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10-Q - FORM 10-Q - VISTEON CORPd247681d10q.htm
EX-10.2 - VISTEON CORPORATION SAVINGS PARITY PLAN - VISTEON CORPd247681dex102.htm
EX-31.2 - RULE 13A-14(A) CERTIFICATION OF CHIEF FINANCIAL OFFICER - VISTEON CORPd247681dex312.htm
EX-32.2 - SECTION 1350 CERTIFICATION OF CHIEF FINANCIAL OFFICER - VISTEON CORPd247681dex322.htm
EX-32.1 - SECTION 1350 CERTIFICATION OF CHIEF EXECUTIVE OFFICER - VISTEON CORPd247681dex321.htm
EX-10.3 - CHANGE IN CONTROL AGREEMENT - VISTEON CORPd247681dex103.htm
EX-31.1 - RULE 13A-14(A) CERTIFICATION OF CHIEF EXECUTIVE OFFICER - VISTEON CORPd247681dex311.htm
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EX-10.1 - VISTEON CORPORATION 2010 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN - VISTEON CORPd247681dex101.htm
v2.3.0.15
Other Liabilities
9 Months Ended
Sep. 30, 2011
Other Liabilities [Abstract] 
Other Liabilities

NOTE 7. Other Liabilities

Other current liabilities are summarized as follows:

 

                 
    September 30     December 31  
    2011     2010  
    (Dollars in Millions)  

Product warranty and recall reserves

  $ 42     $ 44  

Non-income taxes payable

    40       41  

Foreign currency hedges

    29        

Restructuring reserves

    27       43  

Deferred income

    23       6  

Accrued interest

    16       11  

Income taxes payable

    14       38  

Reorganization related accruals

    14       97  

Other accrued liabilities

    92       85  
   

 

 

   

 

 

 
    $ 297     $ 365  
   

 

 

   

 

 

 

 

The following is a summary of the Company’s consolidated restructuring reserves and related activity for the nine months ended September 30, 2011.

 

                                                 
    Interiors     Climate     Electronics     Lighting     Central     Total  
    (Dollars in Millions)  

December 31, 2010

  $ 37     $ 2     $ 3     $     $ 1     $ 43  

Expenses

    4                               4  

Reversal

    (6                             (6

Foreign currency

    1                               1  

Utilization

    (12           (1           (1     (14
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

March 31, 2011

  $ 24     $ 2     $ 2     $     $     $ 28  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses

                21                   21  

Reversal

                (2                 (2

Foreign currency

    1                               1  

Utilization

    (6                             (6
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

June 30, 2011

  $ 19     $ 2     $ 21     $     $     $ 42  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses

    1             1                   2  

Reversal

    (1                             (1

Foreign currency

                (1                 (1

Utilization

    (14           (1                 (15
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

September 30, 2011

  $ 5     $ 2     $ 20     $     $     $ 27  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Restructuring reserves as of September 30, 2011 includes $20 million for severance and termination benefits for employees of the Company’s Electronics operation in El Puerto de Santa Maria, Cadiz, Spain pursuant to a June 2011 closure announcement and $3 million of severance and termination benefits for former employees of the Company’s Interiors operation in La Touche-Tizon, Rennes, France that was divested in December 2010. The Company anticipates that the activities associated with these reserves will be substantially completed within the next 12 months. Utilization for the three and nine months ended September 30, 2011 of $15 million and $35 million, respectively, primarily represent payments for employee severance and termination benefits related to previously announced restructuring actions. Restructuring expenses and reversals are further discussed in Note 1, “Basis of Presentation,” to the consolidated financial statements.

Other non-current liabilities are summarized as follows:

 

                 
    September 30     December 31  
    2011     2010  
    (Dollars in Millions)  

Income tax reserves

  $ 99     $ 96  

Non-income taxes payable

    45       43  

Deferred income

    36       20  

Product warranty and recall reserves

    26       31  

Other accrued liabilities

    23       27  
   

 

 

   

 

 

 
    $ 229     $ 217  
   

 

 

   

 

 

 

Portions of the Company’s current and non-current deferred income totaling $15 million and $32 million, respectively, relate to payments received pursuant to various customer accommodation, support and other agreements. Revenue associated with these agreements is being recorded in relation to the delivery of associated products, assets and/or services in accordance with the terms of the underlying agreement or over the estimated period of benefit to the customer, generally representing the duration of remaining production on current vehicle platforms. The Company recorded $4 million and $16 million of revenue associated with these payments during the three and nine months ended September 30, 2011. The Company expects to record approximately $4 million, $15 million, $13 million, $12 million and $3 million of deferred amounts in the remainder of 2011 and the annual periods of 2012, 2013, 2014 and 2015, respectively.