loss) into AOCI, net of tax Reclassified from AOCI into Income (Loss) (In millions) 2021 2020 2021 2020 Foreign currency risk - Cost of sales: Cash flow hedges $ — $ (2) $ — $ — Interest rate risk - Interest expense, net: Interest rate swap — (7) (1) — Net investment hedges 14 9 1 1 $ 14 $ — $ — $ 1

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The following table provides a rollforward of changes in the product warranty and recall claims liability: Three Months Ended March 31, (In millions) 2021 2020 Beginning balance $ 64 $ 49 Provisions 5 5 Changes in estimates 1 — Currency/other (3) — Settlements (7) (5) Ending balance $ 60 $ 49

Segment Information and Reven_2

Segment Information and Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Reconciliation of Adjusted EBITDA to Net Income Attributable to the Company	Segment Adjusted EBITDA and reconciliation to net income (loss) attributable to Visteon is as follows: Three Months Ended March 31, (In millions) 2021 2020 Net income (loss) attributable to Visteon Corporation $ 16 $ (35) Depreciation and amortization 27 25 Non-cash, stock-based compensation expense 4 5 Provision for income taxes 12 5 Interest expense, net 2 2 Net income (loss) attributable to non-controlling interests 3 (1) Restructuring, net (1) 33 Equity in net income of non-consolidated affiliates — (1) Other 1 — Adjusted EBITDA $ 64 $ 33
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	Disaggregated revenue by geographical market and product lines is as follows: Three Months Ended March 31, (In millions) 2021 2020 Geographical Markets Europe $ 276 $ 254 Americas 202 192 China Domestic 124 57 China Export 54 64 Other Asia-Pacific 119 116 Eliminations (29) (40) $ 746 $ 643
Schedule of Revenue from External Customers by Products and Services	Three Months Ended March 31, (In millions) 2021 2020 Product Lines Instrument clusters $ 387 $ 312 Audio and infotainment 145 145 Information displays 118 109 Body and security 35 25 Climate controls 14 10 Telematics 18 12 Other 29 30 $ 746 $ 643

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) $ in Millions	Mar. 31, 2021USD ($)
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 4

Non-Consolidated Affiliates - N

Non-Consolidated Affiliates - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2018
Related Party Transaction [Line Items]
Equity in net income of non-consolidated affiliates	$ 0	$ 1
Fair Value Measured at Net Asset Value Per Share
Related Party Transaction [Line Items]
Investments	$ 5		$ 15
YFVIC
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	50.00%

Non-Consolidated Affiliates - I

Non-Consolidated Affiliates - Investments in Non-Consolidated Equity Method Affiliates (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Investment in YFVIC	$ 57	$ 60
Yanfeng Visteon Electronics (China) Investment Company
Related Party Transaction [Line Items]
Investment in YFVIC	46	50
Other
Related Party Transaction [Line Items]
Investment in YFVIC	$ 11	$ 10
YFVIC
Related Party Transaction [Line Items]
Equity method investment, ownership percentage	50.00%

Non-Consolidated Affiliates - S

Non-Consolidated Affiliates - Summary of Investments in YFVIC (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Payables due to YFVIC	$ 6	$ 9
Exposure to loss in YFVIC:
Investment in YFVIC	57	60
Maximum exposure to loss in YFVIC	90	109
Receivables due from YFVIC
Exposure to loss in YFVIC:
Due from related parties	40	53
Subordinated loan receivable from YFVIC
Exposure to loss in YFVIC:
Due from related parties	4	6
Yanfeng Visteon Electronics (China) Investment Company
Exposure to loss in YFVIC:
Investment in YFVIC	$ 46	$ 50

Restructuring Activities - Narr

Restructuring Activities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Change in estimate	$ 1
Restructuring, net	(1)	$ 33
Restructuring reserves	26		$ 39
Restructuring reserve, noncurrent	5		$ 10
2018 South America Legacy
Restructuring Cost and Reserve [Line Items]
Restructuring reserves	2
2016 Other Restructuring Program
Restructuring Cost and Reserve [Line Items]
Restructuring reserves	2
March 2020 Eng & SGA
Restructuring Cost and Reserve [Line Items]
Restructuring reserves	$ 26

Restructuring Activities - Summ

Restructuring Activities - Summary of Restructuring Reserves and Related Activities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 49
Expense	0
Change in estimate	(1)
Utilization	(16)
Foreign currency	(1)
Restructuring reserve, ending balance	$ 31

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 132	$ 114
Work-in-process	23	25
Finished products	33	38
Inventories, net	$ 188	$ 177

