Exhibit 99.2
PART IV
| ITEM 15. | FINANCIAL STATEMENT SCHEDULE |
(a) The following documents are filed as part of this report:
See “Index to Consolidated Financial Statements” in Part II, Item 8 hereof.
| 2. | Financial Statement Schedules |
Schedule II — Valuation and Qualifying Accounts
All other financial statement schedules are omitted because they are not required or applicable under instructions contained in Regulation S-X or because the information called for is shown in the financial statements and notes thereto.
VISTEON CORPORATION AND SUBSIDIARIES
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
| | | | | | | | | | | | | | | | | | | | |
| | | Balance at
Beginning
of Period | | | (Benefits)/
Charges to
Income | | | Deductions(a) | | | Other(b) | | | Balance
at End
of Period | |
| | | (Dollars in Millions) | |
Successor – Three Months Ended December 31, 2010: | | | | | | | | | | | | | | | | | | | | |
Allowance for doubtful accounts | | $ | — | | | $ | (4 | ) | | $ | 4 | | | $ | — | | | $ | — | |
Valuation allowance for deferred taxes | | | 1,485 | | | | (6 | ) | | | — | | | | (16 | ) | | | 1,463 | |
Predecessor – Nine Months Ended October 1, 2010: | | | | | | | | | | | | | | | | | | | | |
Allowance for doubtful accounts | | $ | 23 | | | $ | 3 | | | $ | (2 | ) | | $ | (24 | ) | | $ | — | |
Valuation allowance for deferred taxes | | | 2,238 | | | | (753 | ) | | | — | | | | — | | | | 1,485 | |
Predecessor – Year Ended December 31, 2009: | | | | | | | | | | | | | | | | | | | | |
Allowance for doubtful accounts | | $ | 37 | | | $ | 5 | | | $ | (19 | ) | | $ | — | | | $ | 23 | |
Valuation allowance for deferred taxes | | | 2,079 | | | | 521 | | | | — | | | | (362 | ) | | | 2,238 | |
Predecessor – Year Ended December 31, 2008: | | | | | | | | | | | | | | | | | | | | |
Allowance for doubtful accounts | | $ | 18 | | | $ | 1 | | | $ | — | | | $ | 18 | | | $ | 37 | |
Valuation allowance for deferred taxes | | | 2,102 | | | | 316 | | | | — | | | | (339 | ) | | | 2,079 | |
| (a) | Deductions represent uncollectible accounts charged off. |
| (b) | Valuation allowance for deferred taxes |
| | Represents adjustments recorded through other comprehensive income, exchange and includes other adjustments in 2009 and 2008 such as adjustments related to the Company’s U.S. residual tax liability on assumed repatriation of foreign earnings, various tax return true-up adjustments and adjustments related to deferred tax attributes adjusted for uncertain tax positions carrying a full valuation allowance, all of which impact deferred taxes and the related valuation allowances. In 2009, other also includes the transfer of the remaining U.K. tax attributes carrying a full valuation allowance to the Administrators as a result of the UK Administration and related deconsolidation in the first quarter of 2009. In 2008, other also includes the transfer of certain U.K. tax attributes carrying a full valuation allowance to Linamar Corporation in connection with the Swansea Divestiture in the third quarter of 2008. |
Allowance for doubtful accounts
Other represents the revaluation of accounts receivable to fair value upon the adoption of fresh-start accounting in connection with the emergence from bankruptcy on October 1, 2010 and an increase of allowance amounts upon
amendment of the European securitization in October 2008 whereby the transferor was consolidated in accordance with the requirements of accounting guidance.