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Definite-Lived Intangible Assets [Abstract]
Gross Intangibles	$ 193	$ 194
Accumulated Amortization	(118)	(116)
Net Intangibles	75	78
Goodwill and indefinite-lived intangible assets [Abstract]
Goodwill, gross	48	49
Goodwill net	48	49
Total goodwill and intangible assets, gross	241	243
Total goodwill and intangible assets, net	$ 123	127
Developed technology
Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Average Useful Life (years)	10 years
Definite-Lived Intangible Assets [Abstract]
Gross Intangibles	$ 41	41
Accumulated Amortization	(38)	(38)
Net Intangibles	$ 3	3
Customer related
Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Average Useful Life (years)	10 years
Definite-Lived Intangible Assets [Abstract]
Gross Intangibles	$ 94	95
Accumulated Amortization	(66)	(64)
Net Intangibles	$ 28	31
Capitalized software development
Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Average Useful Life (years)	5 years
Definite-Lived Intangible Assets [Abstract]
Gross Intangibles	$ 44	44
Accumulated Amortization	(7)	(7)
Net Intangibles	$ 37	37
Other
Finite-Lived Intangible Assets [Line Items]
Estimated Weighted Average Useful Life (years)	32 years
Definite-Lived Intangible Assets [Abstract]
Gross Intangibles	$ 14	14
Accumulated Amortization	(7)	(7)
Net Intangibles	$ 7	$ 7

Other Assets - Current Assets (

Other Assets - Current Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Other Assets [Abstract]
Joint venture receivables	$ 40	$ 53
Recoverable taxes	39	52
Contractually reimbursable engineering costs	33	31
Prepaid assets and deposits	26	18
Royalty agreements	5	7
China bank notes	4	15
Other	5	4
Other current assets	$ 152	$ 180

Other Assets - Narrative (Detai

Other Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Assets [Abstract]
Amount of China bank notes sold	$ 51	$ 27
Reimbursement of engineering costs in current year	28
Reimbursement of engineering costs in following year	18
Reimbursement for engineering costs expected in year two	15
Reimbursement for engineering costs expected in year three	4
Reimbursement for engineering costs expected in year four and beyond	$ 1

Other Assets - Noncurrent Asset

Other Assets - Noncurrent Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Other Assets [Abstract]
Deferred tax assets	$ 53	$ 55
Contractually reimbursable engineering costs	33	31
Recoverable taxes	19	21
Royalty agreements	5	8
Joint venture notes receivable	0	7
Other	13	13
Other noncurrent assets	$ 123	$ 135

Other Liabilities - Other Curre

Other Liabilities - Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Product warranty and recall accruals	$ 52	$ 52
Deferred income	42	46
Restructuring reserves	26	39
Royalty reserves	14	13
Income taxes payable	10	5
Non-income taxes payable	7	15
Joint venture payables	6	9
Other	32	30
Total other current liabilities	$ 189	$ 209

Other Liabilities - Other Noncu

Other Liabilities - Other Noncurrent Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Derivative financial instruments	$ 23	$ 38
Product warranty and recall accruals	8	12
Deferred income	7	7
Income tax reserves	7	6
Restructuring reserves	5	10
Royalty agreements	5	6
Other	12	13
Total other noncurrent liabilities	$ 67	$ 92

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Term Loan
Long-term debt
Term debt facility, net	$ 349	$ 349

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity, revolving credit facility	$ 75
Maximum borrowing capacity, swing line advances	20
Amended LOC agreement facility capacity	$ 5
Required collateral equal to the aggregate stated amount of the LOCs (percent)	103.00%
LOC collateral percentage for draws in non-U.S. currencies (percent)	110.00%
Amount secured by cash collateral	$ 3
Debt instrument, collateral amount	$ 1
Maximum
Debt Instrument [Line Items]
Financial maintenance covenant	3.50
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.75%
London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.00%
London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	2.00%
Term Loan
Debt Instrument [Line Items]
Face amount	$ 350
LOC Facility issued by local affiliates
Debt Instrument [Line Items]
Amount secured by cash collateral	9
Revolving Credit Facility
Debt Instrument [Line Items]
Face amount	400
Affiliated Entity
Debt Instrument [Line Items]
Working capital facility availability	$ 178

Employee Benefit Plans - Benefi

Employee Benefit Plans - Benefit Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
U.S. Plans
Benefit Expenses
Interest cost	$ (4)	$ (6)
Expected return on plan assets	9	10
Amortization of losses and other	(1)
Total Pension financing benefits (cost):	4	4
Special termination benefits		(1)
Net pension benefit (cost)	4	3
Foreign Plan
Benefit Expenses
Interest cost	(2)	(2)
Expected return on plan assets	$ 2	$ 2

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Other income, net	$ 4	$ 4
Expected future employer contributions in remaining year	25
U.S. Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cash contributions by employer	4
Foreign Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Cash contributions by employer	$ 2

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provision Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Examination [Line Items]
Provision for income taxes	$ 12	$ 5
Pretax losses from continuing operations	31	(31)
Jurisdictions where valuation allowances are maintained
Income Tax Examination [Line Items]
Pretax losses from continuing operations	$ 11	$ 52

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2013	Dec. 31, 2020
Income Tax Contingency [Line Items]
Unrecognized tax benefits	$ 15		$ 14
Unrecognized tax benefits that would impact effective tax rate	8		7
Unrecognized tax benefits, increase from related party transactions	2
Income tax expense and related amounts accrued	2		$ 2
Liability for uncertainty in income taxes, noncurrent	7
Domestic Country And Foreign Country Witholding Taxes
Income Tax Contingency [Line Items]
Liability for uncertainty in income taxes, noncurrent	3
Visteon Sistemas Automotivos
Income Tax Contingency [Line Items]
Tax audit appeals payment	10	$ 15
Worldwide
Income Tax Contingency [Line Items]
Tax audit appeals and refund claims receivable	$ 14

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-controlling Interests - Schedule of Non-controlling Interests (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 122	$ 123
Yanfeng Visteon Automotive Electronics Co., Ltd.
Noncontrolling Interest [Line Items]
Non-controlling interests	57	57
Shanghai Visteon Automotive Electronics, Co., Ltd.
Noncontrolling Interest [Line Items]
Non-controlling interests	42	44
Changchun Visteon FAWAY Automotive Electronics, Co., Ltd.
Noncontrolling Interest [Line Items]
Non-controlling interests	21	20
Other
Noncontrolling Interest [Line Items]
Non-controlling interests	$ 2	$ 2

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-controlling Interests - AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	$ 387
Accumulated other comprehensive income (loss), ending balance	384
Income tax expense (benefit)	1	$ 1
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(304)	(267)
Other comprehensive income (loss) before reclassification, net of tax	(18)	(37)
Amounts reclassified from AOCI	1	0
Accumulated other comprehensive income (loss), ending balance	(321)	(304)
Accumulated Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(115)	(153)
Other comprehensive income (loss) before reclassification, net of tax	(33)	(38)
Accumulated other comprehensive income (loss), ending balance	(148)	(191)
Accumulated Translation Adjustment | Cross Currency Interest Rate Contract
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(15)	4
Other comprehensive income (loss) before reclassification, net of tax	14	9
Amounts reclassified from AOCI	(1)	(1)
Accumulated other comprehensive income (loss), ending balance	(2)	12
Accumulated Defined Benefit Plans Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(165)	(114)
Other comprehensive income (loss) before reclassification, net of tax	1	1
Amounts reclassified from AOCI	1	1
Accumulated other comprehensive income (loss), ending balance	(163)	(112)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Accumulated other comprehensive income (loss), beginning balance	(9)	(4)
Other comprehensive income (loss) before reclassification, net of tax	0	(9)
Amounts reclassified from AOCI	1	0
Accumulated other comprehensive income (loss), ending balance	$ (8)	$ (13)

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-controlling Interests - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock	$ 0	$ 16
Open Market Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchased during period (in shares)	233,769
Treasury stock acquired, average price (in dollars per share)	$ 67.87
10b5-1 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock	$ 16

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income (loss) attributable to Visteon	$ 16	$ (35)
Denominator:
Average common stock outstanding - basic (in shares)	27,900,000	27,900,000
Dilutive effect of performance based share units and other (in shares)	500,000	0
Diluted shares (in shares)	28,400,000	27,900,000
Basic earnings (loss) per share
Basic earnings (loss) per share attributable to Visteon (in dollars per share)	$ 0.57	$ (1.25)
Diluted earnings (loss) per share attributable to Visteon:
Diluted earnings (loss) per share attributable to Visteon (in dollars per share)	$ 0.56	$ (1.25)
Antidilutive securities excluded from computation of earnings per share (in shares)	170,000

Fair Value Measurements and F_3

Fair Value Measurements and Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Debt instrument	$ 347
Cross Currency Interest Rate Contract
Derivative [Line Items]
Derivative asset, notional amount	250	$ 250
Foreign Exchange Contract
Derivative [Line Items]
Derivative asset, notional amount	38	18
Swap
Derivative [Line Items]
Derivative asset, notional amount	300	300
Currency Swap
Derivative [Line Items]
Derivative asset, fair value net		27
Designated as Hedging Instrument | Liability | Foreign Exchange Contract
Derivative [Line Items]
Derivative asset, fair value net	1	1
Designated as Hedging Instrument | Cash Flow Hedging | Cross Currency Interest Rate Contract
Derivative [Line Items]
Derivative instruments, gain (loss) reclassification from accumulated OCI to income, estimated amount to be transferred	6
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap
Derivative [Line Items]
Derivative instruments, gain (loss) reclassification from accumulated OCI to income, estimated amount to be transferred	6
Derivative liability	9	$ 11
Designated as Hedging Instrument | Net Investment Hedging | Foreign Exchange Contract
Derivative [Line Items]
Derivative asset, fair value net	$ 14
Credit Concentration Risk | Accounts Receivable | Ford And Affiliates
Derivative [Line Items]
Concentration risk, percentage	14.00%	13.00%
Credit Concentration Risk | Accounts Receivable | Nissan\Renault
Derivative [Line Items]
Concentration risk, percentage	10.00%	11.00%

Fair Value Measurements and F_4

Fair Value Measurements and Financial Instruments - Financial Statement Presentation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Foreign Exchange Contract
Derivative Instruments, Gain (Loss) [Line Items]
Recorded Income (Loss) into AOCI, net of tax	$ 14
Reclassified from AOCI into Income (Loss)		$ 1
Designated as Hedging Instrument | Foreign Exchange Contract | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Recorded Income (Loss) into AOCI, net of tax		(2)
Designated as Hedging Instrument | Foreign Exchange Contract | Net Investment Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Recorded Income (Loss) into AOCI, net of tax	14	9
Reclassified from AOCI into Income (Loss)	1	1
Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Recorded Income (Loss) into AOCI, net of tax	0	(7)
Reclassified from AOCI into Income (Loss)	$ (1)	$ 0

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 09, 2019	Oct. 31, 2019	May 31, 2014	Dec. 31, 2003	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Loss Contingencies [Line Items]
Amount of bonds issued by the Charter Township of Van Buren, Michigan	$ 28			$ 28
Estimated shortfall in tax revenues of the Township		$ 1
Revenue			$ 12
Maximum exposure to loss in YFVIC					$ 90	$ 109
Guarantee for divested entities lease payments					5		$ 1
BRAZIL | Pending Litigation
Loss Contingencies [Line Items]
Loss contingency accrual					9
Maximum exposure to loss in YFVIC					$ 56

Commitments and Contingencies -

Commitments and Contingencies - Reconciliation of Changes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product warranty accrual, beginning balance	$ 64	$ 49
Provisions	5	5
Changes in estimates	1
Currency/other	(3)	0
Settlements	(7)	(5)
Product warranty accrual, ending balance	$ 60	$ 49

Segment Information and Reven_3

Segment Information and Revenue Recognition - Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Net income (loss) attributable to Visteon Corporation	$ 16	$ (35)
Depreciation and amortization	27	25
Non-cash, stock-based compensation expense	4	5
Provision for income taxes	12	5
Interest expense, net	2	2
Net income (loss) attributable to non-controlling interests	3	(1)
Restructuring, net	(1)	33
Equity in net income of non-consolidated affiliates	0	(1)
Other	1	0
Adjusted EBITDA	$ 64	$ 33

Segment Information and Reven_4

Segment Information and Revenue Recognition - Sales and Assets by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 746	$ 643
Europe
Segment Reporting Information [Line Items]
Net sales	276	254
Americas
Segment Reporting Information [Line Items]
Net sales	202	192
China Domestic
Segment Reporting Information [Line Items]
Net sales	124	57
China Export
Segment Reporting Information [Line Items]
Net sales	54	64
Other Asia-Pacific
Segment Reporting Information [Line Items]
Net sales	119	116
Eliminations
Segment Reporting Information [Line Items]
Net sales	$ (29)	$ (40)

Segment Information and Reven_5

Segment Information and Revenue Recognition - Revenue from External Customers by Products and Services (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 746	$ 643
Instrument clusters
Segment Reporting Information [Line Items]
Net sales	387	312
Audio and infotainment
Segment Reporting Information [Line Items]
Net sales	145	145
Information displays
Segment Reporting Information [Line Items]
Net sales	118	109
Body and security
Segment Reporting Information [Line Items]
Net sales	35	25
Climate controls
Segment Reporting Information [Line Items]
Net sales	14	10
Telematics
Segment Reporting Information [Line Items]
Net sales	18	12
Other
Segment Reporting Information [Line Items]
Net sales	$ 29	$ 30

Segment Information and Reven_6

Segment Information and Revenue Recognition - Narrative (Details)	3 Months Ended
	Mar. 31, 2021USD ($)segment
Segment Reporting [Abstract]
Number of reportable segments | segment	1
Net changes in transaction price | $	$ 0.01